Under Utah law, which term describes a fully licensed broker who voluntarily chooses to work under the supervision of a principal broker rather than operating an independent brokerage?
Correct Answer
A) Associate broker
Under Utah Code Ann. § 61-2f, an associate broker is an individual who has met all the education, experience, and examination requirements for a broker license but elects to work under a principal broker. This is a unique three-tier system in Utah where the associate broker holds full broker-level credentials yet functions under another broker's supervision.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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