Sarah is a licensed real estate sales agent in Utah who recently closed a transaction. Her client, the seller, wants to pay Sarah's commission directly rather than through the Principal Broker. Under Utah Code Ann. § 61-2f, what is the correct procedure for Sarah to receive her commission?
Correct Answer
B) Sarah must receive her commission only through her Principal Broker
Under Utah Code Ann. § 61-2f, a sales agent may only receive compensation — including commissions — through their Principal Broker. The Principal Broker then disburses the agent's share to the agent. This rule ensures the Principal Broker maintains oversight and accountability over all transactions conducted by affiliated licensees.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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