Marcus is a licensed Utah sales agent who decides to leave Brokerage A and join Brokerage B. He takes several active listing contracts with him, claiming that the sellers signed with him personally. Under Utah law, who owns the listing contracts?
Correct Answer
D) Brokerage A owns the listings because listing contracts belong to the Principal Broker
Under Utah Code Ann. § 61-2f, listing agreements are contracts between the seller and the Principal Broker's brokerage — not between the seller and the individual sales agent. When Marcus leaves Brokerage A, the listing contracts remain with Brokerage A. Marcus cannot take active listings with him because he was acting as a representative of Brokerage A, not as an independent contracting party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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.
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