Greg holds a Utah Associate Broker license and has been working at Summit Realty under Principal Broker Helen for five years. Greg decides he wants to open his own brokerage. Under Utah Code Ann. § 61-2f, what must Greg do to legally operate his own brokerage?
Correct Answer
D) Greg must apply to upgrade his Associate Broker license to a Principal Broker license through the Utah Division of Real Estate
Under Utah Code Ann. § 61-2f, only a Principal Broker may operate and be responsible for a brokerage. Although Greg's Associate Broker license is a full broker-level credential (he has already passed the broker exam and met all broker requirements), the specific authority to operate an independent brokerage is reserved for Principal Brokers. Greg must apply to the Utah Division of Real Estate to change his license status from Associate Broker to Principal Broker before opening his own brokerage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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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