Lisa is a licensed Utah Sales Agent who recently passed the broker examination. She wants to immediately open her own property management company in Utah. Under Utah Code Ann. § 61-2f, which of the following accurately describes what Lisa must do before she can legally operate this company?
Correct Answer
A) Lisa must apply for and receive a Principal Broker license from the Utah Division of Real Estate before operating her own property management company
Under Utah Code Ann. § 61-2f, property management activities (including leasing, renting, or managing real property for others for compensation) constitute real estate brokerage activity in Utah. To legally operate a property management company, Lisa must hold a Principal Broker license — not merely pass the broker exam. Passing the exam is a prerequisite for applying for the broker license, but the license itself must be issued by the Utah Division of Real Estate before she can legally operate. She must apply for and receive the Principal Broker license.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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.
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