Under Utah Code Ann. § 61-2f, which license category describes a person who has met all the educational and experience requirements for a broker license but 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 holds a full broker-level license — having met all education, experience, and examination requirements for a broker — but voluntarily affiliates with and works under a Principal Broker instead of operating an independent brokerage. This is a unique three-tier system in Utah.
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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.
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?
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