Under Utah Code Ann. § 61-2f, which of the following is NOT a required function or responsibility of a Principal Broker in Utah?
Correct Answer
B) Personally co-signing every purchase contract negotiated by affiliated Sales Agents
Utah law does not require a Principal Broker to personally co-sign every purchase contract negotiated by affiliated licensees. Sales Agents and Associate Brokers are authorized to negotiate and execute contracts on behalf of clients within the scope of their licenses. The Principal Broker's supervisory duties involve oversight and policy, not personal co-signature on every transaction document.
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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.
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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