Utah Admin. Code R162-2f-401j - Standards for Property Management
(1) Property management performed by a real
estate brokerage, or by licensees or unlicensed assistants affiliated with the
brokerage, shall be done under the name of the brokerage as registered with the
division unless the principal broker holds a dual broker license and obtains a
separate registration pursuant to Section
R162-2f-205 for a separate
business name.
(2) In addition to
fulfilling each duty related to supervision per Subsection
61-2f-401(12),
the principal broker of a registered entity, and the branch broker of a
registered branch, shall implement training to ensure that each sales agent,
associate broker, and unlicensed employee who is affiliated with the licensee
has the knowledge and skills necessary to perform assigned property management
tasks within the boundaries of this rule, including Subsection
R162-2f-401j(3).
(3) An unlicensed individual employed by a
real estate or property management company may perform the following services
under the supervision of the principal broker without holding an active real
estate license:
(a) providing a prospective
tenant with access to a rental unit;
(b) providing secretarial, bookkeeping,
maintenance, or rent collection services;
(c) quoting rent and lease terms as
established or approved by the principal broker;
(d) completing pre-printed lease or rental
agreements, except as to terms that may be determined through negotiation of
the principals;
(e) serving or
receiving legal notices;
(f)
addressing tenant or neighbor complaints; and
(g) inspecting units.
(4) Within 30 days of the termination of a
contract with a property owner for property management services, the principal
broker shall deliver any trust money to the property owner, the property
owner's designated agent, or other party as designated under the contract with
the property owner. If the principal broker delivers the trust money but fails
to deliver it within the 30-day deadline, the division may not bring an action
for enforcement of this subsection after the expiration of four years following
the occurrence of the violation.
Notes
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