REAL ESTATE LICENSING
Definition of terms.
Advertisement and advertising defined.
Real estate broker and broker defined.
"Moral turpitude" defined.
Inactive license defined.
"Property manager" defined.
"Real estate" and "realty" defined.
Real estate salesperson defined.
"Residential rental agent" defined--Promulgation of rules for licensing
Broker price opinion and comparative market analysis defined.
Real estate commission created--Composition.
Terms of commission members--Vacancies.
Quorum of commission.
Commission continued within Department of Labor and Regulation--Records
Seal of commission.
Salary of executive director--Employment of other personnel--Expenditures.
Office of executive director--Records and property maintained.
Meetings of commission.
Filing or notice to the commission--Date of filing or notice.
Compensation and expenses of commission members.
Real estate courses and institutes conducted by commission.
Assistance provided to libraries, licensees, institutes and foundations.
List of licensees and other information to be available.
Licensees not qualified for exceptions.
Active license required for certain acts.
Persons and entities exempt from licensure.
Reputation, age, competence, and citizenship required for license--Prior
rejection or revocation of license.
Education requirement for broker associate license applicants.
Education requirements for initial licensure as broker associate.
Experience and education required of applicant for responsible broker's
Waiver of experience requirement on responsible broker applicant's refusal
to associate--Relocation or acceptance of unfair contract not required.
Denial of application.
Requirements for upgrade to broker associate license.
Application for license--Contents--Oath or affirmation.
Written examination--Time and place--Contents.
Application for license--Time limit.
License required for real estate firm.
Responsible broker to represent corporation, limited liability company,
partnership or association and sign application--Termination of affiliation--Fee.
Dissolution of corporation, partnership, limited liability company, or
association--Return of license.
Qualification by examination required.
Examination reciprocity with other states.
Issuance of license to successful applicant--Association with broker--Authority to conduct business.
Responsible broker, salesperson, or broker associate permitted to form certain
Restricted broker's license--Termination and prosecution if licensee exceeds
Exemption from property manager's license for operators of state and federal
Application fee for individual licensure.
Conditions for issuing of license or reinstatement after revocation or
Registration of place of business--Change of location.
Branch office name.
Reciprocal privileges extended to nonresident licensees--Licensees from
states not granting full reciprocity.
Transaction of business subjects nonresidents to personal jurisdiction--Service of process--Delivery of copy of process or pleading to executive
Written notice of change of association--Statement of registration--Salesman
placed on inactive status.
Renewal of license by salesperson or broker associate not associated with
responsible broker--Restrictions on inactive salesperson or broker associate.
Biennial registration--Cancellation upon failure to register.
Biennial proof by licensees of continuing education--Persons exempt.
Approved courses for continuing education--List maintained--Standards.
License inactive until proof of continuing education provided.
Exceptions to continuing education requirements.
Late renewal application--Fee.
Licensees entering United States armed forces--Application for
reinstatement--Timing and requirements--Waiver of continuing education.
Grounds for revocation of license--Criminal prosecution--Setting minimum
fees not impaired--Suspension, reprimand, and monetary penalties.
Responsible broker to surrender associate licenses.
Revocation or suspension of firm license following discipline of responsible
Acts constituting unprofessional conduct.
Restrictions on licensee advertising.
Preservation of records.
Closing statements to be furnished by brokers.
Cobrokerage transaction--Money held in broker's trust account.
Purchaser deposits in unconsummated transactions.
Substantiation of information in listing agreement--Latent defects.
Broker's responsibility for activities of affiliated licensees.
Handling of money received by broker for principal.
Disbursement pursuant to written agreement of trust funds where purchase
agreement does not close.
Deposit slip and ledger sheet for special trust account--Records maintained--Notice to commission as to financial institution and name of account.
Records kept by broker remitting immediately to principal.
Completed transaction required for compensation of broker--Promulgation
of rules for exceptions.
Procedure on revocation of license--Appeal.
Violation of chapter as misdemeanor.
Action for compensation of unlicensed persons prohibited.
Promulgation of rules for administration and enforcement of this chapter.
Promulgation of rules establishing uniform standards of professional
Actions for injunction--Attorney fees and costs.
Application for subdivision certificate--Fee--Contents--Additional
Proof by subdivider of ability to provide promised public improvements--Security.
Investigation of application and inspection of out-of-state real estate--Expenses borne by applicant.
Designation of executive director of commission as agent for service of
Issuance of certificate--Annual fee--Cancellation or renewal of certificate--Investigation.
Recording of instrument conveying interest in subdivision.
Cease and desist orders to prevent subdivision sales provisions violations.
Contracts violating subdivision sale provisions void and unenforceable--Recovery of money paid plus interest.
Establishment of real estate recovery fund--Purpose.
Minimum balance in recovery fund--Separate fee payable to restore minimum
Notice to commission of claims against recovery fund--Intervention by
Application by unsatisfied judgment creditor for payment of loss from
recovery fund--Maximum payment--Service on commission and judgment
debtor--Hearing on application for payment--Continuances.
Facts to be shown at hearing by applicant for payment from recovery fund.
False statement in proceedings against recovery fund as perjury.
Burden of proof as to fraud or conversion--Presumption when original action
was contested by debtor.
Defense by commission of action against recovery fund--Motion for
Defense by judgment debtor in action against recovery fund.
Payment from recovery fund ordered only on valid cause of action--Prior
judgment only prima facie evidence.
Order for payment from recovery fund.
Maximum liability of fund for acts of one licensee.
Deferred payment of authorized claim--Interest.
Suspension of license when payment from fund authorized--Repayment to
fund required for reinstatement.
Subrogation of fund to rights under judgment paid--Assignment.
Other disciplinary powers unimpaired--Effect of repayment to fund.
, 36-21A-118. Transferred.
Errors and omissions insurance required of salesmen and brokers.
Group insurance coverage authorized--Independent errors and omissions
Commission to determine conditions of errors and omissions coverage.
Notice of terms and conditions of errors and omissions--Certificate of
Employment status--Independent contractor.
"Adverse material fact" defined.
"Confidential information" defined.
Informative acts that do not constitute representation.
"Substantive contact" defined.
Duties and obligations of licensee representing seller or landlord.
Disclosure of client information by seller's or landlord's agent.
Seller's agent has no fiduciary duty to customer.
No duty to disclose sex offender information.
Seller's agent may show other properties.
Duties and obligations of licensee representing buyer or tenant.
Buyer's or tenant's agent not to disclose certain information without written
Buyer's agent has no fiduciary duty to customer.
No duty to volunteer sex offender information--Actual knowledge must be
disclosed upon inquiry.
Buyer's agent may show property to competing clients.
Licensee as limited agent--Written consent of all parties required--Duties and
Certain information not to be disclosed by limited agent without written
Appointment of licensee to act as appointed agent of client to exclusion of
other licensees--Limited agent--Information--Rules.
Limited agent not to disclose certain information about one client to another
without written authority--Exceptions.
Transaction broker--Duties and obligations.
Transaction broker not responsible for--Independent inspections--Statements
Certain information not to be disclosed by transaction broker without written
Office policies--Relationships--Written disclosure.
Client, licensee not liable for misrepresentation made by the other--Exception.
Duties under common law.
Duties of broker or licensee after transaction finished.
Applicants for licensure and registration and licensees under disciplinary
investigation to submit to criminal background check.