No. 29834: R162-4. Office Procedures - Real Estate Principal Brokerage

DAR File No.: 29834
Filed: 04/18/2007, 01:29
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Subsections 61-2-5.5(1)(a)(v) and (vi) require the Utah Real Estate Commission to make rules for the administration of the real estate licensing chapter, including proper handling of funds by licensees and brokerage office procedures, and record keeping requirements.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

During 2002, the Utah Association of Realtors approached the Utah Real Estate Commission and the Division concerning modifying the rule to allow interest earned on brokerage trust accounts to be used to benefit affordable housing programs. The rule was thereafter modified. Other than this modification, no comment has been received supporting or opposing the rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

Since the Utah Real Estate Commission and the Division of Real Estate are charged with protecting the public, it is necessary to have rules specifying office procedures, including how real estate brokerages are to handle money and the types of records they are to maintain on transactions. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
HEBER M WELLS BLDG
160 E 300 S
SALT LAKE CITY UT 84111-2316

Direct questions regarding this rule to:

Shelley Wismer at the above address, by phone at 801-366-0145, by FAX at 801-366-0315, or by Internet E-mail at [e-mail]

Authorized by:

Derek Miller, Director