Utah Administrative Code (Current through November 1, 2019) |
R162. Commerce, Real Estate |
R162-2f. Real Estate Licensing and Practices Rules |
R162-2f-401k. Recordkeeping Requirements
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A principal broker shall:
(1) maintain and safeguard the following records to the extent they relate to the business of a principal broker:
(a) all trust account records;
(b) any document submitted by a licensee affiliated with the principal broker to a lender or underwriter as part of a real estate transaction;
(c) any document signed by a seller or buyer with whom the principal broker or an affiliated licensee is required to have an agency agreement; and
(d) any document created or executed by a licensee over whom the principal broker has supervisory responsibility pursuant to Subsection R162-2f-401c(1)(f);
(2) maintain the records identified in Subsection R162-2f-401k(1):
(a)(i) physically:
(A) at the principal business location designated by the principal broker on division records; or
(B) where applicable, at a branch office as designated by the principal broker on division records; or
(ii) electronically, in a storage system that complies with Title 46 Chapter 04, Utah Uniform Electronic Transactions Act; and
(b) for at least three calendar years following the year in which:
(i) an offer is rejected; or
(ii) the transaction either closes or fails;
(3) upon request of the division, make any record identified in Subsection R162-2f-401k(1) available for inspection and copying by the division;
(4) notify the division in writing within ten business days after terminating business operations as to where business records will be maintained; and
(5) upon filing for brokerage bankruptcy, notify the division in writing of:
(a) the filing; and
(b) the current location of brokerage records.