This bill modifies the Utah Real Estate Licensing and Practices Act.
This bill:
- defines terms;
- grants the Real Estate Commission (commission) authority to make administrative rules relating to property managers;
- requires an individual to hold a license as a property manager before engaging in property management;
- exempts certain individuals from licensure under this act;
- requires that the commission and Division of Real Estate determine the qualifications and requirements for an applicant for a property manager license;
- allows an individual with an active broker, associate broker, or sales agent license to obtain a property manager license without meeting certain examination and education requirements;
- requires that an applicant for a property manager license pay a licensing fee;
- repeals provisions authorizing certain individuals to act as a property manager;
- authorizes a property manager to fill out any form or document related to property management;
- provides parameters for what a property manager may do when engaging in property management;
- requires that a property manager associate with a real estate trust account;
- exempts a property manager with a security bond that protects at least 30% of estimated client funds from the requirement to associate with a real estate trust account; and
- makes technical and conforming changes.

Statutes affected:
Introduced:
Substitute #1:
Substitute #2: