COBI 2015 - Real Estate

Overview
Issues
Background
Financials

Sources Uses

FY 2016 Appropriation

The Division of Real Estate regulates Utah's real estate industry. It protects the public through education and licensing. The Division licenses all real estate brokers, sales agents, and appraisers. It investigates, and when necessary, conducts disciplinary proceedings. The Division screens all subdivided lands and time-share projects and insures full disclosure in offerings. The Division audits broker trust accounts, and monitors sales and appraisals to ensure they are fair and reasonable. The Division also administers the Utah Residential Mortgage Practices Act and registers residential mortgage professionals and companies not affiliated with financial institutions.

The division mission is to "protect the public through education, licensure and regulation of appraisal, mortgage, and real estate professionals."

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $2,322,300 from all sources for Real Estate. This is a 3.9 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Statute

The following statutes govern the authority of the Division of Real Estate:

UCA 61-1-Utah Uniform Securities Act
UCA-61-2-Division of Real Estate
UCA-61-2c-Utah Residential Mortgage Practices and Licensing Act
UCA-61-2d-Utah High Cost Home Loan Act
UCA-61-2e-Appraisal Management Company Registration and Regulation Act
UCA-61-2f-Real Estate Licensing and Practices Act
UCA-61-2g-Real Estate Appraiser Licensing and Certification Act

Intent Language

HB0003: Item 67

Under Section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for the Office of Consumer Services in Item 22 of Chapter 10, Laws of Utah 2014, lapse to the Offices' Professional and Technical Services Fund at the close of Fiscal Year 2015.

HB0003: Item 67

Under Section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for the Department of Commerce, Division of Public Utilities in Item 22 of Chapter 10, Laws of Utah 2014, lapse to the Divisions' Professional and Technical Services Fund at the close of Fiscal Year 2015.

Funding is appropriated primarily from the Commerce Service Fund with a small portion allocated from the Utah Housing Opportunity Restricted Account.

Display By:

Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Dedicated Credits Revenue	36,600	65,400	57,500	64,000	250,000	(70,000)	180,000	0	180,000
GFR - Commerce Service	1,802,900	1,864,600	1,896,400	1,939,000	1,978,000	0	1,978,000	82,900	2,060,900
GFR - Commerce Service, One-time	0	0	0	4,000	7,900	0	7,900	3,500	11,400
GFR - Utah Housing Opportunity Restricte	20,000	20,000	20,000	20,000	20,000	0	20,000	0	20,000
Transfers	0	(19,800)	(130,000)	(130,000)	0	0	0	0	0
Pass-through	10,000	4,500	7,900	9,300	50,000	0	50,000	0	50,000
Lapsing Balance	(210,000)	0	(146,500)	(236,700)	0	0	0	0	0
Total	$1,659,500	$1,934,700	$1,705,300	$1,669,600	$2,305,900	($70,000)	$2,235,900	$86,400	$2,322,300

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	1,381,800	1,429,900	1,372,700	1,369,200	1,498,100	406,800	1,904,900	79,200	1,984,100
In-state Travel	10,700	9,800	5,200	4,800	10,000	0	10,000	0	10,000
Out-of-state Travel	0	3,700	5,100	1,500	10,000	0	10,000	0	10,000
Current Expense	217,200	433,300	269,100	220,600	656,800	(456,800)	200,000	6,200	206,200
DP Current Expense	1,400	9,700	1,900	3,900	61,000	0	61,000	1,000	62,000
Capital Outlay	0	6,100	0	0	0	0	0	0	0
Other Charges/Pass Thru	48,400	42,200	51,300	69,600	70,000	(20,000)	50,000	0	50,000
Total	$1,659,500	$1,934,700	$1,705,300	$1,669,600	$2,305,900	($70,000)	$2,235,900	$86,400	$2,322,300

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Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Revised	FY16 Approp
Budgeted FTE	23	23	23	23	23	23	23
Actual FTE	23	21.80	21.30	21.10	0	0	0
Vehicles	1	1	1	1	1	1	1

COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.