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.

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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.