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H.B. 247
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7 LONG TITLE
8 General Description:
9 This bill modifies a provision relating to exemptions from real estate licensing
10 requirements.
11 Highlighted Provisions:
12 This bill:
13 . exempts from real estate licensing requirements an individual engaged in temporary
14 property management activities on behalf of an owner under a power of attorney.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 AMENDS:
21 61-2f-202, as last amended by Laws of Utah 2011, Chapters 289 and 398
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23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 61-2f-202 is amended to read:
25 61-2f-202. Exempt persons and transactions.
26 (1) (a) Except as provided in Subsection (1)(b), a license under this chapter is not
27 required for:
28 (i) an individual who as owner or lessor performs an act described in Subsection
29 61-2f-102 (18) with reference to real estate owned or leased by that individual;
30 (ii) a regular salaried employee of the owner or lessor of real estate who, with reference
31 to nonresidential real estate owned or leased by the employer, performs an act described in
32 Subsection 61-2f-102 (18)(a) or (b);
33 (iii) a regular salaried employee of the owner of real estate who performs property
34 management services with reference to real estate owned by the employer, except that the
35 employee may only manage real estate for one employer;
36 (iv) an individual who performs property management services for the apartments at
37 which that individual resides in exchange for free or reduced rent on that individual's
38 apartment;
39 (v) a regular salaried employee of a condominium homeowners' association who
40 manages real estate subject to the declaration of condominium that established the
41 condominium homeowners' association, except that the employee may only manage real estate
42 for one condominium homeowners' association; and
43 (vi) a regular salaried employee of a licensed property management company who
44 performs support services, as prescribed by rule, for the property management company.
45 (b) Subsection (1)(a) does not exempt from licensing:
46 (i) an employee engaged in the sale of real estate regulated under:
47 (A) Title 57, Chapter 11, Utah Uniform Land Sales Practices Act; or
48 (B) Title 57, Chapter 19, Timeshare and Camp Resort Act;
49 (ii) an employee engaged in the sale of cooperative interests regulated under Title 57,
50 Chapter 23, Real Estate Cooperative Marketing Act; or
51 (iii) an individual whose interest as an owner or lessor is obtained by that individual or
52 transferred to that individual for the purpose of evading the application of this chapter, and not
53 for another legitimate business reason.
54 (2) A license under this chapter is not required for:
55 (a) an isolated transaction by an individual holding a duly executed power of attorney
56 from an owner;
57 (b) services rendered by an attorney admitted to practice law in this state in performing
58 the attorney's duties as an attorney;
59 (c) a receiver, trustee in bankruptcy, administrator, executor, or an individual acting
60 under order of a court;
61 (d) a trustee or employee of a trustee under a deed of trust or a will;
62 (e) a public utility, officer of a public utility, or regular salaried employee of a public
63 utility, unless performance of an act described in Subsection 61-2f-102 (18) is in connection
64 with the sale, purchase, lease, or other disposition of real estate or investment in real estate
65 unrelated to the principal business activity of that public utility;
66 (f) a regular salaried employee or authorized agent working under the oversight of the
67 Department of Transportation when performing an act on behalf of the Department of
68 Transportation in connection with one or more of the following:
69 (i) the acquisition of real estate pursuant to Section 72-5-103 ;
70 (ii) the disposal of real estate pursuant to Section 72-5-111 ;
71 (iii) services that constitute property management; or
72 (iv) the leasing of real estate; [
73 (g) a regular salaried employee of a county, city, or town when performing an act on
74 behalf of the county, city, or town:
75 (i) in accordance with:
76 (A) if a regular salaried employee of a city or town:
77 (I) Title 10, Utah Municipal Code; or
78 (II) Title 11, Cities, Counties, and Local Taxing Units; and
79 (B) if a regular salaried employee of a county:
80 (I) Title 11, Cities, Counties, and Local Taxing Units; and
81 (II) Title 17, Counties; and
82 (ii) in connection with one or more of the following:
83 (A) the acquisition of real estate, including by eminent domain;
84 (B) the disposal of real estate;
85 (C) services that constitute property management; or
86 (D) the leasing of real estate[
87 (h) an individual temporarily engaged in property management activities that are
88 performed under a power of attorney duly executed by the owner of the property for which the
89 property management activities are performed.
90 (3) A license under this chapter is not required for an individual registered to act as a
91 broker-dealer, agent, or investment adviser under the Utah and federal securities laws in the
92 sale or the offer for sale of real estate if:
93 (a) (i) the real estate is a necessary element of a "security" as that term is defined by the
94 Securities Act of 1933 and the Securities Exchange Act of 1934; and
95 (ii) the security is registered for sale in accordance with:
96 (A) the Securities Act of 1933; or
97 (B) Title 61, Chapter 1, Utah Uniform Securities Act; or
98 (b) (i) it is a transaction in a security for which a Form D, described in 17 C.F.R. Sec.
99 239.500, has been filed with the Securities and Exchange Commission pursuant to Regulation
100 D, Rule 506, 17 C.F.R. Sec. 230.506; and
101 (ii) the selling agent and the purchaser are not residents of this state.
Legislative Review Note
as of 1-9-13 12:48 PM