61-2f-406 - Grounds for revocation of principal broker's license -- Automatic inactivation of affiliated associate brokers and sales agents licenses. - Utah Statutes

61-2f-406. Grounds for revocation of principal broker's license -- Automaticinactivation of affiliated associate brokers and sales agents licenses.
(1) (a) An unlawful act or violation of this chapter committed by a person listed inSubsection (1)(b) is cause for:
(i) the revocation, suspension, or probation of a principal broker's license; or
(ii) the imposition of a fine against the principal broker in an amount not to exceed$5,000 per violation.
(b) Subsection (1)(a) applies to an act or violation by any of the following:
(i) a sales agent or associate broker employed by a principal broker;
(ii) a sales agent or associate broker engaged as an independent contractor by or onbehalf of a principal broker; or
(iii) an employee, officer, or member of a principal broker.
(2) (a) The revocation or suspension of a principal broker license automaticallyinactivates an associate broker or sales agent license granted to an individual by reason of thatindividual's affiliation with the principal broker whose license is revoked or suspended, pendinga change of principal broker affiliation.
(b) A principal broker shall, before the effective date of a suspension or revocation of theprincipal broker's license, notify in writing every licensee affiliated with the principal broker ofthe revocation or suspension of the principal broker license.

Renumbered and Amended by Chapter 379, 2010 General Session