61-2f-202 - Exempt persons and transactions.
61-2f-202. Exempt persons and transactions.
(1) (a) Except as provided in Subsection (1)(b), a license under this chapter is notrequired for:
(i) an individual who as owner or lessor performs an act described in Subsection61-2f-102(17) with reference to real estate owned or leased by that individual;
(ii) a regular salaried employee of the owner or lessor of real estate who, with referenceto nonresidential real estate owned or leased by the employer, performs an act described inSubsection 61-2f-102(17)(a) or (b);
(iii) a regular salaried employee of the owner of real estate who performs propertymanagement services with reference to real estate owned by the employer, except that theemployee may only manage real estate for one employer;
(iv) an individual who performs property management services for the apartments atwhich that individual resides in exchange for free or reduced rent on that individual's apartment;
(v) a regular salaried employee of a condominium homeowners' association whomanages real estate subject to the declaration of condominium that established the condominiumhomeowners' association, except that the employee may only manage real estate for onecondominium homeowners' association; and
(vi) a regular salaried employee of a licensed property management company whoperforms support services, as prescribed by rule, for the property management company.
(b) Subsection (1)(a) does not exempt from licensing:
(i) an employee engaged in the sale of real estate regulated under:
(A) Title 57, Chapter 11, Utah Uniform Land Sales Practices Act; and
(B) Title 57, Chapter 19, Timeshare and Camp Resort Act;
(ii) an employee engaged in the sale of cooperative interests regulated under Title 57,Chapter 23, Real Estate Cooperative Marketing Act; or
(iii) an individual whose interest as an owner or lessor is obtained by that individual ortransferred to that individual for the purpose of evading the application of this chapter, and notfor another legitimate business reason.
(2) A license under this chapter is not required for:
(a) an isolated transaction by an individual holding a duly executed power of attorneyfrom an owner;
(b) services rendered by an attorney in performing the attorney's duties as an attorney;
(c) a receiver, trustee in bankruptcy, administrator, executor, or an individual actingunder order of a court;
(d) a trustee or employee of a trustee under a deed of trust or a will;
(e) a public utility, officer of a public utility, or regular salaried employee of a publicutility, unless performance of an act described in Subsection 61-2f-102(17) is in connection withthe sale, purchase, lease, or other disposition of real estate or investment in real estate unrelatedto the principal business activity of that public utility;
(f) a regular salaried employee or authorized agent working under the oversight of theDepartment of Transportation when performing an act on behalf of the Department ofTransportation in connection with one or more of the following:
(i) the acquisition of real estate pursuant to Section 72-5-103;
(ii) the disposal of real estate pursuant to Section 72-5-111;
(iii) services that constitute property management; or
(iv) the leasing of real estate; and
(g) a regular salaried employee of a county, city, or town when performing an act onbehalf of the county, city, or town:
(i) in accordance with:
(A) if a regular salaried employee of a city or town:
(I) Title 10, Utah Municipal Code; or
(II) Title 11, Cities, Counties, and Local Taxing Units; and
(B) if a regular salaried employee of a county:
(I) Title 11, Cities, Counties, and Local Taxing Units; and
(II) Title 17, Counties; and
(ii) in connection with one or more of the following:
(A) the acquisition of real estate, including by eminent domain;
(B) the disposal of real estate;
(C) services that constitute property management; or
(D) the leasing of real estate.
(3) A license under this chapter is not required for an individual registered to act as abroker-dealer, agent, or investment adviser under the Utah and federal securities laws in the saleor the offer for sale of real estate if:
(a) (i) the real estate is a necessary element of a "security" as that term is defined by theSecurities Act of 1933 and the Securities Exchange Act of 1934; and
(ii) the security is registered for sale in accordance with:
(A) the Securities Act of 1933; or
(B) Title 61, Chapter 1, Utah Uniform Securities Act; or
(b) (i) it is a transaction in a security for which a Form D, described in 17 C.F.R. Sec.239.500, has been filed with the Securities and Exchange Commission pursuant to Regulation D,Rule 506, 17 C.F.R. Sec. 230.506; and
(ii) the selling agent and the purchaser are not residents of this state.
Amended by Chapter 184, 2010 General Session
Renumbered and Amended by Chapter 379, 2010 General Session