Property Management
The outline gives this area 4 to 6 of the 90 state items and prints no subtopics. It is governed by the definition in Utah Code Section 61-2f-102, the standards in Rule R162-2f-401j, and the separate trust account rules in Rule R162-2f-403b.
What Counts as Property Management
Section 61-2f-102(32)(a) defines property management as managing real estate owned by another person with the expectation of valuable consideration, or claiming to do so, by advertising for, arranging, negotiating, offering, or otherwise attempting to secure the rental or leasing of real estate, by collecting or attempting to collect rent, or by signing a lease agreement or addendum with a tenant. Subsection (32)(b) excludes hotel or motel management, the rental of tourist accommodations for periods of less than 30 consecutive days and the management activities that go with those rentals, and the leasing or management of minerals or oil and gas interests separate from the surface estate. Section 61-2f-202(2)(a)(iii) exempts a regular salaried employee managing real estate the employer owns, for one employer only, and Subsections (2)(a)(iv) through (vi) exempt a resident manager taking reduced rent, an employee of a common interest association managing property under its declaration, and a salaried employee providing support services for a licensed brokerage.
Standards for Property Management
Rule R162-2f-401j(1) requires property management done by a real estate brokerage to be carried on under the brokerage name as registered with the division, unless the principal broker holds a dual broker license and has separately registered another business name under Rule R162-2f-205. Subsection (2) requires the principal broker and any branch broker to train each affiliated licensee and unlicensed employee to work within the rule's boundaries. Subsection (3) is the list an unlicensed employee may perform under the principal broker's supervision: giving a prospective tenant access to a rental unit; secretarial, bookkeeping, maintenance, or rent collection services; quoting rent and lease terms the principal broker has established or approved; completing pre-printed lease or rental agreements except as to negotiated terms; serving or receiving legal notices; addressing tenant or neighbor complaints; and inspecting units. Subsection (4) requires the principal broker to deliver any trust money to the property owner or the owner's designee within 30 days of the termination of a property management contract.
The Property Management Trust Account
Rule R162-2f-403b(1)(a)(i) requires a principal broker regularly engaged in property management for seven or more individual units to establish at least one property management trust account, separate from the real estate trust account and maintained in a bank or credit union located in Utah; Subsection (1)(a)(ii) lets a broker managing six or fewer units run the money through a real estate trust account under Rule R162-2f-403a. Subsection (12) limits the account's use to tenant security deposits, rents, money an owner tenders as a reserve or for unexpected expenses, and, where no separate real estate trust account exists, client funds from a real estate transaction. Subsection (3) bars funds from tourist accommodation rentals of less than 30 consecutive days. Subsection (13)(b)(i) caps the broker's own funds in the account at $10,000, against the $1,000 ceiling that Rule R162-2f-403a(13)(a)(i) sets for the real estate trust account, and Subsection (13)(b)(ii) requires earned management income to be moved to the operating account within 60 days. Subsection (16) forbids paying a commission or the broker's management fee directly out of the trust account: the funds go to the operating account first.
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State-specific details
State exam facts
- State regulator
- Utah Division of Real Estate (Dept. of Commerce)
- Exam vendor
- Pearson VUE
- Prelicensing education
- 120 hours (30-hour Utah Law + 45-hour Broker Principles + 45-hour Broker Practices)
- Passing score
- Scaled score of 75 on each portion (not a percentage)
- Scored questions
- 170
- Time limit
- 240 minutes
Who regulates real estate brokers in Utah?
The Utah Division of Real Estate, within the Department of Commerce, licenses brokers, associate brokers and sales agents under the Real Estate Licensing and Practices Act (Utah Code Title 61, Chapter 2f) and the R162-2f rules. The Division contracts with Pearson VUE to deliver the licensing exams.
What experience do I need before the Utah broker exam?
Utah Code § 61-2f-203(1)(f) requires three years' full-time experience as a sales agent or the equivalent. Rule R162-2f-202b(1)(f) defines the equivalent and adds a second test: within the five years before you apply, either three years of full-time licensed active experience, or two years of it plus one year of full-time professional real estate experience from the rule's Appendix 3 table, AND at least 60 documented experience points, submitted in a package of 60 to 80 points, with at least half of the Table 1 and Table 2 points from Utah properties. The education is 120 hours of approved broker prelicensing (45 Broker Principles, 45 Broker Practices, 30 Utah Law).
How is the Utah broker exam structured?
170 scored questions in two separately scored portions: an 80-question national/general portion and a 90-question Utah state portion, taken in one 4-hour session, plus 5 unidentified pretest items on the national portion and 5 to 10 on the state portion. The Utah broker state portion is nearly twice the 50-item salesperson state portion, so salesperson material does not cover it. You must pass both portions; if you pass one and fail the other, Rule R162-2f-202b(5) gives you six months from the passed component to retake and pass the failed one.
What score do I need to pass the Utah broker exam?
A scaled score of 75 on the general portion and 75 on the state portion. The Pearson VUE candidate handbook is explicit that this is a scaled score and that the number reported to you "is neither the number of questions you answered correctly nor the percentage of questions you answered correctly" — so 75 is not 75%. Salesperson candidates are held to 70 on each portion.
What does the Utah broker state portion actually test?
Pearson VUE's Utah broker outline (document #094502, state outline effective July 15, 2016) divides the 90 state items into eight areas, each published as a range: Definitions (5-7), Licensing (15-17), Licensee Practice (33-35), Disciplinary Action (9-11), Real Estate Recovery Fund (2-3), Additional Utah State Topics (8-10), Property Management (4-6) and Closing Statements (6-8). Licensee Practice alone is about a third of the state exam, and its heaviest subtopic is the role of the broker — supervision and trust accounts.
Sources: https://realestate.utah.gov, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/094502.pdf, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/094500.pdf, https://le.utah.gov/xcode/Title61/Chapter2F/61-2f.html, https://adminrules.utah.gov/public/rule/R162-2f/Current%20Rules
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