Fillable REAL ESTATE COMPANY/BRANCH REGISTRATION (Utah DRE)

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REAL ESTATE COMPANY/BRANCH REGISTRATION (Utah DRE)

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Utah Division of Real Estate (DRE) aims to protect the public and promote responsible business practices through education, licensure, and regulation of real estate, mortgage, and appraisal professionals

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Rev. 5/6/2014
State of Utah
Department of Commerce
Division of Real Estate
REAL ESTATE COMPANY/BRANCH REGISTRATION
160 East 300 South, PO Box 146711, Salt Lake City, UT 84114-6711
Telephone (801) 530-6747 • Facsimile (801) 526-4387 • Internet: www.realestate.utah.gov
Complete, sign, and submit this form along with the items listed below by fax, mail, email, or in person.
APPLICATION FOR: ( ) Company ( ) Branch ( ) Property Management
New Entity Name:____________________________________________________________________________
Physical Address:____________________________________________________________________________
Mailing Address:____________________________________________________________________________
Phone #: _______________________ Fax #:_____________________
Principal/Branch/Dual Broker: ___________________________________
License #: ______________ Phone: _________________ Mobile: _________________
Email:
_____________________________________________
Company – include: (Refer to Real Estate Company/Branch Registration Checklist for more details)
Entity must be registered with the Utah Division of Corporations prior to submitting this form.
Change Card for the Company’s Principal Broker.
Documentation from a Utah bank or credit union less than 30 days old verifying an operating account.
Notarized letter on company letterhead authorizing the Broker to use the company name. (Note: This
is not required if the broker is the owner.)
Documentation from a Utah bank or credit union less than 30 days old verifying a real estate trust
account or property management account, if applicable, on which the Principal Broker is a signatory.
$200 non-refundable fee
Branch – include:
Change Card for the Branch Broker
Documentation from a Utah bank or credit union less than 30 days old verifying a real estate trust
account on which the Branch Broker is a signatory. (Proof of account not required if same account as
main office.)
Documentation from a Utah bank or credit union less than 30 days old verifying a real estate trust
account or property management account, if applicable, on which the Branch Broker is a signatory.
Notarized letter on company letterhead authorizing the Branch Broker to use the company name.
(Note: This is not required if the broker is the owner.)
$200 non-refundable fee
I hereby certify that the information provided with this application is true and correct.
Principal Broker Signature ________________________________________ Date ________________________
Branch Broker Signature ________________________________________ Date ________________________
( ) Check ( ) Visa ( ) MasterCard ( ) American Express
Make checks payable to: Utah Division of Real Estate
Card # __________________________________________ Expires ______________
Signature _______________________________________ CCV# _______________
*To be completed by Division Staff *
New Entity Lic. #: ________________
UTAH DIVISION OF REAL ESTATE
TRUST ACCOUNT AND OPERATING ACCOUNT DOCUMENTATION REQUIREMENTS
OPERATING ACCOUNT
Documentation MUST be less than 30 days old from a Utah bank or credit union verifying an
operating account and includes the entire account number.
REAL ESTATE TRUST ACCOUNT
Documentation MUST be less than 30 days old from a Utah bank or credit union verifying a real
estate trust account, includes the entire account number, shows the Broker as a signatory and
includes the company name and the term “Real Estate Trust Account” in the account name (no
abbreviations accepted). Example: Ajax Real Estate – Real Estate Trust Account.
PROPERTY MANAGEMENT TRUST ACCOUNT
If applicable, documentation MUST be less than 30 days old from a Utah bank or credit union
verifying a property management trust account, includes the entire account number, shows the
Broker as a signatory and includes the company name and the term “Property Management
Trust Account” in the account name (no abbreviations accepted). Example: Ajax Real Estate –
Property Management Trust Account.
ACCEPTABLE DOCUMENTATION
Letter from the bank or credit union on their letterhead signed and dated by a bank or credit
union representative verifying and including ALL required account information as explained
above OR bank or credit union statements verifying and including ALL required account
information as explained above.
Note: Brokers must establish and maintain at least one real estate trust account in a bank
or credit union located within the state of Utah and is separate from any operating
account(s). Trust accounts shall be non-interest-bearing, unless the parties to the transaction
agree in writing to deposit the funds in an interest-bearing account; the parties to the
transaction designate in writing the person to whom the interest will be paid upon
completion or failure of the sale; or the parties to the transaction qualifies at the time of
payment as a non-profit organization under Section 501(c)(3) of the Internal Revenue Code;
and operates exclusively to provide grants to affordable housing programs in Utah; and the
affordable housing program that is the recipient of the grant qualifies at the time of payment
as a non-profit organization under Section 501(c)(3) of the Internal Revenue Code.
Brokers engaging in property management of seven or more individual units must establish
and maintain at least one property management trust account in a bank or credit union
located within the state of Utah and is separate from any real estate trust account(s) and
operating account(s). A trust account that is used exclusively for property management
purposes shall be used to secure tenant security deposits, rents and money tendered by a
property owner as a reserve fund or for payment of unexpected expenses.
* Further information and details can be found on the Utah Division of Real Estate
website at www.realestate.utah.gov.
Refer to Administrative Rules:
R162-2f-403a. Trust Accounts - General Provisions.
R162-2f-403b. Real Estate Trust Accounts.
R162-2f-403c. Property Management Trust Accounts.
R162-2f-205. Registration of Entity.
R162-2f-202b. Principal Broker Licensing Fees and Procedures.
R162-2f-401k. Recordkeeping Requirements.
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REAL ESTATE COMPANYBRANCH REGISTRATION (Utah DRE)

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Completed 14 February 2021

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