Section 406 – Grounds for revocation of principal broker’s license.

• (1) An unlawful act or violation of this chapter committed by a person listed in Subsection (2) is cause for:
  • (a) the revocation, suspension, or probation of a principal broker’s license; or
  • (b) the imposition of a fine against the principal broker in an amount not to exceed $5,000 per violation.

• (2) Subsection (1) applies to an act or violation by any of the following:
  • (a) a sales agent or associate broker employed by a principal broker;
  • (b) a sales agent or associate broker engaged as an independent contractor by or on behalf of a principal broker; or
  • (c) an employee, officer, or member of a principal broker.

Amended by Chapter 350, 2014 General Session