61-2f-503. Real Estate Education, Research, and Recovery Fund. (1) (a) There is created an expendable special revenue fund known as the “Real Estate Education, Research, and Recovery Fund.” (b) The actual interest earned on the fund shall be deposited into the fund. (2) The money in the fund includes: (a) a fee imposed under Section […]
61-2f-504. Use of money. (1) Money accumulated in the fund in excess of $100,000 shall be set aside and segregated to be used by the division to: (a) investigate violations of this chapter related to fraud, misrepresentation, or deceit; and (b) advance education and research in the field of real estate. (2) The division may […]
61-2f-505. Additional license fee. (1) An individual who applies for or renews a principal broker or associate broker license shall pay, in addition to the application or renewal fee, a reasonable annual fee of up to $18, as determined by the division with the concurrence of the commission. (2) An individual who applies for or […]
61-2f-506. Procedure to make a claim against the fund. (1) A person may bring a claim against the fund if: (a) the person obtains a final judgment; (b) the person complies with the requirements under this part; (c) the person is not complicit in the fraud, misrepresentation, or deceit that is the basis of the […]
61-2f-507. Division authority to act upon receipt of petition. (1) When the division is served a petition under Section 61-2f-506, the division may: (a) file an answer to the petition in the court; (b) initiate a review proceeding conducted by the division; or (c) appear in any proceeding in the name of the defendant to […]
61-2f-508. Court determination and order. If a court determines that the fund should pay a claim under this part, in its order the court shall direct the division to pay from the fund that portion of the final judgment that is payable from the fund in accordance with Section 61-2f-506. Renumbered and Amended by Chapter […]
61-2f-509. Insufficient funds to satisfy judgments — Procedure and interest. If money deposited in the fund and allotted for satisfying a final judgment against a real estate licensee is insufficient to satisfy an order issued in accordance with Section 61-2f-508, when sufficient money is deposited in the fund, the division shall: (1) satisfy the unpaid […]
61-2f-510. Division subrogated to claimant — Authority to revoke license. (1) (a) If the division pays a claim against the fund in accordance with this chapter, the division is subrogated to the rights of the person who is paid the claim for the amounts paid out of the fund. (b) The division shall deposit in […]
61-2f-511. Authority to take disciplinary action. (1) This part does not limit the authority of the director of the division to take disciplinary action against a real estate licensee for a violation of this chapter or of the rules of the commission and division. (2) A real estate licensee’s payment of all the obligations of […]
61-2f-512. Failure to comply with provisions constitutes a waiver. A person’s failure to comply with this part constitutes a waiver of any right under this part. Renumbered and Amended by Chapter 379, 2010 General Session
