Utah 3 Hour Mandatory Residential Core Course

This course was created to provide real estate professionals with 3 credit hours towards their license renewal. The class covers such topics as agency basics, limited agency, real estate purchase contract basics, seller disclosures, conditions of purchase, and wire fraud prevention, along with a review of new and revised administrative rules for 2022. 

The first hour of the class covers what agency is, the fiduciary relationship and the affirmative duties of the licensee, as well as limited agency, the Limited Agency Consent Agreement form, and the obligations of a limited agent

The second hour of the class covers the REPC, including earnest money basics (including procedures when depositing earnest money with a title company), what the seller is required to disclose as well as what constitutes material information, and the conditions of purchase in the REPC, defining the due diligence condition, appraisal condition, and financing condition. It finishes with the requirements for notices, acceptances, and addenda, including a brief discussion of counteroffers.

The third hour  presents the requirements for notices, acceptances, and addenda, including a brief discussion of counteroffers followed by changes to the Administrative Code in 2022, including vital clarifications to Supervision Requirements for Principal & Branch Brokers, related changes to Trust Accounts, an overhaul of the rules on Trust Accounts - Property Management Company, and a new, detailed set of protocols for transition to a Designated Successor in the event of death or incapacity of a Principal Broker. The class finishes with the industry issues of advertising through social media, inducements and gifts, advertising another team’s listing, and how to prevent wire fraud.