Utah Mandatory Residential Core

This 3-hour course for Utah real estate professionals satisfies 3 hours of the mandatory core education for residential properties. 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 in Utah.

The first portion 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 course continues with a deep look at the fiduciary duties of agents and the relationship(s) between the parties.

The next portion 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, including the requirements for notices, acceptances, and addenda.

Finally, the course concludes with a discussion of changes, additions, and revisions to the Utah Administrative Code and additional important and topical issues. Subjects detailed include legislative and administrative code updates and industry issues, the NAR® Settlement agreement, advertising mandates including social media concerns, and inducements and gifts. Written consent requirements, the new FinCEN Rule Call Out and reporting rules, and Section 1031 exchanges are discussed. The lesson finishes with a detailed look at fraud in the real estate industry, how to apply fraud prevention techniques and tips to avoid falling victim to real estate fraud. Recent license sanctions (including case studies) are narrated, and includes material on violation types and legal descriptions, prohibited conduct, and related advertising issues.

Course Format: Text

Credit Type: Core

Course ID(s): MR260603

Approved By: Department of Commerce - Division of Real Estate