- An out-of-state licensee may receive a "referral commission" from Utah licensee, not from anyone else.
- Otherwise, a Utah license is required in order to receive any other compensation.
- An out-of-state licensee is barred from bringing a commission lawsuit in Utah.
BIZ BROKER STATE
Any Other State*
* GA & MS do not have to take the Exam. Any Other State does (it's unclear whether certain States need to take the full exam or just the State portion).
Specific to Utah
Utah is one of those rare states that says "keep out" to out of state licensees. In fact, anyone caught practicing real estate without a license in Utah faces criminal felony prosecution with a penalty of up to 2 years in prison per offense.
These states specifically mention Illinois in their Reciprocity:
Montana, Nevada (Salesperson Only)
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington
Closings are handled through escrow.
Conveyance is by warranty or bargain-and-sale deed, but land sales contracts are common.
Mortgage deeds and deeds of trust are the security instruments.
Oregonians use ALTA and Oregon Land Title Association policies.
Buyers and sellers split escrow costs and transfer taxes; the buyer pays for the lender’s title insurance policy, and the seller pays for the owner’s policy.
Utah is a NON-DISCLOSURE state. Transaction details and the Buyer, Seller, Sales Price, or even if a property sold is NOT PUBLIC RECORD.
BIZ BROKER STATE
The rules are very clear in this State that a Business Broker must hold a real estate license to sell a business.
(20) "Principal broker" means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
(b) buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration;