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34-27-81
Section 34-27-81 Definitions. As used in this article, the following words shall have
the following meanings: (1) AGENCY AGREEMENT. A written agreement between a broker and a client
which creates a fiduciary relationship between the broker and a principal, who is commonly
referred to as a client. (2) BROKER. Any person licensed as a real estate broker pursuant
to Articles 1 and 2 of this chapter. (3) BROKERAGE AGREEMENT. A specific written agreement
between a brokerage firm and a consumer which establishes a brokerage relationship. The brokerage
agreement shall contain a statement of the terms and conditions of the brokerage services
to be provided. (4) BROKERAGE SERVICE. Any service, except for rental or property management
services, provided by a broker or licensee to another person and includes all activities for
which a real estate license is required under Articles 1 and 2 of this chapter. (5) CONSUMER.
A person who obtains information, advice, or services concerning real estate...
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34-27-85
Section 34-27-85 Services licensees required to provide. (a) In addition to the duties
enumerated in Section 34-27-84, a licensee shall provide all of the following services
to clients: (1) Loyally represent the best interests of the client by placing the interests
of the client ahead of the interests of any other party, unless loyalty to a client violates
the duties of the licensee to other parties under Section 34-27-84, or is otherwise
prohibited by law. (2) Disclose to the client all information known by the licensee that is
material to the transaction and not discoverable by the client through reasonable investigation
and observation, except for confidential information as provided in subdivision (3) of subsection
(a) of Section 34-27-84. A licensee shall have no affirmative duty to discover the
information. (3) Fulfill any obligation required by the agency agreement, and any lawful instructions
of the client that are within the scope of the agency agreement, that are not...
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34-27-82
Section 34-27-82 Roles and duties of licensees; written disclosure documents; exceptions;
brokerage agreements. (a) When engaged in any real estate transaction, the licensee may act
as a single agent, sub-agent, a limited consensual dual agent, or as a transaction broker.
(b) At the initial contact between a licensee and the consumer and until such time a broker
enters into a specific written agreement to establish an agency relationship with one or more
of the parties to a transaction, the licensee shall not be considered an agent of that consumer.
An agency relationship shall not be assumed, implied, or created without a written bilateral
agreement establishing the terms of the agency relationship. (c) As soon as reasonably possible
and before any confidential information is disclosed to any other person by a licensee, the
licensee shall provide a written disclosure form to a consumer for signature describing the
alternative types of brokerage services, as identified in subsection...
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34-27-84
Section 34-27-84 Obligations of licensees. (a) Licensees shall have all of the following
obligations to all parties in a real estate transaction: (1) To provide brokerage services
to all parties to the transaction honestly and in good faith. (2) To exercise reasonable skill
and care in providing brokerage services to all parties. (3) To keep confidential any information
given to the licensee in confidence, or any information obtained by the licensee that the
licensee knows a reasonable individual would want to keep confidential, unless disclosure
of this information is required by law, violates a fiduciary duty to a client, becomes public
knowledge, or is authorized by the party in writing. (4) To account for all property coming
into the possession of the licensee that belongs to any party to the real estate transaction.
(5) When assisting a party in the negotiation of a real estate transaction, to present all
written offers in a timely and truthful manner. (6) To act on behalf of the...
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34-27-100
Section 34-27-100 Definitions. For the purposes of this article, the following terms
shall have the following meanings: (1) ACTUAL INTRODUCTION. a. When the buyer, seller, landlord,
or tenant has been referred to the real estate licensee by the person or entity seeking the
referral fee prior to the time the customer has executed a real estate brokerage services
disclosure form or waived execution in writing or the customer has executed a buyer's agency
agreement, property listing agreement, or a transaction brokerage agreement; or b. For real
estate transactions in which the law of this state does not require the presentation of a
real estate brokerage services disclosure form, when the buyer, seller, landlord, or tenant
has been referred to the real estate licensee by the person or entity seeking the referral
fee prior to any contact between the buyer, seller, landlord, or tenant and the real estate
licensee during which their real estate business has been discussed. (2) INTERFERENCE...
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5-26-3
Section 5-26-3 Definitions. For purposes of this chapter, the following definitions
shall apply: (1) DEPOSITORY INSTITUTION. The term "depository institution" has the
same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any
credit union. (2) FEDERAL BANKING AGENCIES. The term "federal banking agencies"
means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency,
the Director of the Office of Thrift Supervision, the National Credit Union Administration,
and the Federal Deposit Insurance Corporation. (3) IMMEDIATE FAMILY MEMBER. The term "immediate
family member" means a spouse, child, sibling, parent, grandparent, or grandchild. This
includes stepparents, stepchildren, stepsiblings, and adoptive relationships. (4) INDIVIDUAL.
The term "individual" means a natural person. (5) LOAN PROCESSOR OR UNDERWRITER.
(a) In General. The term "loan processor or underwriter" means an individual who
performs clerical or support duties as an...
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35-11-451
Section 35-11-451 Brokers lien generally; recording notice; notice requirements; enforcement
of lien. (a) A real estate broker shall have a lien, in the amount of the compensation agreed
upon by and between the broker and his or her client, upon commercial real estate or any interest
therein which is subject to and described in the brokerage agreement and owned by a client
or by a party whose commercial real estate may be liened if different from the client who
has received written notice from the broker in conformity with subsection (f) prior to obtaining
an interest in the commercial real estate through a purchase, lease, or conveyance. Commercial
real estate, or an interest therein, acquired by a person other than a client prior to receipt
of the notice from the broker required by this division is not subject to the lien provided
by this division. The lien shall arise: (1) Upon the satisfaction of each of: a. Conveyance
of the commercial real estate identified in and subject to the...
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5-19-1
Section 5-19-1 Definitions. For the purposes of this chapter, the following terms shall
have the following meanings respectively ascribed to them by this section: (1) FINANCE
CHARGE. The sum of all charges, payable directly or indirectly by the person to whom credit
is extended, and imposed directly or indirectly by the creditor as an incident to the extension
of credit. The amount of the finance charge in connection with any credit transaction (i)
shall be determined, and shall include and exclude the fees and charges, as provided by Section
106 of the Federal Truth-in-Lending Act, 15 U.S.C. Section 1605 and the regulations
of the Federal Reserve Board promulgated pursuant to the Federal Truth-in-Lending Act, 12
C.F.R. Part 226, and the Official Staff Commentary adopted by the Federal Reserve Board pursuant
to that regulation, and without limiting or affecting the foregoing subparagraph (i), (ii)
shall exclude, without limitation, late charges and other charges resulting from or...
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34-27-36
Section 34-27-36 Disciplinary action - Generally. (a) The commission or its staff may
on its own, or on the verified complaint in writing of any person, investigate the actions
and records of a licensee. The commission may issue subpoenas and compel the testimony of
witnesses and the production of records and documents during an investigation. If probable
cause is found, a formal complaint shall be filed and the commission shall hold a hearing
on the formal complaint. The commission shall revoke or suspend the license or impose a fine
of not less than one hundred dollars ($100) nor more than two thousand five hundred dollars
($2,500), or both, or reprimand the licensee in each instance in which the licensee is found
guilty of any of the following acts set out in this section. The commission may revoke
or suspend a license until such time as the licensee has completed an approved continuing
education course and/or made restitution to accounts containing funds to be held for other...
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25-4-10
Section 25-4-10 Employment. (a) Subject to other provisions of this chapter, "employment"
means: (1) Any service performed prior to January 1, 1978, which was employment as defined
in this section prior to such date and, subject to the other provisions of this section,
services performed for remuneration after December 31, 1977, including service in interstate
commerce, by: a. Any officer of a corporation; or b. Any individual who, under the usual common
law rules applicable in determining the employer-employee relationship, has the status of
an employee; or c. Any individual other than an individual who is an employee under paragraphs
a. or b. of this subdivision (1) who performs services for remuneration for any person: 1.
As an agent-driver or commission-driver engaged in distributing meat products, bakery products,
beverages (other than milk) or laundry or dry cleaning services for a principal; 2. As a traveling
or city salesman engaged upon a full-time basis in the solicitation on...
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