Affiliation with a principal broker

(1) An individual who is not a principal broker may not engage in an act described in Section 61-2f-201 unless the individual is affiliated with a principal broker as: (a) an associate broker; or (b) a sales agent. (2) (a) An inactive associate broker or sales agent may not conduct a real estate transaction until the inactive associate broker or sales agent becomes affiliated with a principal broker and submits the required documentation to the division. (b) An inactive principal broker may not conduct a real estate transaction until the principal broker's license is activated with the division. (3) A sales agent or associate broker may not affiliate with more than one principal broker at the same time. (4) An individual may not be a principal broker of an entity and a sales agent or associate broker for a different entity at the same time. (5) An owner, purchaser, lessor, or lessee who engages the services of a principal broker may designate which sales agents or associate brokers affiliated with that principal broker will also represent that owner, purchaser, lessor, or lessee in the purchase, sale, lease, or exchange of real estate, or in exercising an option relating to real estate. (6) Subject to Subsection (8), an individual licensed as a property manager under this chapter and is engaged, whether as an employee or an independent contractor, to perform real estate-related services by or on behalf of a principal broker, associate broker, or sales agent, shall affiliate with a principal broker before: (a) engaging in property management; (b) offering to engage in property management on behalf of another person; or (c) advertising or otherwise holding the individual out to be engaged in property management. (7) An individual described in Subsection (6) shall affiliate the individual's property manager license with: (a) the same principal broker with whom the associate broker or sales agent for whom the property manager performs real estate-related services is affiliated; or (b) the person that the individual's employer or the person with whom the individual contracts is affiliated. (8) An individual is not required to affiliate with a principal broker if the individual is: (a) licensed as a property manager under this chapter; and (b) (i) not subject to the affiliation requirements described in Subsection (6); (ii) employed by a property management company that managed at least 750 residential rental units in this state in any of the three previous calendar years; or (iii) employed by a housing authority, as that term is defined in Section 35A-8-401.