1. (1) maintain and safeguard the following records to the extent they relate to the business of a principal broker:

   1. (a) trust account records, including the monthly reconciliation of the trust account;
   2. (b) any document submitted by a licensee affiliated with the principal broker to a lender or underwriter as part of a real estate transaction;
   3. (c) any document signed by a seller or buyer with whom the principal broker or an affiliated licensee is required to have an agency agreement; and
   4. (d) any document created or executed by a licensee over whom the principal broker has supervisory responsibility pursuant to Subsection R162-2f-401c(1)(c);

2. (2) maintain the records identified in Subsection R162-2f-401k(1):

   1. (a)(i) physically:

      1. (A) at the principal business location designated by the principal broker on division records; or
      2. (B) where applicable, at a branch office as designated by the principal broker on division records; or
      3. (ii) electronically, in a storage system that complies with Title 46 Chapter 04, Utah Uniform Electronic Transactions Act; and

   2. (b) for at least three calendar years following the year in which:

      1. (i) an offer is rejected;
      2. (ii) the transaction either closes or fails; or
      3. (iii) in a lease transaction, the termination of the lease agreement;
3. (3) upon request of the division, make any record identified in Subsection (1) available for inspection and copying by the division;
4. (4) notify the division in writing within ten business days after terminating business operations as to where business records will be maintained; and

5. (5) upon filing for brokerage bankruptcy, notify the division in writing of:

   1. (a) the filing; and
   2. (b) the current location of brokerage records.

A principal broker shall:

KEY: real estate business, operational requirements, trust account records, notification requirements

Date of Last Change: August 16, 2023

Notice of Continuation: February 5, 2025

Authorizing, and Implemented or Interpreted Law: 61-2f-103(1); 61-2f-105; 61-2f-203(1)(e); 61-2f-206(3); 61-2f-206(4)(a); 61-2f-306; 61-2f-307