61-2-27. Exclusive brokerage agreement.
(1) As used in this section:
(a) "Client" means a person who makes an exclusive brokerage agreement with a principal broker under Subsection (1)(c).
(b) "Closed" means that:
(i) all documents required to be executed under the contract are executed;
(ii) all monies required to be paid by either party under the contract are paid in the form of collected or cleared funds;
(iii) the proceeds of any new loan are delivered by the lender to the seller; and
(iv) all applicable documents are recorded in the office of the county recorder for the county in which the property is located.
(c) "Exclusive brokerage agreement" means a written agreement between a client and a principal broker:
(i) (A) to list for sale, lease, or exchange: real estate; an option on real estate; or an improvement on real estate; or
(B) for representation in the purchase, lease, or exchange of: real estate; an option on real estate; or an improvement on real estate;
(ii) that gives the principal broker the sole right to act as the agent or representative of the client for the purchase, sale, lease, or exchange of: real estate; an option on real estate; or an improvement on real estate; and that gives the principal broker the expectation of receiving valuable consideration in exchange for the principal broker's services.
(2) A principal broker subject to an exclusive brokerage agreement shall:
(a) Except as provided in Subsection (2)(b), a principal broker subject to an exclusive brokerage agreement shall:
(i) accept delivery of and present to the client offers and counteroffers to buy, lease, or exchange the client's property;
(ii) assist the client in developing, communicating, and presenting offers, counteroffers, and notices; and
(iii) answer any question the client has concerning: an offer; a counteroffer; a notice; and a contingency.
(b) A principal broker subject to an exclusive brokerage agreement need not comply with Subsection (2)(a) after: an agreement for the sale, lease, or exchange of the real estate, option on real estate, or improvement on real estate is: signed; all contingencies related to the sale, lease, or exchange are satisfied or waived; and the sale, lease, or exchange is closed; or the exclusive brokerage agreement expires or terminates.
(3) A principal broker who violates this section is subject to Section 61-2-17.

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