DESCRIPTION OF STANDARD REAL ESTATE FORMS

1. REAL ESTATE PURCHASE CONTRACT

This is the standard form purchase contract thatis approved by the Utah Real Estate Commission and theoffice of the Utah Attorney General. It is requiredfor use by all real estate agents.

1a. ADDENDUM/COUNTER OFFER

This is the standard form addendum/counter offerthat is approved by the Utah Real Estate Commissionand the office of the Utah Attorney General. When preparingaddenda and counteroffers, all real estate agents arerequired to use this standard form.

2. ASSUMPTION ADDENDUM

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.It is designed to be used when the buyer wants to assumean existing loan that the seller presently has on theproperty.

3. FHA/VA ADDENDUM

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.It is designed for use when the Buyer desires to useFHA or VA financing when purchasing a property.

4. LEAD-BASED PAINT ADDENDUM

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.This form is used only if, as a condition ofpurchase, the buyer desires to have a lead-based paintinspection (referred to as a "risk assessment") completedon the property.

5. LEAD-BASED PAINT DISCLOSURE & ACKNOWLEDGEMENT

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.It is required for use in all residential propertiesbuilt prior to 1978.

5a. TRANSACTION DOCUMENT RECEIPT

This standard form was developed and is copyrightedby the Utah Association of Realtors®. It is recommended for use by real estate agents whendelivering any documents for which the agent will wantto have a receipt.

6. EXCLUSIVE BUYER BROKER AGREEMENT(DESIGNATED AGENCY BROKERAGE)

This standard form buyer broker agreement was developedand is copyrighted by the Utah Association of Realtors®. There are two important aspects to this buyer brokeragreement: (1) it is an exclusive buyer brokeragreement; and (2) it is designed for use by real estatebrokerages that function as a designated agencybrokerage.

Since this is an exclusive buyer broker agreement– Section 1 states that the brokerage will get paidits fee regardless of whether the brokerage,the buyer, or anyone finds the property for the buyerduring the term of the agreement.

This form is designed for use by brokerages that functionas a designated agency brokerage. The followingis an illustration of a designated agency brokerage.Bill is affiliated with ABC Realty. There are 15other agents who are also affiliated with ABC Realty.Bill enters into an exclusive buyer broker agreementto represent the buyers, Mr. & Mrs. Brown. Mr. &Mrs. Brown appoint (or designate) Bill and hisprincipal broker as the only agents with ABC Realtywho will represent Mr. & Mrs. Brown. None of theother 15 agents in ABC Realty have any agency relationshipwith Mr. & Mrs. Brown. That is an illustration ofa designated agency brokerage.

6a. EXCLUSIVE BUYER BROKER AGREEMENT(SUBAGENCY BROKERAGE)

This standard form buyer broker agreement was developedand is copyrighted by the Utah Association of Realtors®. There are two important aspects to this buyer brokeragreement: (1) it is an exclusive buyer brokeragreement; and (2) it is designed for use by real estatebrokerages that function as a subagencybrokerage.

Since this is an exclusive buyer broker agreement– Section 1 states that the brokerage will get paidits fee regardlessof whether the brokerage,the buyer, or anyone finds the property for the buyerduring the term of the agreement.

This form is designed for use by brokerages that functionas a subagency brokerage. The following is anillustration of a subagencybrokerage. Billis affiliated with ABC Realty. There are 15 other agentswho are also affiliated with ABC Realty. Bill entersinto an exclusive buyer broker agreement to representthe buyers, Mr. & Mrs. Brown. Mr. & Mrs. Brownappoint Bill and his principal broker to represent them.Mr. & Mrs. Brown further agree that each of theother 15 agents in ABC Realty will also represent Mr.& Mrs. Brown as subagents. That is an illustrationof a subagencybrokerage.

6b. NON-EXCLUSIVE BUYER BROKER AGREEMENT(DESIGNATED AGENCY BROKERAGE)

This standard form buyer broker agreement was developedand is copyrighted by the Utah Association of Realtors®. There are two important aspects to this buyer brokeragreement: (1) it is a non-exclusive buyer brokeragreement; and (2) it is designed for use by real estatebrokerages that function as a designated agencybrokerage.

Since this is a non- exclusive buyerbroker agreement – Section 1 states that the brokeragewill get paid its fee only if the brokerage negotiatesa transaction for the buyer during the term of the agreement.

This form is designed for use by brokerages that functionas a designated agencybrokerage. The followingis an illustration of a designated agencybrokerage.Bill is affiliated with ABC Realty. There are 15other agents who are also affiliated with ABC Realty.Bill enters into this non-exclusive buyer brokeragreement to represent the buyers, Mr. & Mrs. Brown.Mr. & Mrs. Brown appoint (or designate) Billand his principal broker as the only agents with ABCRealty who will represent Mr. & Mrs. Brown. Noneof the other 15 agents in ABC Realty have any agencyrelationship with Mr. & Mrs. Brown. That is an illustrationof a designated agencybrokerage.

6c. NON-EXCLUSIVE BUYER BROKER AGREEMENT(SUBAGENCY BROKERAGE)

This standard form buyer broker agreement was developedand is copyrighted by the Utah Association of Realtors®. There are two important aspects to this buyer brokeragreement: (1) it is a non-exclusive buyer brokeragreement; and (2) it is designed for use by real estatebrokerages that function as a subagencybrokerage.

Since this is a non- exclusive buyerbroker agreement – Section 1 states that the brokeragewill get paid its fee only if the brokerage negotiatesa transaction for the buyer during the term of the agreement.

This form is designed for use by brokerages that functionas a subagency brokerage. The following is anillustration of a subagencybrokerage.Billis affiliated with ABC Realty. There are 15 other agentswho are also affiliated with ABC Realty. Bill entersinto this non-exclusivebuyer broker agreementto represent the buyers, Mr. & Mrs. Brown. Mr. &Mrs. Brown appoint Bill and his principal broker torepresent them. Mr. & Mrs. Brown further agree thateach of the other 15 agents in ABC Realty will alsorepresent Mr. & Mrs. Brown as subagents. That isan illustration of a subagencybrokerage.

7. LIMITED AGENCY CONSENT AGREEMENT

This standard form agreement was developed and iscopyrighted by the Utah Association of Realtors®. Under Utah law, if an agent or a brokerage is goingto act as a "Limited Agent", the buyer and seller mustgive their prior written consent to that limited agency.This form is designed to meet that requirement. It doesn’tmatter whether one agent in ABC Realty is representingboth the buyer and the seller in the same transaction;or whether one agent in ABC Realty is representing thebuyer, and another agent in ABC Realty is representingthe seller. If ABC Realty is representing both the buyerand the seller in the same transaction (an "in-housesale") the Limited Agency Consent Agreement must besigned by the buyer and the seller prior to startingnegotiations for the purchase and sale of the property.

8. EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT (DESIGNATEDAGENCYBROKERAGE)

This standard form listing agreement was developedand is copyrighted by the Utah Association of Realtors®. There are two important aspects to this listing agreement:(1) it is an exclusive- right- to- selllisting agreement; and (2) it is designed for use byreal estate brokerages that function as a designatedagencybrokerage.

Since this is an exclusive-right-to-selllistingagreement – Section 1 states that the brokerage willget paid its fee regardless of whether the brokerage,the seller, another agent, or anyone else locates abuyer for the property during the term of the agreement.

8a. EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT (SUBAGENCYBROKERAGE)

This standard form listing agreement was developedand is copyrighted by the Utah Association of Realtors®. There are two important aspects to this listing agreement:(1) it is an exclusive- right- to- selllisting agreement; and (2) it is designed for use byreal estate brokerages that function as subagencybrokerages.

Since this is an exclusive-right-to-selllistingagreement – Section 1 states that the brokerage willget paid its fee regardless of whether the brokerage,the seller, another agent, or anyone else locates abuyer for the property during the term of the agreement.

This form is designed for use by brokerages that functionas subagency brokerages. The following is anillustration of a subagencybrokerage.Sallyis affiliated with XYZ Realty. There are 15 other agentswho are also affiliated with XYZ Realty. Sally entersinto this exclusive-right-to-selllisting agreementwith the sellers, Mr. & Mrs. Smith. Mr. & Mrs.Smith appoint Sally and her principal broker to representthem. Mr. & Mrs. Smith further agree that each ofthe other 15 agents in XYZ Realty will also representMr. & Mrs. Smith as subagents. That is anillustration of a subagencybrokerage.

8b. FOR SALE BY OWNER COMMISSION AGREEMENT

This standard form agreement was developed and iscopyrighted by the Utah Association of Realtors®. This agreement is designed for use when an agent,who is already representing a buyer, locates a propertythat the buyer desires to purchase, and that propertyis "For Sale By Owner". This agreement allows the agentto enter into an agreement with the owner of that property.Under the terms of that agreement, the owner will paythe agent a commission if the owner and that buyer enterinto a purchase contract with each other. The ownerrecognizes that although the owner agrees to pay theagent a commission, the agent will still be representingthe buyer.

9. AGENCY DISCLOSURE

This standard form agreement was developed and iscopyrighted by the Utah Association of Realtors®. This agreement has a very narrow purpose. This formis needed when the listing agent is asked to preparea purchase offer (on the listed property) for a buyerwho does not want to be represented by an agent. Thefollowing is an illustration. The listing agent is holdingan open-house at a model home in new subdivision. Abuyer comes through the model home. The buyer is notrepresented by a real estate agent; and the buyer isnot interested in having a real estate agent representhim. The buyer is however, interested in making an offeron the new home, and asks the listing agent if the listingagent can prepare the offer. The listing agent can preparethe offer, but needs to make certain that the buyersigns this Agency Disclosure form - acknowledging twothings: (a) the listing agent represents only the seller/developer(and not the buyer); and (b) the buyer electsnot to be represented by a real estate agent in thattransaction.

10. SELLER PROPERTY CONDITION DISCLOSURE

This standard form agreement was developed and iscopyrighted by the Utah Association of Realtors®. This is a standard property condition disclosure formdesigned for use by sellers who list their propertyfor sale. It provides the seller an opportunity to discloseto potential buyers, seller’s knowledge of the conditionof the property.

10A. SELLER PROPERTY CONDITION DISCLOSURE (LAND)

This standard form agreement was developed and iscopyrighted by the Utah Association of Realtors®. This is a standard property condition disclosure formdesigned for use by sellers who list land for sale.It provides the seller an opportunity to disclose topotential buyers, seller’s knowledge regarding the conditionof the land.

11. REAL ESTATE PURCHASE CONTRACT (COMMERCIAL)

This is a standard form real estate purchase contractdesigned for use in commercial transactions. It wasdeveloped by the Utah Association of Realtors®. Use of this form is optional.  

12. PROPERTY CHECKLIST

This standard form agreement was developed and copyrightedby the Utah Association of Realtors®. It is designed to provide buyers with a checklistof important issues that should be considered by thebuyer prior to making a decision to purchase a property.

13. SELLER FINANCING ADDENDUM

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.This form is designed for use in transactions in whichthe seller will provide some or all of the financingfor the buyer. It outlines the basic terms of the sellerfinancing.

14. SURVEY ADDENDUM

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.It is designed for use when the buyer wants to makethe offer to purchase conditioned upon: (a) completionof a survey; and (b) approval of the contents of thesurvey.

15. REAL ESTATE PURCHASE CONTRACT FOR RESIDENTIALCONSTRUCTION

This is a standard form real estate purchase contractdesigned for use with new construction. It is approvedby the Utah Real Estate Commission and the office ofthe Utah Attorney General. According to the requirementsof the Utah Division of Real Estate, this form shouldbe used when agents are selling new construction.  

16. BUYER FINANCIAL INFORMATION SHEET

This is a state form approved by the Utah Real EstateCommission and the office of the Utah Attorney General.This form is designed as an attachment to the SellerFinancing Addendum (See Paragraph No. 16). This is briefsummary of the buyer’s financial condition. The buyerprovides this document to the seller. It is designedto enable the seller to make an informed decision regardingthe financial strength of the buyer

17. REAL ESTATE BROKERAGE ESCROW INSTRUCTIONS

This form was developed by the Utah Real EstateCommission. It is designed to be used by real estatebrokerages when giving escrow instructions to titlecompanies regarding the disbursement of brokerage commissions.

100. STANDARD SUPPLEMENTARY CLAUSES

These clauses were developed by the Utah Associationof Realtors® . Thereare a number of standard "contingencies" that sellersand buyers often want to include in the purchase contract,i.e. "subject to the sale of buyer’s home"; "72 hourclause", etc. These standard supplementary clauses containwording for many of these standard "contingencies".

NOTE: All forms developed by the Utah Associationof Realtors® are copyrightedforms and may be used only with the permission of theUtah Association of Realtors®. Due to the unique nature of each real estate transaction,the Utah Association of Realtors®makes no representations or warranties regarding thelegal impact of any form in any specific real estatetransaction.

DESCRIPTION OF STANDARD REAL ESTATE FORMS 8.15.02(DWJ 8-02)