(1) Unless a person is licensed under this chapter, it is unlawful for the person to do the following with respect to real estate located in this state:
(a) engage in the business of a principal broker, associate broker, or sales agent;
(b) act in the capacity of a principal broker, associate broker, or sales agent;
(c) advertise or assume to act as a principal broker, associate broker, or a sales agent; or
(d) on or after January 1, 2027, engage in property management.
(2) Except as provided in Section 61-2f-202, an individual is required to be licensed as a principal broker, associate broker, or a sales agent if the individual performs, offers to perform, or attempts to perform one act for valuable consideration of:
(a) buying, selling, or exchanging real estate for another person; or
(b) offering for another person to buy, sell, or exchange real estate.
(3) Except as provided in Section 61-2f-202.5">61-2f-202.5, unless an individual is licensed as a principal broker, associate broker, sales agent, dual broker, or property manager, an individual may not, for consideration:
(a) engage in property management; or
(b) offer to engage in property management on behalf of another person.
(4) An individual licensed as a property manager under this chapter:
(a) may do the following for one or more residential rental units:
(i) engage in property management;
(ii) offer to engage in property management on behalf of another person; or
(iii) advertise or otherwise hold the individual out to be engaged in property management; and
(b) may not engage in an activity listed in Subsection (4)(a) in relation to real estate other than a residential rental unit.