Utah Association of Realtors

The UAR Forms Committee has made a minor update to the UAR Seller’s Property Condition Disclosure Form.

Under Section 22. Homeowners Association, there is now language apprising buyers about The Office of the Homeowner’s Association Ombudsman website. This new language will help the seller fulfill their statutory obligation to provide this information to a buyer when the property is located within an HOA.

If you have any questions about this update, please feel free to contact the UAR’s legal hotline at 801-676-5211.

Latest mortgage rate data from Freddie Mac

The avg. 30yr FRM increases to 6.38% https://bit.ly/4bPucrw

Following a federal court decision, National Association of REALTORS® has provided a FinCEN update. Make sure to work closely with your title company about any potential impacts to FinCEN reporting. NAR will continue monitoring developments closely and will update members as the legal process unfolds.

Court Decision on FinCEN Residential Real Estate Rule Texas court vacates the Financial Crimes Enforcement Network's (FinCEN) Residential Real Estate Rule, affecting compliance. Stay informed on the latest legal updates regarding real estate.

Huge shout out to the Washington County Board of Realtors for their work to donate $10,000 to Youth Futures to support safe shelters for youth through the Utah REALTORS® Housing Opportunity Fund (UARHOF). The UARHOF donation is expected to help 600 youth, ages 12-18, at risk of or experiencing homelessness. Grant funds will provide comprehensive services to address youth homelessness and support families in crisis.

Thanks to the Washington County Board of Realtors and to the Washington County UARHOF participating brokers for making this grant happen! Learn more about UARHOF at https://utahrealtors.com/realtors/housing-grants/about-uarhof/

Realtors group donates $10K to support homeless youth shelter in St. George The Washington County Board of Realtors donated $10,000 to Youth Futures’ St. George location on March 12 to assist in providing homeless teens a place to live.

Utah home sales in February fell about 2% compared to the same time last year while the statewide median sales prices inched up 1% to $505,000. Inventory increased nearly 5% while the months of supply stayed the same at 3.8 months. Pending sales, a forward-looking indicator that tracks homes that went under contract during the month, increased nearly 3%. Affordability continued to improve with the Housing Affordability Index up 6% from last year.

“The slight gain in pending contracts appears to be driven by improved affordability conditions. However, those conditions could reverse if higher oil prices lead to an uptick in mortgage rates,” said NAR Chief Economist Dr. Lawrence Yun in a press release from the National Association of REALTORS® about February U.S. pending home sales.

Statistics for members: https://utahrealtors.com/realtors/market-statistics/
Statistics for the public: https://utahrealtors.com/consumers/resources/statistics/

Latest interest rate data from Freddie Mac's weekly survey.

The avg. 30yr FRM increases to 6.11% https://bit.ly/4brhj73

Nearly 50% of Utah homes have dangerous radon levels. That’s why UAR has partnered with UtahRadon.org to create an informational radon fact sheet for you and your clients. The fact sheet details radon risks and lets homeowners know that they should test at least once every two years. UtahRadon.org helps homeowners test by providing free test kits as well as a discount code for a continuous radon monitor.

Download the fact sheet here and share with your clients: https://UtahRealtors.com/Radon2026

NAR Existing-Home Sales Report Shows 1.7% Increase in February February home sales rose 1.7% with affordability improving for the eighth consecutive month. Inventory is growing, but slowly. Month-over-month sales rose in the Midwest, South and West, but fell in the Northeast. Year-over-year sales rose in the South and declined in the Northeast, Midwest and West...

NAR is hosting a webinar on Wednesday, March 11, at noon to help you learn more about the new FinCEN rule. Channing Mavrellis, senior regulatory policy project officer at FinCEN, will be on the webinar along with NAR experts. Make sure to register to attend.

Webinar: Understanding the FinCEN Residential Real Estate Rule Register for our webinar on March 11 on the FinCEN Residential Real Estate Rule for insights on compliance and best practices for real estate professionals.

Article 2 of the Code of Ethics requires REALTORS® to avoid “exaggeration, misrepresentation, or concealment of pertinent facts relating to the property or the transaction.”

Article 12 of the Code of Ethics requires REALTORS® to be “honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.”

Additionally, under Utah Statute, it is unlawful for a real estate agent to advertise “the availability of real estate or the services of a licensee in a false, misleading, or deceptive manner.”

With these warnings as a backdrop, I want to offer a word of caution to REALTORS® regarding the marketing materials they use. I understand that first impressions are important to buyers. I understand that listing agents and sellers alike want to make a strong first impression. However, this desire cannot come at the expense of being misleading or untruthful in the marketing materials.

Artificial Intelligence (“AI”) offers many ways to streamline the real estate industry. However, using AI to create false picture of the seller’s property may violate both a REALTOR®’s ethical obligations and licensing obligations. Using AI to eliminate unsightly cracks in the walls, or powerline poles, or to show bedrooms with fresh coats of paint and color are all potential examples. Using AI to draft description language that misrepresents the actual property is another potential example.

If you are going to use AI as a tool in your marketing, PLEASE make sure that the photos and descriptions are accurate and truthful. AI does not replace your responsibility for your marketing materials. For more information from NAR about the use of AI, please visit https://www.nar.realtor/artificial-intelligence-real-estate

Also, feel free to reach out to the UAR’s legal hotline at 801-676-5211 with any questions.

- Kreg Wagner, UAR legal counsel