Utah § 61-2f-411 Enforcement related to a property manager.

Utah Statutes

§ 61-2f-411 — Enforcement related to a property manager.

Utah § 61-2f-411

Title 61Securities Division - Real Estate Division

Ch. 61-2fReal Estate Licensing and Practices Act

Part 61-2f-4Enforcement

This text of Utah § 61-2f-411 (Enforcement related to a property manager.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 61-2f-411 (2026).

Text

(1)Nothing in this section applies to an individual:

(1)(a) buying, selling, or exchanging real estate for another person; or

(1)(b) offering to buy, sell, or exchange real estate for another person.

(2)When engaging in property management, a property manager may:

(2)(a) solicit referrals for clients, owners, customers, and renters;

(2)(b) pay a finder's fee or exchange valuable consideration to an unlicensed person for referring a prospective client;

(2)(c) accept a referral fee from an individual, whether licensed or unlicensed;

(2)(d) contract for services, pay bills, and act on behalf of an owner as provided in a management agreement; and

(2)(e) advertise properties for rent or lease.

(3)Except as provided in Subsection (4), a property manager shall associate with at least one real

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(1) Nothing in this section applies to an individual:
(1)(a) buying, selling, or exchanging real estate for another person; or
(1)(b) offering to buy, sell, or exchange real estate for another person.
(2) When engaging in property management, a property manager may:
(2)(a) solicit referrals for clients, owners, customers, and renters;
(2)(b) pay a finder's fee or exchange valuable consideration to an unlicensed person for referring a prospective client;
(2)(c) accept a referral fee from an individual, whether licensed or unlicensed;
(2)(d) contract for services, pay bills, and act on behalf of an owner as provided in a management agreement; and
(2)(e) advertise properties for rent or lease.
(3) Except as provided in Subsection (4), a property manager shall associate with at least one real estate trust account in a bank or credit union:
(3)(a) located within the state;
(3)(b) that, unless otherwise modified by a contract for property management, one or more property managers use for the purpose of securing:
(3)(b)(i) tenant security deposits;
(3)(b)(ii) rent;
(3)(b)(iii) money tendered by a property owner as a reserve fund or for payment of an unexpected expense; and
(3)(b)(iv) any other purpose designated by the commission; and
(3)(c) that is non-interest bearing, unless the parties to a property management contract:
(3)(c)(i) agree in writing to deposit the funds in an interest-bearing account;
(3)(c)(ii) designate in writing the individuals to whom the parties will pay the interest on completion or failure of the property management contract; and
(3)(c)(iii) ensure that the parties and trust account comply with any other rules established by the commission or division.
(4) Except as provided in Subsection (5), a property manager who obtains and holds a security bond that protects at least 30% of the estimated property management client funds is not required to maintain the estimated property management client funds in a trust account.
(5) A property manager who is affiliated with a principal broker shall keep property management client funds in the principal broker's trust account in accordance with:
(5)(a) rules established by the commission or division; and
(5)(b) requirements established by the principal broker.