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

Utah Statutes

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

Utah·Title 61 Securities Division - Real Estate Division·Ch. 61-2f Real Estate Licensing and Practices Act·Part 61-2f-4 Enforcement

(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.