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Code · Michigan · Chapter 339 — Occupational Code

339.2512c Property management performed by real estate broker.

297 words·~1 min read·/mi/chapter-339/339-2512c

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339.2512c Property management performed by real estate broker.
Sec. 2512c.
(1)Except as otherwise provided in this section, all property management duties, responsibilities, and activities performed by a real estate broker and his or her agent engaged in property management shall be governed by and performed in accordance with a property management employment contract.
(2)A real estate broker who engages in property management shall maintain property management accounts separate from all other accounts. Except as provided in this section, a property management account shall be managed in accordance with the property management employment contract.
(3)A property management account may be an interest-bearing account or instrument, unless the property management employment contract provides to the contrary. The interest earned on a property management account shall be handled in accordance with the property management employment contract.
(4)A real estate broker or any designated employee of the real estate broker engaged in property management may be signatory on drafts or checks drawn on property management accounts.
(5)A person who engages in property management shall maintain records of funds deposited and withdrawn from property management accounts. Property management account records shall indicate the date of the transaction, from whom the money was received or to whom it was given, and other pertinent information concerning the transaction the property management employment contract may require.
(6)A real estate broker engaged in property management shall render an accounting to his or her property management client and remit all money strictly in accordance with the property management employment contract.
(7)All records required to be kept pursuant to this section or pursuant to the property management employment contract shall be subject to inspection by the department.
History: Add. 1994, Act 333, Imd. Eff. Oct. 18, 1994
Popular Name: Act 299
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