61-2f-411. Enforcement related to a property manager -- Maintenance of client funds.
(1) Nothing in this section applies to an individual: buying, selling, or exchanging real estate for another person; or offering to buy, sell, or exchange real estate for another person.
(2) When engaging in property management, a property manager may: solicit referrals for clients, owners, customers, and renters; pay a finder's fee or exchange valuable consideration to an unlicensed person for referring a prospective client; accept a referral fee from an individual, whether licensed or unlicensed; contract for services, pay bills, and act on behalf of an owner as provided in a management agreement; and advertise properties for rent or lease.
(3) Except as provided in Subsection, and subject to Subsection, a property manager shall associate with at least one real estate trust account in a bank or credit union: (4) (5) located within the state; that, unless otherwise modified by a contract for property management, one or more property managers use for the purpose of securing: tenant security deposits; rent; money tendered by a property owner as a reserve fund or for payment of an unexpected expense; and any other purpose designated by the commission; and that is non-interest bearing, unless the parties to a property management contract: agree in writing to deposit the funds in an interest-bearing account; designate in writing the individuals to whom the parties will pay the interest on completion or failure of the property management contract; and ensure that the parties and trust account comply with any other rules established by the commission or division.
(4) Except as provided in Subsection, a property manager is not required to maintain the property management client funds in a trust account if: (5) the property owner agrees in the property management agreement that the property manager is not required to hold property management client funds in a trust account; and a lease agreement states that the property manager is not required to hold 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: rules established by the commission or division; and requirements established by the principal broker.