{"data":{"id":"us-ut/utah-code-61-2f-411","jurisdiction":"us-ut","citation":"Utah Code § 61-2f-411","heading":"Enforcement related to a property manager -- Maintenance of client funds.","body":"(1) Nothing in this section applies to an individual:\n(a) buying, selling, or exchanging real estate for another person; or\n(b) offering to buy, sell, or exchange real estate for another person.\n(2) When engaging in property management, a property manager may:\n(a) solicit referrals for clients, owners, customers, and renters;\n(b) pay a finder's fee or exchange valuable consideration to an unlicensed person for referring a prospective client;\n(c) accept a referral fee from an individual, whether licensed or unlicensed;\n(d) contract for services, pay bills, and act on behalf of an owner as provided in a management agreement; and\n(e) advertise properties for rent or lease.\n(3) Except as provided in Subsection (4), and subject to Subsection (5), a property manager shall associate with at least one real estate trust account in a bank or credit union:\n(a) located within the state;\n(b) that, unless otherwise modified by a contract for property management, one or more property managers use for the purpose of securing:\n(i) tenant security deposits;\n(ii) rent;\n(iii) money tendered by a property owner as a reserve fund or for payment of an unexpected expense; and\n(iv) any other purpose designated by the commission; and\n(c) that is non-interest bearing, unless the parties to a property management contract:\n(i) agree in writing to deposit the funds in an interest-bearing account;\n(ii) designate in writing the individuals to whom the parties will pay the interest on completion or failure of the property management contract; and\n(iii) ensure that the parties and trust account comply with any other rules established by the commission or division.\n(4) Except as provided in Subsection (5), a property manager is not required to maintain the property management client funds in a trust account if:\n(a) 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\n(b) a lease agreement states that the property manager is not required to hold property management client funds in a trust account.\n(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:\n(a) rules established by the commission or division; and\n(b) requirements established by the principal broker.","path":["Title 61 Securities Division - Real Estate Division","Chapter 61-2f Real Estate Licensing and Practices Act","Part 61-2f-4 Enforcement"],"source_url":"https://le.utah.gov/xcode/Title61/Chapter2f/61-2f-S411.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"5e0b603e24f10dfc26c66c9a1fc90b6c2e7f43896bf883dbebdcb22d86ae73e4","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-61-2f-410","next":"us-ut/utah-code-61-2f-501"},"notice":"GroundRules: Original legal text. Not legal advice."}