Utah § 2f-411 - Enforcement related to a property manager -- Maintenance of client funds.
Full text of Utah Utah Code § 2f-411 — Enforcement related to a property manager -- Maintenance of client funds., with citation guidance and answers to common questions.
§ 2f-411. Enforcement related to a property manager -- Maintenance of client funds.
Effective 5/6/2026 61-2f-411.
Enforcement related to a property manager -- Maintenance of client funds.
(1)
Nothing in this section applies to an individual:
(a)
buying, selling, or exchanging real estate for another person; or
(b)
offering to buy, sell, or exchange real estate for another person.
(2)
When engaging in property management, a property manager may:
(a)
solicit referrals for clients, owners, customers, and renters;
(b)
pay a finder's fee or exchange valuable consideration to an unlicensed person for referring a prospective client;
(c)
accept a referral fee from an individual, whether licensed or unlicensed;
(d)
contract for services, pay bills, and act on behalf of an owner as provided in a management agreement; and
(e)
advertise properties for rent or lease.
(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:
(a)
located within the state;
(b)
that, unless otherwise modified by a contract for property management, one or more property managers use for the purpose of securing:
(i)
tenant security deposits;
(ii)
rent;
(iii)
money tendered by a property owner as a reserve fund or for payment of an unexpected expense; and
(iv)
any other purpose designated by the commission; and
(c)
that is non-interest bearing, unless the parties to a property management contract:
(i)
agree in writing to deposit the funds in an interest-bearing account;
(ii)
designate in writing the individuals to whom the parties will pay the interest on completion or failure of the property management contract; and
(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 is not required to maintain the property management client funds in a trust account if:
(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
(b)
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:
(a)
rules established by the commission or division; and
Section 2f-411 ("Enforcement related to a property manager -- Maintenance of client funds.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 2f-411?
A common citation format is "Utah Code § 2f-411" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 2f-411 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
