(3) A broker shall deposit all money received in a fiduciary capacity, including escrow
funds and earnest money, in a non-interest-bearing demand trust account. The account
must be maintained pursuant to the requirements of section 2512(1)(k) of the code, MCL
339.2512.
(4) A broker shall maintain a record of all money received. At a minimum, the record
must include all of the following information:
(a) The date that the money was received and the date of deposit.
(b) The name of the party who provided the money.
(c) The amount of the money received and deposited and the method of payment.
(5) A broker shall maintain a record of all money disbursed. At a minimum, the record
must include all of the following information:
(a) The name of the party to whom money was disbursed.
(b) The date of the disbursement.
(c) The check number.
(d) The purpose of the disbursement.
(e) The amount of the disbursement.
(6) The broker’s records must reflect the current account balance of each account
maintained and be made available to the department on request.
(7) The broker’s records must reflect the receipts and disbursements as they affect a
single, particular transaction between a buyer and seller and contain, at a minimum, all of
the following information:
(a) For money received, the record must include all of the following information:
(i) The names of both parties to a transaction.
(ii) The property address or brief legal description.
(iii) The dates and amounts received.
(b) For money disbursed, the record must include all of the following information:
(i) The date of the disbursement.
(ii) The name of the payee.
(iii) The check number.
(iv) The amount of the disbursement.
(8) All trust or escrow account records must be maintained for a period of not less
than 3 years after the date of inception of the records.
(9) A broker or associate broker’s disbursement of an earnest money deposit shall be
made at consummation or termination of the agreement pursuant to the agreement signed
by the parties. However, any deposit in the trust account of the broker that the buyer and
seller claimed shall remain in the broker's trust account until a civil action has determined
to whom the deposit shall be paid, or until the buyer and seller have agreed, in writing, to
the disposition of the deposit. The broker may also commence a civil action to interplead
the deposit with the proper court.
History: 2025 MR 12, Eff. June 4, 2025.
R 339.22135 Prohibition of licensee becoming party to net service provision
agreement.
Rule 135. A licensee shall not become a party to a net service provision agreement for
an owner, seller, or buyer as a means of securing a real estate commission.
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