Mich. Admin. Code R. 257.189

Current through Vol. 24-21, December 1, 2024

Section R. 257.189 - Broker's fee in writing

Rule 9. Before a broker charges or receives a fee, the broker and the person paying the fee shall draw up and sign a written document, and a copy of the document shall be provided at the time of signing to the person paying the fee and a copy retained by the broker. A broker shall ensure that the document clearly sets forth all of the following information:

(a) The amount of the fee.

(b) When, in what manner, and under what circumstances the fee is payable.

(c) The amount of any deposit required in advance and whether an under what circumstances the deposit or any portion of it shall be refunded.

(d) The length of time for which the broker's services are contracted.

(e) Any other terms agreed upon by the signers.

Mich. Admin. Code R. 257.189

1979 AC; 1998-2000 AACS