(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
(b) requirements established by the principal broker.