Michigan Laws 338.2237 – Real estate broker, associate broker, salesperson, or branch office; fees; real estate education fund; real estate enforcement fund; creation
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 338.2237
- Department: means the department of licensing and regulatory affairs. See Michigan Laws 338.2202
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Occupational code: means 1980 PA 299, MCL 339. See Michigan Laws 338.2202
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Fees for a person licensed or seeking licensure as a real estate broker, associate broker, salesperson, or branch office or seeking other licenses or approvals issued under article 25 of the occupational code, MCL 339.2501 to 339.2518, are as follows:
| (a) | Application processing fees: | ||
| (i) | Brokers and associate brokers as follows: | ||
| (A) | If paid after September 30, 2023……………. | $ | 20.00 |
| (B) | Beginning October 1, 2003 through September 30, 2023…………………………………….. | 35.00 | |
| (ii) | Salespersons……………………………… | 10.00 | |
| (iii) | Branch office…………………………….. | 10.00 | |
| (b) | License fees, per year: | ||
| (i) | Brokers and associate brokers………………. | 36.00 | |
| (ii) | Salespersons……………………………… | 26.00 | |
| (c) | Branch office fee, per year as follows: | ||
| (i) | If paid after September 30, 2023……………. | 10.00 | |
| (ii) | Beginning October 1, 2003 through September 30, 2023…………………………………….. | 20.00 | |
| (d) | Sale of out of state property: | ||
| (i) | Application to sell……………………….. | 20.00 | |
| (ii) | Property registration……………………… | 500.00 | |
| (iii) | Renewal of approval to sell………………… | 20.00 |
(2) The real estate education fund is created in the state treasury. All of the following apply to the real estate education fund:
(a) Fifteen dollars of each license fee received by the department under subsection (1)(b) during that 3-year license cycle shall be forwarded to the state treasurer for deposit into the real estate education fund.
(b) The department shall use the money in the real estate education fund only for the operation of departmental programs related to education required of all licensees or applicants for licensure under article 25 of the occupational code, MCL 339.2501 to 339.2518.
(c) The state treasurer shall direct the investment of the fund and shall credit to the fund interest and earnings from fund investments.
(d) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(e) The department is the administrator of the fund for auditing purposes.
(3) The real estate enforcement fund is created in the state treasury. All of the following apply to the real estate enforcement fund:
(a) Fifteen dollars of each license fee received by the department under subsection (1)(b) during that 3-year license cycle shall be forwarded to the state treasurer for deposit into the real estate enforcement fund.
(b) The department in conjunction with the attorney general shall use the money in the real estate enforcement fund only for the investigation and enforcement of actions regarding unlicensed activity and real estate fraud.
(c) The state treasurer shall direct the investment of the fund and shall credit to the fund interest and earnings from fund investments.
(d) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(e) The department is the administrator of the fund for auditing purposes.