Mich. Admin. Code 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.
Notes
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