Section R. 125.1409 - Retailer acting as broker; responsibilitiesRule 409.
(1) A retailer acting as a broker who obtains a home listing shall give a true copy of the listing agreement to the listing homeowner. A listing agreement shall be completed by the retailer acting as a broker before it is signed by the listing homeowner.(2) A listing agreement shall set forth an expiration date. A listing agreement shall not contain a provision requiring the listing homeowner to notify the retailer acting as a broker of the listing homeowner's intention to cancel the listing on or after the expiration date.(3) A retailer acting as a broker shall deliver to an offer or a signed copy of the offer to purchase immediately after it is signed by the offer or. Upon receipt of the written offer to purchase, a retailer acting as a broker shall promptly deliver the written offer to purchase to the seller. Upon obtaining a proper acceptance of the offer to purchase that is signed by the seller, the retailer acting as a broker shall promptly deliver true copies of the acceptance to the purchaser and the seller. A retailer acting as a broker shall certify, in writing, that all conditions of the home transaction are included in the offer to purchase.(4) A retailer acting as a broker who is involved in the consummation of a home transaction shall furnish the buyer and seller with a complete and detailed closing statement which is signed by the retailer acting as a broker and which shows all receipts and disbursements of the transaction.(5) A retailer acting as a broker shall not close a home transaction contrary to the terms or conditions of the offer to purchase, unless the written amendments are approved and signed by the purchaser and the seller.(6) A person seeking an exclusion to the definition and rules of a retailer shall show proof of the exclusion.(7) In addition to accounts and records prescribed by these rules, a retailer acting as a broker shall retain copies of all of the following for a period of 4 years: (c) Validated receipts for applications for a certificate of manufactured home ownership.(f) Consumer deposit accounts and records.Mich. Admin. Code R. 125.1409
1979 AC; 1998 AACS; 2003 AACS