Sec. 2503.
(1) This article shall not apply to an individual, partnership, association, or corporation, who as owner, sells or offers for sale a detached, single family dwelling, duplex, triplex, or quadruplex, which has never been occupied and which was built by the individual, partnership, association, or corporation while licensed under article 24. This article does not apply to an individual, partnership, association, or corporation, who as owner or lessor or as attorney-in-fact acting under a duly executed and recorded power of attorney from the owner or lessor, or who has been appointed by a court, performs an act as a real estate broker or real estate salesperson with reference to property owned by it, unless performed as a principal vocation not through a licensed real estate broker.
(2) This article shall not include the services rendered by an attorney at law as an attorney at law, nor shall it include a receiver, trustee in bankruptcy, administrator, executor, a person selling real estate under order of a court, nor a trustee selling under a deed of trust. This exemption of a trustee shall not apply to repeated or successive sales of real estate by the trustee, unless the sale is made through a licensed real estate broker.
(3) This article does not apply to a person who is regulated under the mortgage brokers, lenders, and servicers licensing act, Act No. 173 of the Public Acts of 1987, being sections 445.1651 to 445.1683 of the Michigan Compiled Laws, and who does not perform any other act requiring a license as a real estate broker, associate broker, or real estate salesperson.
(4) For the purposes of this article, “negotiate the mortgage of real estate” as described in section 2501, means engaging in activity not regulated under Act No. 173 of the Public Acts of 1987.
History: 1980, Act 299, Imd. Eff. Oct. 21, 1980 ;-- Am. 1987, Act 63, Imd. Eff. June 25, 1987 ;-- Am. 1987, Act 174, Imd. Eff. Nov. 18, 1987 ;-- Am. 1990, Act 269, Eff. July 1, 1991
Popular Name: Act 299
Last modified: October 10, 2016