MI HB5366

Defines "real estate wholesaling" as advertising, marketing, or negotiating the assignment of a buyer's legal or equitable interest in residential real property, and requires persons engaged in wholesaling to be licensed as real estate brokers

Requires licensees who advertise residential property in which they hold only an equitable interest (rather than legal title) to disclose this status and prohibits them from representing themselves as the titled owner

Mandates that before assigning a real estate purchase agreement, the assignor must provide written disclosure to the seller including: that the buyer does not intend to occupy the property, the expected resale price or assignment fee, and that the seller has a 5-business-day cancellation right

Removes the exemption that previously allowed property owners to sell their own property without a broker's license when they are advertising or assigning an equitable interest in residential real property to the public

Adds new definitions to the Occupational Code including "assignment fee," "assignment of a real estate purchase agreement," "equitable interest," and "residential real property" (1-4 dwelling units)