Is there any MaxLength type property for the UltraFormattedTextEditor that will restrict the number of characters a user can enter into the control? If not is there an easy workaround to achieve this?
No, there's no property for this.
You might be able to acheive something like this using the key events like KeyDown and KeyPress. But it could be tricky. You would have to be careful not to include the formatting in the length of the string.