Does property management require a real estate brokers license?
The term “property management” is a general term, which typically refers to the care and rental of real property for others. To the extent that the service offered as a property manager includes the negotiation of a a lease or lease terms, an active real estate brokers license is required. If a real estate broker who is in the employ of another broker conducts such management, all management must be conducted under the employing broker. The Commission does not have any approved forms for leases or management agreements but it does have specific trust account and accounting requirements which brokers need to follow in handling security deposits and rental receipts. Brokers engaged in property management are also required to comply with the brokerage relationship section of the license law and applicable rules. Brokers must use the exclusive Right to Lease to establish an agency and/or Exclusive relationship with a property owner.
