Property Manager License Requirements
Who is required to hold a property manager license?
Which individual is required to hold a property manager license? An individual who enters into a property management contract to manage an apartment complex for a friend. An attorney who negotiates a lease of a free-standing fast food space for a client. A spouse using a power of attorney who enters into a two-year lease for an office space on behalf of their spouse. Someone who periodically shows empty office space to prospective tenants in the building they work in that is also owned by their boss.
Answer:
The individual required to hold a property manager license is the one who enters into a contract to professionally manage property for another party. This does not necessarily apply to attorneys, spouses acting under power of attorney, or employees who show properties owned by their employers.
Explanation:
In general, the individual required to hold a property manager license is someone who professionally manages and leases out real estate on behalf of property owners for compensation. This includes individuals or firms who enter into a contract with a property owner to manage an apartment complex or any other property that they do not own.
In the scenarios you provided, the individual who enters into a property management contract to manage an apartment complex for a friend would be the one required to hold a property manager license. General legal counsel such as negotiating leases does not require a property license unless it includes property management services.
A spouse using a power of attorney does not need a license, because they are not conducting business on behalf of a third party. An employee who shows empty office space to prospective tenants in the building they work in that is also owned by their boss does not need a property manager license because they are conducting business directly connected to their employer.