Exceptions<\/i><\/b>:\u00a0 There can be special circumstances where a license is not required for an on-site manager or managers who only work with one location under an employer’s license. Other cases only require individuals that are directly involved in leasing activities to acquire a specific license. \u00a0Leasing activities may include: showing the property, processing applications, negotiating lease terms, collecting rent payments, or issuing owner payments. This means that individuals who perform administrative tasks, accounting, or maintenance for a property manager or property management firm may not need to be license. In other cases, individuals may be covered by an employer\u2019s broker\u2019s license.<\/li>\n<\/ul>\nProperty Management License<\/h2>\n
While a real estate broker\u2019s license is the most common type of requirement for property managers, some state real estate boards require a property management license to engage in business related to leasing and managing rental properties.<\/p>\n
Property management licenses involve pre-licensing instruction or coursework from an approved source, passing a property managers exam, and continuing education classes. \u00a0To receive a property management license, one must also be at least 18 years old, be a high school graduate or equivalent, be in good standing with the state\u2019s real estate board, and in some cases pass a criminal background check.<\/p>\n
Exceptions<\/b>: In some circumstances, holding a broker\u2019s license means that an individual does not need to have a separate property management license, as a broker\u2019s license holder is considered to have satisfied the educational and examination requirements for licensure as property managers.<\/p>\nReal Estate Salesperson License<\/h2>\n
In some states an individual may work under an employer’s real estate broker\u2019s license with only a real estate salesperson license. \u00a0To acquire a real estate salesperson license an individual must complete educational courses, pass an exam, have a trustworthy character as demonstrated by lack of criminal felony charges, and pay a fee. \u00a0Some states may require further qualifications to become licensed as a real estate salesperson.<\/p>\n
Most broker\u2019s licenses require one to obtain property management experience as a real estate salesperson before obtaining a broker\u2019s license.<\/p>\n
Leasing Agent License<\/h2>\n
Some state real estate boards created a leasing agent license specific to residential leasing activities. \u00a0Leasing agents must be sponsored and employed by a licensed broker. \u00a0To earn a leasing agent license one must complete a minimal amount of approved coursework relating to leasing residential property and pass the leasing agent exam.<\/p>\n
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The above license descriptions pertain to individuals who engage in property management and residential leasing activities for business. \u00a0Property management companies and corporations that engage in real estate leasing activities may be required to have a separate license in the firm’s name. \u00a0A property manager can further their credibility in the industry by acquiring management certification within the industry.<\/p>\n
Special Note: This information is intended for informational purposes only and should not be considered legal advice or relied upon without first confirming its contents with your state real estate commission.<\/em><\/p>\n
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