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Legimitate PM Company
started a topic
over 9 years ago
In the state I live in you must be a broker in order to manage other peoples property. This 'rule' was established by the state real estate commisson My question: what will happen to you if you are not a broker and you are managing other people's property? Thanks!
over 9 years ago
You could get employed by a broker to carry out duties like delivering or receiving the lease, showing the unit or providing information on it, or providing the tenant on status of security deposit or other financial information. Licensees should note particularly two points in this law. First, it defines "ministerial acts" that a management employee may perform as those acts that do not require the exercise of discretion by the employee or require a licensee's judgment. Thus, an unlicensed employee may perform ministerial acts other than those listed in the law above if the broker authorizes them in a written agreement. Second, a broker who utilizes unlicensed employees is directly accountable under the license law for any law violations by such employees even if the broker does not ratify or participate in those acts. A broker who utilizes licensed personnel in property management activities is not responsible for law violations by those licensees if the broker does not ratify or participate in those activities.
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