Colorado Question - Broker vs Agent

[Linda Weygant]

Hi All,

I'm getting tripped up on a vocabulary item and am hoping some folks from Colorado can chime in.  I have a friend who asked me to manage his rental, but I cannot because of this:

Everything I read says that you must be a real estate broker to manage property for an unrelated party.

However, when I try to delve further into this, things become unclear.

Some say that a real estate agent can manage real estate.  Others say that you must be a broker.  My understanding of the difference is that a broker has additional experience and education than an agent.  Others seem to use the term broker and agent interchangeably.

Does anybody know the real skinny on this?  If I were to try to get my agent license, would I be able to manage property?  Or would I have to go an additional step and become a broker?

I've tried the search function here and my google-fu also seems to not be working on this topic.

Thanks!

[Dan Mackin]

"Supervision 

Before engaging in property management or leasing, the Broker should discuss with the employing broker whether the Broker is capable of and allowed to perform property management or leasing duties. The employing broker is responsible for maintaining all trust accounts and all transaction records, and the employing broker is responsible for exercising authority, direction and control over the Broker’s conformance to statutes and Commission rules (Rules E-29 and E- 30). This includes reviewing all contracts to ensure competent preparation and reviewing all transaction files to ensure that required documents exist (Rule E-31). If the employing broker does not allow Brokers to perform leasing and/or property management duties, the Broker needs to refrain from leasing and/or property management activities or seek employment elsewhere. If the real estate brokerage firm does allow leasing and/or property management, regardless of how minor, the employing broker must ensure that the office policy manual addresses these activities, including management of the Broker’s own property. Both the Broker and the employing broker need to be aware of state and local laws that impact the performance of property management duties, which include, but are not limited to, laws pertaining to security deposits, habitability, carbon monoxide alarms, asbestos, lead-based paint, handling of confidential information, zoning and agency."