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Updated over 10 years ago on . Most recent reply
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Arizona Real Estate License
It seems that the requirements would preclude me from obtaining a license. Is this rule barring misdemeanor convictions set in stone or will the commission judge on a case by case basis? Please advise
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Ryan - As far as I understand, what you described would be illegal under Arizona law, assuming no real estate license. You can self manage your properties, even with other investors involved, however, once you get into generating extra fees over and above your share of the equity, then you start to run into issues. This would be classified as a "property management activity" and regulated by the Arizona DRE.
Apparently they are taking it pretty seriously (operating without a license, and just general dishonest property management practices):
http://www.azcentral.com/story/money/real-estate/2...
Here is some extra reading from an Arizona attorney on the subject. There is some grey area and some exemptions to the rules, but not enough that I would risk what evidently is a class 6 FELONY!?