Real Estate Broker's License required for Property Magenment?

[Matt Holmer]

I am kicking around the the idea of partnering with my brother on a buy and hold property in davenport.  The formal requirements for the property would be met and the property would likely be held by an llc.  Now, looking at Iowa code section 543B, it appears that anyone acting as a property manager for somebody else, must be a real estate broker. 

So, if I am a 50/50 owner on an LLC and want to manage my own property, does this mean broker's license?

[Tom Webber]

Yes, as someone who is a Broker in both states of Iowa, and Illinois. Brokers in IL are just that an agent with a new title. The actual Broker of a firm would have a Managing Brokers license. 

Here in Iowa, A Broker is still a Broker and a Real Estate agent is just a licensee. 

Regardless of your pursuits if you are not a Principal Broker of a firm than any rental property or listing belongs to them not the agent. 

Rule of thumb - If you are collecting a fee for property you have no financial interest in, you would more than likely need a license no matter what state you reside.