All Forum Posts by: Brin Weins

 I did email the IA Real Estate Commission this morning, but she just sent me a link to a PDF of Administrative Rules that seem to apply to those who are already Property Managers. The best info I got from it was the following: a licensee cannot do a list of duties "...unless the licensee’s broker holds a current written property management agreement or other written authorization signed by the owner of the real estate or the owner’s authorized agent." Like I said, I'm very new to this, so it isn't translating well for me. There will be no brokers involved, just myself and the owner. We would have an agreement in place - we all want to do this the right way.

I definitely don't want to run afoul of any pertinent laws, like @Jeff Rabinowitz mentioned. I was hoping to find a clear answer online, but will try to find a local real estate attorney. 

Does anyone know why a resident manager would be exempt from needing a broker's license? From what I understand, it's the same job, just a different home address.

I'm hoping this is the right place for my question!

My father is currently in the process of buying a multi-unit building in my area (he lives in another state). He wants me to do the property management, since I have previously worked in Property Management Accounting for one of the major RE companies (as well as many many years of customer service). Granted, I have a lot to learn and to research, but I believe I would be able to do well.

My problem is this: I am finding/getting conflicting information as to what I need to do in order to be the property manager. I need a broker's license, no I don't need a broker's license if I'm a resident manager, or no I don't need one at all. And that's after looking for state-specific answers. 

My husband had an idea to maybe get around the needing a license issue - if my father made me part owner in his LLC (at even 5% stake), that should be enough to allow me to do the managing for his LLC (rather than through our own).

Thoughts, suggestions?