These functions, when performed for compensation, are considered  Real Estate Activities and are restricted to Real Estate Licensee only. 

One complaint I heard a lot, is that the investors takes all the risk and most investors relay on the licensee to confirm values and ARV's and then they say, He at the end of the deal sometimes i don't make that much on some of these tight deals.  

(I only guess not licensed as is small job and every contractor I know in Philadelphia is booked like crazy and only want larger month long contracts) You as a realtor licensee have more to lose than this contractor he could make a police report about theft of the tools and have his friends write bad reviews. 

During the four years, you also have to take some continuing education classes to renew in four years.Here's the CA Bureau of Real Estate site on getting a license:http://www.dre.ca.gov/Licensees/This is the page on renewinghttp://www.dre.ca.gov/Licensees/RenewLicense.html

Can't say the state will look the other way.. but I have seen worse in licensee's

After being licensed Keller Williams does offer tons of training to its licensees, but obviously it is not the same across the board.

Licensee: Give this disclosure to the Landlord prior to your assisting with the completion of the attached Lease.2.

(take that with a little grain of salt :)I will say that having access to information (MLS) as well as some other tools that are available to licensees gives a bit of a competitive edge in the MLS sector of the market - but simply having your license isn't going to make you more successful.  

As a real estate licensee your PM has established an agency relationship with you.

If the owner puts it in their own savings account then that's a commingling of funds situation.Of the three parties involved in the lease, I'm guessing the PM is the only one who is a real estate licensee.