Now, when the property manager is hounding a tenant for late rent - is he/she operating as a property manager (not according to the lease, the judge might say), or an unlicensed/unauthorized/unregulated collection agency?

Every state has their laws regarding owner financing, licensing for mortgage brokers, attorneys, etc. and it's important not to delve into that territory if you are unlicensed.

Why operate as an unlicensed broker?

Use professionals for help in your most important decisions.BTW--if you want to work as an unlicensed broker in Florida be sure and reach 475.

Are the lenders licensed or unlicensed?

This is related to work contracted with an unlicensed contractor, (contracted by a friend against my advice to the contrary). 

One of us thinks the lender must abide by usury laws and the other is sure that a private lender--especially unlicensed CA lenders--can do what they will as long as 2 seemingly savvy investors agree to it.

this case has gone to full investigation ""530 Center Street NE, Suite 100, Salem, OR 97301State of Oregon - Real Estate AgencyFrances Hlawatsch | Financial InvestigatorBest regards,Thank you again for the information, if I have further questions for you during the investigation I will certainly reach out.The Agency is well aware that unlicensed “wholesalers” are rampant in our jurisdiction.

I don't hire unlicensed individuals/companies where a license is normally required. 

I remember after reading the book too and sitting with my physician who stared at the computer screen 95pct of the time he was with me, mostly typing and thinking the whole time he needed a $10/hr scribe, so he could look at me while talking and asking questions....there's all kind of help you can have in your practice...PAs, licensed and unlicensed people, appointment setters, etc.