If you have a tenant who has a decent job history or other responsibilities they typically do not engage in criminal damaging behavior as they understand that there are negative consequences for their actions.

I'm thinking this should be state-specific, but realistically you're not supposed to engage in any transactions that are not your own without a license.

In terms of partners, my friends seem to be too busy buying engagement rings or renting swanky downtown lofts right now, and it's proven difficult to find someone willing or able to start this with me.  

I would take issue- but I sure as hell wouldn't be in a position to have an appraiser inform me of this- I would have known.If I was the seller I would think the buyer either got cold feet or was trying to strong arm me since we were "engaged" in the deal.

What potential penalties would exist for a licensed property manager / firm who engaged in the following?

You might want to think twice about hiring lawyers to file a lawsuit, engage in discovery and motion practice, and spend thousands more in dollars only to find out, at the end, that the valuation number was accurate and perhaps even low.  

@Tim Emerson,You'll want to learn how to attract and engage private lenders for acquisitions, and use conventional lenders for refinances to pay them off.Just a thought ...

That is a problem.I'm not trying to diminish the risk of lead, but if the law doesn't recognize you as an expert, you aren't, and if you haven't engaged one, you are just guessing, so disclose as such.

Why would you ever want to engage her in a one year lease?

If a person offers a property for sale when the person does not own the property, that person is engaged in brokerage and must be licensed to do so.