12.18 Property Management

• Library: Real Estate Practice Deskbook (2019 Ed.)

VI. (§12.18) Property Management

Property management is also covered by Chapter 339 and the applicable regulations. As a representative of the landlord, a property manager engaging in brokerage activity must comply with the law relating to seller's/landlord's limited agents, including those relating to written brokerage service agreements and disclosures relating to the brokerage relationship. But in the context of property management, unlicensed persons may engage in certain traditional brokerage activities as long as they are supervised by a licensed broker. Section 339.010.9(5) provides as follows:

Any person employed or retained to manage real property by, for, or on behalf of the agent or the owner of any real estate shall be exempt from holding a license, if the person is limited to one or more of the following activities:

(a) Delivery of a lease application, a lease, or any amendment thereof, to any person;

(b) Receiving a lease application, lease, or amendment thereof, a security deposit, rental payment, or any related payment, for delivery to, and made payable to, a broker or owner;

(c) Showing a rental unit to any person, as long as the employee is acting under the direct instructions of the broker or owner, including the execution of leases or rental agreements;

(d) Conveying information prepared by a broker or owner about a rental unit, a...