YES. Key components of property management (leasing, renting and collecting rent) are considered real estate activities under existing Tennessee real estate licensing laws. If a property manager is going to lease or list real estate, or negotiate or attempt to negotiate to perform any of those acts, or collect rent or attempt to collect rent, or if he or she holds herself out as engaging in any of those activities, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
YES. For example, resident managers (for brokers or owners) of apartments, duplexes or residential complexes are exempt if their duties are limited to supervision, exhibition of residential units, leasing or collection of security deposits and rentals from the property. Resident managers cannot negotiate the amounts of security deposits or rentals, nor may they negotiate leases on behalf of the broker.
For more information about these and other Tennessee property management requirements and exceptions, please the Tennessee Real Estate Commission.
Before hiring a property manager to manage your Tennessee rental property, you should always check that he or she is licensed appropriately. You can check the license status of Tennessee property managers at the Tennessee license Search and Verification.
Looking for more property law information? You can find an exhaustive collection of state eviction and security deposit laws on our parent company's website. Click the below link to be taken to Buildium's legal database.
There is no requirement that a community association manager or condo association manager in Tennessee hold a real estate broker's license.
Tennessee real estate broker licensing requirements include:
Tennessee affiliate broker licensing requirements include:
For more information about these and other licensing requirements and exceptions, please the Tennessee Real Estate Commission.