do you need a real estate broker license to do property managment in chicago,il?

Asked by Eddieb, Chicago, IL Fri Apr 20, 2012

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Robert Nowak’s answer
Robert Nowak, Agent, Chicago, IL
Sun Apr 22, 2012
If you own the property management company you must be a licenced broker. There are a few execptions such as a property manager that lives on-site or an employee of a property management company. Note that an Independent Contractor is NOT an employee. You did not give specifics as to what type of property you are interested in managing. Best bet is to lookup the Illinois Real Estate License Act.
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Matt Laricy, Agent, Chicago, IL
Sat Apr 21, 2012
What they said below is correct. It may be worth it to get for you. A better educated manager, the better quality and knowledge you will have.
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Richard Mell, Agent, Chicago, IL
Sat Apr 21, 2012
A person needs a real estate license if they provide assistance which is in any way intended to result in the sale or lease of real estate. The definition of the word "broker" in the Illinois Real Estate Act provides 11 examples of the types of "assistance" that require a real estate -license. Included are: representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate.
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Phil Mistrata, Agent, Chicago, IL
Fri Apr 20, 2012
Property management if handling money for others is a licensed activity. If you do not handle money and work at the direction of the owner then no. The general rule of thumb is it is a licensed activity and needs an agreement between the managing broker and client. Not yourself a an individual
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