IN VIRGINIA Neither is required if you are STRICTLY handling management and not leasing or sales. If you will be handlnig leasing or sales, you can have a PM management company that includes licensed agents who are affliated with another brokerage and working under the supervision of a brokerage for those duties. Commonly, you'lll walk into a Keller Williams Realty )or other brokerage) and find one or more of their associates also own a property management company. If you don't want to be affiliated with a brokerage at all, then someone within your organization must be a broker, and anyone handling leasing or sales must be a licensed agent. Hope that helps.