property managment requirement in VA

property managment requirement in VA by R on July 10, 2012 @06:24

Hi,

I have a real estate license in VA as a sales person. I am affiliate with a broker. I buy and sell properties for clients and for myself. I have a few rental properties and of course, I manage them my self.

I hear a lot of bad things some property management companies did or did not do. I know that I do a better job and since I have managed my own properties, I accept to manage 2 friends properties under my company, xyz properties LLC.

Now my real estate broker told me 1. that as a sale person, I cannot be a property manager. 2. I cannot even call myself "property manager" for my own properties. 3. Only real estate firms, settlement or title companies, brokerage lending institutions or lawyers are allowed to have escrow accounts for contractual purpose services only and that my company cannot hold security deposit for the properties we managed.

I would appreciate your input on these. Is any or all of the above correct? Thank you.

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Re: property managment requirement in VA by OK-LL on July 10, 2012 @08:00	[ Reply ]

Under the heading "show a man how to fish", your state real estate licensing board is your best source for confirmation of this information, or just read your state's licensing statute.

Re: property managment requirement in VA by monica (Washington) on July 10, 2012 @11:01	[ Reply ]

Calling Dept of Real Estate Licencing is a good idea ~ laws vary from state to state. It was much easier than trying to decifer the RCW codes. I know the answer I got was correct. In Washington you can manage your own property and one other persons. No more than that unless you are a broker.