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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36994
Experience:  Texas Attorney for 30 years dealing in real estate
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I was told that to be a Property Manager in the Sate of

Customer Question

I was told that to be a Property Manager in the Sate of Wyoming you have to be an Insurance Broker. We are a Contractor and have people asking us to take care of their rentals. A Realtor told us we would be illegal?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you tonight.

Here you have to be a real estate salesman or broker.

Property management is expressly considered a real estate activity under existing Wyoming real estate licensing laws. Property management is defined as the act of management for compensation of real estate for another, including collection of rents, maintenance of the real estate and accounting of fees received for another.

Here inn Wyoming if a property manager is going to rent, manage or lease, or offer to rent, manage or lease real estate, or negotiate or attempt to negotiate to perform any of those acts, or list real estate for lease, or collect, offer 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.

You can be a licensed agent or broker and perform real estate management.

The only exception is you can manage your own properties.

Wyoming

Real Estate Commission

***** Suite 100

Cheyenne, WY 82002

(307) 777

-

7141

http://realestate.state.wy.us/

Separate License Required:

No

Limited License Offered:

No

Licenses property management

under existing broker/agent laws by including leasing, managing and renting as covered activities.

A “property manager" is defined as one for a commission manages real estate, including collection of

rents, maintenance for the property and accounting of fees received for another.

Provides exemptions for on site residential managers that show apartments and take lease applications, but does not allow them to negotiate leases. In addition, owners, owners’ immediate family members,

and their regular salaried employees are also exempt from Wyoming's licensing requirements.

I appreciate the chance to help you tonight.The real estate board watches this real closely.You might consider getting your real estate license so you can mange and sell too.

Expert:  Ray replied 1 year ago.

Thanks again.If you can positive rate it is sincerely appreciated.

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