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I own rental properties in North Carolina. I have a friend…

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I own rental properties in...
I own rental properties in North Carolina. I have a friend who signs leases as a property manager. Is he required to have a real estate or brokers licence for those activities?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 3 minutes by:
8/5/2017
Real Estate Lawyer: Ray, Lawyer replied 1 year ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,901
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Real Estate Lawyer: Ray, Lawyer replied 1 year ago

Must North Carolina property management companies have a real estate broker's license?

YES. Key components of property management (leasing and renting) are considered real estate activities under existing North Carolina real estate licensing laws. If a property manager is going to lease, rent, or list, or offers to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

Exceptions are on-site managers and salaried employees of real estate brokers working for property owners are exempt if their employment is limited to certain activities, such as showing units to prospective tenants, accepting application for lease of the units, accepting security deposits and rent (when they are payable to the property owner) and accepting lease applications. Such employees may not negotiate security deposits, rental payments or leases.

If you pay them a salary or they live on site they are exempt.

I appreciate the chance to help you today.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 1 year ago
What is the penalty for not being certified, and what are the consequences of the lease agreement?
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

The person here can be taken to court by the real estate board, unauthorized practice here, arguably the lease could be void if they are signing it. Pay him some salary avoid problems.It just has to be minimum wage at least for hours worked.Multiply it an pay a salary to them.It can be a part time one.

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Customer reply replied 1 year ago
Does it need to be continous part time? For instance, can it be a few hours for one week during a month? Can 10% of the monthly rent paid to him be considered salary?
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

Yes just set it up as a payment of salary, pay it once a month and 1099 him.

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Customer reply replied 1 year ago
How can a salaried worker get a 1099-misc? That form is for contractors.
Real Estate Lawyer: Ray, Lawyer replied 1 year ago

Sorry meant a W-2, I was multi tasking here.Thanks for letting me clarify this.

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