Collecting Rent for a Landlord? You May Need To Be Licensed
If you are collecting rent on behalf of someone, you need to be licensed, at least according to the Office of Attorney General of Ohio. The issue revolves around the fact that there appear to be a number of unlicensed property management companies that are managing rental properties without obtaining a real estate broker's license. Ohio Revised Code Section, 4735.01 (5) defines a Real Estate Broker as one who "operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or potions of buildings to the public as tenants." A real estate broker must be properly licensed under the laws of the State and are subject to regulation and monitoring by the State. That is the key. The Attorney General wants the ability to regulate those that are handling money on behalf of the Landlords. As always, there are exceptions to the rule, including certain employees and owners of the Landlord as well as out of state commercial brokers acting through a local broker's license.
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