Property Management
A property owner who self-manages their residential rental properties does NOT need an Illinois real estate license if:
AThe owner manages more than 10 units
BThe owner manages properties they personally own✓ Correct
CThe owner hires contractors for maintenance
DThe owner uses a property management software platform
Explanation
Illinois law exempts property owners from real estate licensing requirements when they are managing properties they personally own. However, a property manager hired to manage properties owned by others must hold a real estate license to perform licensed management activities.
Related Illinois Property Management Questions
- What is the difference between a 'property manager' and an 'asset manager' in Illinois real estate?
- An Illinois residential lease agreement may NOT include a clause that:
- A property manager's primary fiduciary duty is owed to:
- An Illinois landlord who wants to evict a tenant for nonpayment of rent must first:
- A property manager who manages commercial properties under a 'triple net' (NNN) lease structure should ensure that the lease clearly:
- An Illinois property manager who discovers a tenant is running an unlicensed business from a residential unit should:
- The Chicago Residential Landlord and Tenant Ordinance (RLTO) provides tenants with the right to:
- In Illinois, a property management agreement is a contract between the:
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