Property Management
An Illinois property manager who is also a licensed real estate broker and accepts property management fees is acting as:
AA developer, requiring a separate developer's license
BAn agent of the property owner, subject to real estate license law and fiduciary duties✓ Correct
CAn independent contractor with no fiduciary obligations
DA public trustee regulated by the Illinois Comptroller
Explanation
A licensed broker who manages property for a fee is acting as an agent of the property owner and owes fiduciary duties under the agency relationship. Property managers who are licensed brokers are subject to all IDFPR license law requirements, including trust account rules and ethical standards.
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