Property Management
A Pennsylvania property manager who also manages the owner's investment portfolio and provides financial advice without a securities license is:
APermitted since property management naturally includes financial advice
BActing outside their authority and potentially violating securities laws by providing investment advice without the required license✓ Correct
COnly prohibited from giving financial advice if the portfolio exceeds $1 million
DPermitted if the owner provides written consent in the property management agreement
Explanation
Property management authority is limited to managing real property — collecting rents, maintaining the property, enforcing leases, and related tasks authorized by the management agreement. Providing investment advice about securities portfolios, stocks, or bonds requires a separate securities license (Series 65 or similar).
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