37-51-602. Definition of property management -- exemptions from application. (1) An act performed for compensation of any kind in the leasing, renting, subleasing, or other transfer of possession of real estate owned by another without transfer of the title to the real estate, except as specified in this section, constitutes the practice of property management. The provisions of this chapter do not apply to:
     (a) a relative of the owner of the real estate, defined as follows:
     (i) a son or daughter of the property owner or a descendant of either;
     (ii) a stepson or stepdaughter of the property owner;
     (iii) a brother, sister, stepbrother, or stepsister of the property owner;
     (iv) the father or mother of the property owner or the ancestor of either;
     (v) a stepfather or stepmother of the property owner;
     (vi) a son or daughter of a brother or sister of the property owner;
     (vii) a brother or sister of the father or mother of the property owner;
     (viii) a son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the property owner; or
     (ix) the spouse of the property owner;
     (b) a person who leases no more than four residential real estate units;
     (c) a person acting as attorney-in-fact under a power of attorney from the owner of real estate who authorizes the final consummation of any contract for the renting or leasing of the real estate. This exemption is meant to exclude a single or irregular transaction and may not be routinely used to escape the necessity of obtaining a license.
     (d) an attorney at law in the performance of duties as an attorney;
     (e) a receiver, trustee in bankruptcy, personal representative, person acting in regard to real estate pursuant to a court order, or a trustee under a trust agreement, deed of trust, or will;
     (f) an officer of the state or any of its political subdivisions in the conduct of official duties;
     (g) a person acting as a manager of a housing complex for low-income individuals subsidized either directly or indirectly by the state, any agency or political subdivision of the state, or the government or an agency of the United States;
     (h) a person who receives compensation from the owner of the real estate in the form of reduced rent or salary, unless that person holds signatory authority on the account in which revenue from the real estate is deposited or disbursed;
     (i) a person employed by the owner of the real estate if that person's property management duties are incidental to the person's other employment-related duties; or
     (j) a person employed on a salaried basis by only one person.
     (2) A licensed real estate broker on active status or a licensed real estate salesperson on active status and acting under the supervision of a real estate broker may act as a property manager without meeting any qualifications in addition to those required for licensure as a real estate broker or real estate salesperson.

     History: En. Sec. 3, Ch. 142, L. 1993; amd. Sec. 6, Ch. 565, L. 1995.