Property Management requirements in Delaware
Must Delaware property management companies have a real estate broker's license?
YES. Key components of property management are considered a real estate activity under existing Delaware real estate licensing laws. A broker's license is required for any person or company that, for compensation, leases or rents or offers for rent any real estate, or negotiates leases or rental agreements. A salesperson working under a broker may engage in such activities.
Are there any exceptions to the requirement that a Delaware property manager have a broker's license?
YES. The statute specifically states that providers of property management services are exempt if they do not lease or rent, or negotiate leases or rental agreements, or improvements. "Property management services" not requiring a broker's license include the "supervision and the administration of the physical maintenance and/or the financial matters of real property." They include helping the owner select tenants, creating budgets for the property, collecting rents and holding security deposits.
Before hiring a property manager to manage your Delaware rental property, you should always check that he or she is licensed appropriately. You can check the license status of Delaware property managers at the Delaware Division of Professional Regulation's online license verification service.
Delaware Community Association Licensing
There is no requirement that a community or condo association manager in Delaware hold a real estate broker's license.
Delaware Real Estate Broker Licensing Requirements
Delaware real estate broker and associate broker licensing requirements include:
Delaware Real Estate Salesperson Licensing Requirements
Delaware real estate salesperson licensing requirements include:
For more information about these and other Delaware licensing requirements, please contact the Delaware Real Estate Commission.
IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission.