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What are the requirements for a person to run a condo management company in the city of Los Angeles,CA .

Los Angeles, CA |

What are the requirements for a person to run a condo management company in Los Angeles,CA (if you know more particularly for the city of Hollywood that would be better!)
1. What kind of business licenses, registrations etc.
2. Is it required that the condo mgt. company get insurance, etc.
3. Anything else? ie permits, special fees etc.
4. Education requirement? Could an adult without a HS Diploma or GED start one.

I believe there must be some kind of strict requirements because these people are really responsible for peoples lives in essence. Thanks!!

Attorney Answers 1

Posted

Obtain a real estate broker license by contacting the California Department of Real Estate (DRE). Property management companies are required by law to have a managing broker oversee activity in each office location.

(for the broker licensing exam, you must have either a four-year college degree or a record of employment as a licensed real estate salesperson. You're also required to have taken eight college-level courses in real estate. Information on specific courses and application requirements are available on the DRE )
Join a professional association. A good place to start is the local Multiple Listing Service (MLS), which is an alliance of real estate professionals within a specific geographic area.

Consider purchasing liability insurance for your business, or you might be held personally liable for accidents that occur on a property you manage.

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