HB 5485 Summary

• Adds "affiliated company" definition allowing a legal entity wholly owned, controlled, operated, or managed by another entity to perform residential property management without separate licensing.

• Exempts individuals employed by licensed real estate brokers to engage in residential property management from broker licensure requirements.

• Exempts affiliated companies of owners or lessors that perform residential property management from real estate broker licensing.

• Clarifies that branch offices engaged solely in residential property management are not subject to branch office licensing requirements or the requirement for associate broker supervision.

• Makes technical revisions to statutory language throughout sections 2501, 2503, and 2505, including updating definitions and grammatical constructions.