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The material outlines reasons to consider property management and the education pathways to build competency, including professional designations and relevant training. It also details compliance requirements under Tennessee law and broader regulations covering licensing, credit privacy, fair housing, lead-based paint, ADA accommodations, service-member lease rules, and disclosure duties for local risks. Additional guidance addresses homeowners association constraints, HOA expense responsibilities in leases, and essential accounting practices including trust accounts for deposits and operational funds.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/property-management-basic-policies-and-procedures-education-law-hoa-accounting/277393/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/property-management-basic-policies-and-procedures-education-law-hoa-accounting/277393.png","ImageObject",442,249,{"name":88,"@type":89},"Tawan","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-04","2026-09-15",true,{"@type":98,"interactionType":99,"userInteractionCount":20},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"Why is property management different from real estate sales?","Question",{"text":108,"@type":109},"Rental property management involves a much longer relationship with clients and customers, usually spanning multiple years. Income is typically lower but more predictable than the large, one-time income from sales.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What education and designations are recommended for becoming a successful property manager?",{"text":113,"@type":109},"The document highlights pursuing courses and credentials such as Certified Property Manager (CPM) and Accredited Residential Manager (ARM), plus other options like Residential Property Manager (RMP) and Master Property Manager (MPM), depending on the type of property management pursued.",{"name":115,"@type":106,"acceptedAnswer":116},"What key legal compliance steps does the document emphasize for property managers in Tennessee?",{"text":117,"@type":109},"It stresses having the proper real estate license, ensuring broker approval for management activities, carrying a property management endorsement on errors and omissions insurance, and following requirements related to credit information privacy and adverse action letters. 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It is a very different business than sales and uses different talents and skills. In real estate sales, you will contract with a client for a couple or few months and when the sale has been consummated; your contractual relationship is over. With each sale there is a large piece of income all at once, but it can be very unpredictable.  \nWith rental property management, your commitment to your client and your customers is amuch longer term, usually multiple years. The income is not nearly as high, but it is very predictable. The following are the three best reasons to practice property management:  \n•    \n•    \n•    \nProperty management is not all a bed of roses. The following are three reasons you may not want to get into property management:  \n•    \n•    \n•    \nEducation  \nEducation is imperative to make you a successful property manager. There are many opportunities to learn what you need to know. The following are some examples of courses and designations you may want to pursue, depending on the type of property management you would like to perform:  \n•    \no Certified Property Manager (CPM) designation  \no Accredited Residential Manager (ARM) designation  \n•    \no Residential Property Manager (RMP) designation  \no Master Property Manager (MPM) designation  \n•   o National Apartment Association Education Institute (NAAEI)  \n•  • Other professional Courses  \nTennessee Real Estate Commission (TREC)  \nThe Tennessee Real Estate Commission (TREC) was created with the 1973 Tennessee Real Estate Broker License Act (Tennessee Code Annotated Chapter 63, Chapter 13) for the purpose of protecting the consumer in real estate transactions. These transactions include leasing property. Therefore, the following are some things to keep in mind when beginning your property management business:  \n• You must have a real estate license. If you are going to manage rental property as a third party (where you are not the owner of the property) TREC requires that you comply with all licensing laws.  \n• Your broker must agree to allow you to do property management. If you are not the managing broker of your firm, your broker is responsible for all of your actions as a licensee. Therefore, you must bring your broker on board with your decisions.  \n• You (as well as your broker) will need a property management endorsement on your errors and omissions insurance. The insurance policy you may currently have is very limited and does not include property management activities.  \nLaw  \nThere are many laws that you must comply with in any real estate transaction. For a sales agent, many of these will sound very familiar. However, compliance in many laws is very different from a sales transaction. The following are some examples of laws you need to be familiar with:  \nenacted in 1975 and applies to most of the urban counties in Tennessee. It spells out the procedures a landlord and tenant must comply with to do business.  \n•   You must be authorized to pull credit information and you have a responsibility to keep the information you received private. You are not even allowed to share this information with the owner of the property. You must keep all documentation for at least three years. In the event you turn an applicant down due to their credit information, you are required to give them a FCRA Adverse Action Letter.  \n•   As you probably know, you and your owner cannot discriminate against anyone in the seven protected classes. Those are race, sex, color, disability, religion, national origin, and familial status. If you are a member of the National Association of Realtors (NAR) sexual orientation and gender identity are other protected class under NAR’s Code of Ethics. FFHA compliance is very different in property management than sales.  \n•   Just as in sales, you must use the EPA lead based paint disclosures when renting properties built prior to 1978. Yo","cbCaie6rL4fXrGXN","https://ap.wps.com/l/cbCaie6rL4fXrGXN","pdf",239978,19,"English","# Property management overview\n## Education and professional designations\n## Tennessee Real Estate Commission (TREC) requirements\n## Legal compliance in rental transactions\n## Homeowners associations (HOA)\n## Accounting and trust accounts","[{\"question\":\"Why is property management different from real estate sales?\",\"answer\":\"Rental property management involves a much longer relationship with clients and customers, usually spanning multiple years. Income is typically lower but more predictable than the large, one-time income from sales.\"},{\"question\":\"What education and designations are recommended for becoming a successful property manager?\",\"answer\":\"The document highlights pursuing courses and credentials such as Certified Property Manager (CPM) and Accredited Residential Manager (ARM), plus other options like Residential Property Manager (RMP) and Master Property Manager (MPM), depending on the type of property management pursued.\"},{\"question\":\"What key legal compliance steps does the document emphasize for property managers in Tennessee?\",\"answer\":\"It stresses having the proper real estate license, ensuring broker approval for management activities, carrying a property management endorsement on errors and omissions insurance, and following requirements related to credit information privacy and adverse action letters. It also covers non-discrimination obligations and rental disclosures such as lead-based paint and local disclosure duties.\"}]","Property Management - Basic Policies and Procedures - Education, Law, HOA, Accounting | PDF",1789500278,7]