Property management licensing by state

In most states, managing rentals for someone else counts as real estate brokerage. A few have a separate property management license. A few require nothing.

AK ME VT NH WA ID MT ND MN IL WI MI NY RI MA OR NV WY SD IA IN OH PA NJ CT CA UT CO NE MO KY WV VA MD DE AZ NM KS AR TN NC SC DC OK LA MS AL GA HI TX FL

License requiredDepends or separate licenseNo license required

State	Required?	License	Regulator	Exemptions	Trust accounts
Alabama	yes Checked against the official source	Real estate broker license, or salesperson license under a qualifying broker and licensed company	Alabama Real Estate Commission	Owners managing their own property or that of a spouse, child, or parent; attorneys acting as attorneys; court-appointed fiduciaries; clerical staff who do not show property; and managers of an apartment building or complex (this does not cover on-site managers of condominiums).	Brokers who hold rents or deposits for others must keep them in a trust or escrow account under Commission rules, separate from company operating funds.
Alaska	yes Checked against the official source	Real estate broker, associate broker, or salesperson license	Alaska Real Estate Commission (Division of Corporations, Business and Professional Licensing)	Owners managing their own property and the other exemptions in AS 08.88.900, such as office staff who accept rent and give a receipt, and tradespeople doing repairs.	Brokers must keep a separate trust account in a bank for security deposits, collected rent, and other money held in trust, and keep transaction records for three years.
Arizona	yes Checked against the official source	Real estate license (salesperson or associate broker) working under an employing broker; the property management firm needs a designated broker	Arizona Department of Real Estate	Owners managing their own property without special compensation; on-site managers and leasing agents employed by the owner or a licensed management firm at one location who get no special compensation; clerical and bookkeeping staff of a broker; attorneys; court-ordered receivers and trustees.	All property management accounts must be designated trust accounts on the broker's records, and owner money must go in a broker trust account unless the owner directs deposit to the owner's own account. Undisputed money must be deposited within three banking days.
Arkansas	yes Checked against the official source	Real estate broker license, or the property management broker license created in 2025 (property management associates work under a property management broker)	Arkansas Real Estate Commission	Owners and others listed in § 17-42-104. A salaried or hourly employee of a principal broker, property management broker, or owner may, without a license, deliver and receive applications and leases, accept deposits and rent payable to the broker or owner, show units and help execute preprinted leases under written instructions, and pass along prepared information.	Act 392 adds trust accounts to the required property management curriculum. The commission's trust account rule text was not verified here.
California	yes Checked against the official source	Real estate broker license (salespersons may work under a supervising broker)	California Department of Real Estate	Owners managing their own property; the resident manager of an apartment building or complex and that manager's employees; hotel and motel managers; certain employees of a licensed management firm doing limited listed tasks; attorneys and court appointees.	Brokers must deposit funds held for others, including rents and deposits, in a trust account at a bank in California and disburse only on the owner's instructions. Trust accounts need reconciliation and records under DRE regulations.
Colorado	yes Checked against the official source	Real estate broker license (associate broker under an employing broker)	Colorado Division of Real Estate	Natural persons managing property they own or lease; regularly salaried on-site managers employed by an apartment or condominium owner; attorneys in fact without pay; receivers, trustees and executors; attorneys; and other exemptions in C.R.S. 12-10-201(6)(b).	Brokers must keep funds of others in an escrow or trust account at a bank or recognized depository in Colorado, keep records under Commission rules, and not commingle or convert funds.
Connecticut	yes Checked against the official source	Real estate broker license (salespersons work under a broker)	Connecticut Real Estate Commission, Department of Consumer Protection	Owners or lessors managing their own property, and their regular employees who live on site as superintendents, janitors, or custodians; attorneys and holders of a power of attorney for a specific deal; court fiduciaries and trustees; government employees; certain nonprofit housing employees.	Brokers must keep money held for others in a separate escrow or trust account at a Connecticut bank, subject to Commission audit. Tenant deposits must also follow the escrow and interest rules in § 47a-21.
Delaware	varies Checked against the official source	Real estate broker or salesperson license for leasing, renting, or negotiating leases for others	Delaware Real Estate Commission	Owners and lessees managing their own property, attorneys, court-appointed fiduciaries, court-ordered sales, auctioneers, and property management service providers who do no leasing or lease negotiation.	Brokers must keep a federally insured escrow account designated as an escrow account and deposit funds within 72 hours of a written agreement. Tenant security deposits must also sit in a Delaware escrow account under 25 Del. C. § 5514(b).
District of Columbia	yes Checked against the official source	DC Property Manager license (a DC real estate broker license also qualifies)	DC Real Estate Commission (Department of Licensing and Consumer Protection)	Individual owners or lessors managing their own real estate; court-appointed fiduciaries and attorneys in ordinary practice; banks and trust companies acting as fiduciaries; clerical staff of a licensed broker or property manager; people who only provide rental listing information for a fee; qualifying nonprofit housing organizations.	Tenant security deposits must be held in an interest-bearing escrow account at an insured DC financial institution (14 DCMR 308.3). Broker trust account rules in the real estate regulations were not reviewed here.
Florida	yes Secondary source	Real estate broker license, or sales associate working under a broker	Florida Real Estate Commission (DBPR Division of Real Estate)	Owners leasing their own property, salaried employees of an owner (or of a broker for an owner) working in an apartment community's onsite rental office in a leasing role, and salaried condominium or cooperative managers handling rentals of one year or less. The employee exemptions do not cover pay per transaction.	Brokers must place money held for others in an escrow (trust) account, generally by the end of the third business day after receipt, and reconcile monthly. Tenant deposits must also follow § 83.49.
Georgia	yes Secondary source	Real estate broker license, or licensee working under a broker	Georgia Real Estate Commission	Owners, spouses, family members, general partners, LLC officers, and their regular employees managing that owner's property; full-time employees of the owner; attorneys in fact; licensed attorneys; court fiduciaries; government employees; people doing only physical maintenance; certain short-term rental managers; CPAs. A broker's unlicensed employees may deliver and receive applications and leases, take payments made out to the broker or owner, show units, and give authorized information under a written agreement.	Brokers must hold rents and security deposits for others in a trust account at a federally insured bank and keep records the Commission can audit.
Hawaii	yes Checked against the official source	Real estate broker license, or salesperson under a broker	Hawaii Real Estate Commission (DCCA Professional and Vocational Licensing)	Owners and their attorneys in fact, court-appointed fiduciaries and trustees, custodians or caretakers renting property in their care, hotel operators, and certain homeless facility providers. A state attorney general opinion says the owner exemption does not cover corporate employees.	Commingling a principal's money with the licensee's own, or converting it, is grounds for discipline. Commission rules in HAR chapter 16-99 set client trust account details, which we did not verify here.
Idaho	no Checked against the official source	None for leasing or rental management. A real estate license covers sales, purchases, options, and exchanges.	Idaho Real Estate Commission	Not applicable to leasing. For sales, owners and their regular employees, attorneys in fact for a single transaction, court fiduciaries, and attorneys are exempt.	A third-party manager must hold tenant deposits in a separate account at a federally insured institution, apart from its operating account; licensees are exempt from that rule. A broker's real estate trust account may hold only money from regulated real estate transactions.
Illinois	yes Secondary source	Real estate broker license; residential leasing agent license for leasing only, under a sponsoring broker	Illinois Department of Financial and Professional Regulation (Division of Real Estate)	Owners and lessors and their regular employees for the owner's own property, attorneys, court fiduciaries, and resident managers employed by the owner who live on the premises.	Firms must hold rents, deposits, and other client money in escrow (special) accounts, and must file a consent allowing IDFPR to examine and audit those accounts.
Indiana	yes Checked against the official source	Real estate broker license (Indiana has a single broker license level; brokers work under a managing broker and broker company)	Indiana Real Estate Commission (Indiana Professional Licensing Agency)	Owners acting on their own property; regular full-time salaried employees of the owner; people renting apartment units while employed or supervised by a licensed broker; owners managing no more than 12 apartment units on one parcel or contiguous parcels; attorneys; court-appointed fiduciaries; hotels and stays under 30 days.	Each broker company must keep one or more clearly labeled trust accounts for all money belonging to others, may not mix in personal or business funds, must keep per-beneficiary records, and must hold any interest for the beneficiary.
Iowa	yes Checked against the official source	Real estate broker license, or salesperson license under a broker	Iowa Real Estate Commission (Iowa Department of Inspections, Appeals, and Licensing)	Owners and their full-time employees; resident managers who live on site and lease as part of their job; isolated rental transactions; attorneys; court fiduciaries. Since 2024, people with an ownership interest in the owning entity (or an affiliate), and nonlicensed employees of a broker who advertise, show, collect rent and deposits, and complete form leases under chapter 562A.	Brokers who handle trust funds must keep an interest-bearing common trust account at a federally insured institution, register it with the Commission, and send interest to the state housing trust fund. Individual property management accounts in the owner's name under a management agreement are exempt from the certification and audit consent rule.
Kansas	no Checked against the official source	No license needed for residential property management; a broker or salesperson license is needed for sales and nonresidential leasing	Kansas Real Estate Commission	Residential leasing and management are outside the license act. For licensed activity, exemptions include owners acting on their own property, unpaid holders of a power of attorney, attorneys, court fiduciaries, and employees owning 5 percent or more of the owning entity.	Licensed brokers must keep a separate, designated trust account at an insured institution in Kansas for funds received in a real estate transaction, file a consent-to-audit form, and may not keep interest without written consent. These license-law rules do not reach unlicensed residential managers.
Kentucky	yes Checked against the official source	Real estate broker license, or sales associate license under a broker	Kentucky Real Estate Commission	Owners or lessors managing their own property and their regular employees; a property manager who is a regular employee of the owner or of the principal broker; a manager whose main pay is use of a rental unit; attorneys; attorneys in fact; court-appointed fiduciaries and trustees.	Principal brokers must keep money belonging to others in a Kentucky escrow account separate from office funds, identified to the Commission. Brokers who do property management must keep property management accounts separate or clearly marked in escrow records.
Louisiana	yes Checked against the official source	Real estate broker license, or salesperson license sponsored by a broker	Louisiana Real Estate Commission	Owners and lessors acting on their own property, directly or through an employee; salaried employees of a licensed broker limited to delivering and receiving lease papers and payments, showing units under the broker's direction, giving information, and clerical or maintenance tasks; housing authority and HUD property managers; agricultural property managers; attorneys, receivers and court fiduciaries.	Brokers must keep bank statements, deposit slips and cancelled checks for all escrow or trust accounts for 5 years. Commission rules in the Louisiana Administrative Code (Title 46, Part LXVII) set escrow handling details, which were not reviewed here.
Maine	no Secondary source	No license appears required for rental management; a broker or sales agent license is required for sales brokerage	Maine Real Estate Commission (Office of Professional and Occupational Regulation)	Owners and lessors and their regular employees, attorneys, licensed auctioneers calling bids, and time-share sales are excluded from brokerage.	Landlords, including managers acting for them, must keep tenant deposits in an escrow account beyond the reach of the landlord's creditors under 14 M.R.S. 6038. Licensee trust account rules were not reviewed.
Maryland	yes Checked against the official source	Real estate broker license, or associate broker or salesperson license under a broker	Maryland Real Estate Commission (Maryland Department of Labor)	Owners or lessors managing or leasing their own property (unless their primary business is brokerage), people acting under a court order, public officers, a single transaction under a power of attorney, licensed auctioneers, receivers, trustees, personal representatives and guardians.	Salespersons turn trust money over to their broker promptly. Brokers deposit trust money in a separate account used only for trust money and may not use it for any other purpose. Tenant security deposits must also follow the escrow rules in Real Property 8-203.
Massachusetts	varies Checked against the official source	Real estate broker or salesperson license to find tenants for a fee; managing agents under contract with the owner are exempt	Board of Registration of Real Estate Brokers and Salespersons	Owners and lessors acting for themselves and their regular employees; managing agents under contract with the owner and their regular employees; attorneys; receivers, trustees, executors, and other court fiduciaries; licensed auctioneers; public officers.	Anyone holding a tenant's security deposit must keep it in a separate interest-bearing Massachusetts bank account under § 15B(3). Broker escrow rules are in 254 CMR 3.00, which was not reviewed here.
Michigan	yes Checked against the official source	Real estate broker license (or a salesperson or associate broker working for a broker)	Michigan Department of Licensing and Regulatory Affairs (LARA), Bureau of Professional Licensing	Owners and lessors acting on their own property (unless done as a principal vocation outside a licensed broker); attorneys-in-fact under a recorded power of attorney; court-appointed persons; attorneys; receivers, trustees, administrators, and executors.	Property management money goes into property management accounts handled as the written property management employment contract describes; the sales escrow deposit rule excludes those accounts. Tenant deposits must also meet MCL 554.604.
Minnesota	yes Checked against the official source	Real estate broker license (or salesperson licensed under a broker)	Minnesota Department of Commerce	Custodians, janitors, and employees of the owner or manager of a residential building who lease units in that building; attorneys who follow the trust account rules; court-appointed fiduciaries; banks and similar institutions acting within their powers; public officers.	All trust funds a broker or its licensees receive go into a broker trust account at a Minnesota bank or another approved depository that lets the commissioner examine its records. Under § 504B.178, tenant security deposits are held by the landlord for the tenant and are not treated as fiduciary funds under the license law.
Mississippi	yes Checked against the official source	Real estate broker license (or salesperson under a responsible broker)	Mississippi Real Estate Commission	Bona fide owners acting on their own property and their regular salaried employees; attorneys; holders of a power of attorney for a specific sale or lease; receivers, trustees, executors, guardians, and people acting under court order; public officers.	Licensees may not commingle money belonging to others with their own and must account for it promptly. Starting July 1, 2026, funds must be deposited in a trust or escrow account by the close of business two banking days after receipt.
Missouri	yes Checked against the official source	Real estate broker license (or salesperson or broker-salesperson associated with a broker)	Missouri Real Estate Commission	Owners, lessors, and lessees acting on their own property and their regular employees; attorneys; court-appointed fiduciaries; and employees of an owner or broker limited to delivering and receiving applications and leases, accepting payments made out to the broker or owner, showing units under direct instructions, passing along prepared information, and clerical or maintenance work.	Brokers holding money that belongs to others must keep it in a separate escrow or trust account, report the account to the commission, deposit promptly, keep records open to inspection, and may add no more than $1,000 of their own money to cover bank charges.
Montana	yes Checked against the official source	Property manager license (separate license), or a real estate broker license; salespersons only under a supervising broker	Montana Department of Labor and Industry, Board of Realty Regulation	Owners of the property-owning business and related-family management entities; spouses and close relatives of the owner; a person who leases no more than four residential units; attorneys-in-fact and attorneys; court-appointed persons and trustees; public officers; people who get reduced rent or salary (unless they sign on the trust account); owner employees whose management duties are incidental; a person employed on salary by only one person; managers of licensed lodging establishments.	Property managers must keep real estate trust funds in a trust account at a depository institution. The department can cite trust account violations with a $1,000 fine per violation.
Nebraska	yes Checked against the official source	Real estate broker license (or salesperson under a broker)	Nebraska Real Estate Commission	Owners and lessors and their regular employees for property they own or lease (not as a leasing business); resident managers who live on site and lease units as part of their job; employees, parents, children, brothers, or sisters of the owner, and employees of a licensed broker, who manage rental property for the owner; attorneys-in-fact and attorneys; court-appointed fiduciaries; public officials.	Each active broker must keep a separate insured checking trust account in Nebraska, report it to the commission, and allow annual examination. If the account earns interest, the interest may go only to approved nonprofit housing groups, and all parties must agree.
Nevada	yes Checked against the official source	Real estate broker, broker-salesperson or salesperson license plus a permit to engage in property management	Nevada Real Estate Division (Department of Business and Industry)	Owners and their regular employees managing the owner's property; broker employees collecting rent for the broker; on-site managers who manage only that one property; managers of HOA, condo and similar common-interest communities with an approved credential; managers of government-subsidized housing.	Rents, deposits and other client money go into a separate trust account at a bank or credit union in Nevada and cannot be commingled. Reconcile monthly and file an annual trust account accounting with the Division.
New Hampshire	yes Checked against the official source	Real estate broker license (or salesperson under a principal broker)	New Hampshire Real Estate Commission (Office of Professional Licensure and Certification)	Owners and the owner's regular employees for the owner's property; attorneys-in-fact under a power of attorney; attorneys; court-appointed fiduciaries; public officials; manufactured housing park operators; condo associations running on-site short-term rentals for owners.	The principal broker keeps escrow accounts separate from business accounts at an insured New Hampshire institution and signs a permit allowing Commission audits. Tenant security deposits must also be held in trust under RSA 540-A:6.
New Jersey	yes Checked against the official source	Real estate broker license (or salesperson licensed under a broker)	New Jersey Real Estate Commission (Department of Banking and Insurance)	Bona fide owners or lessors acting for their own property; attorneys; receivers, trustees in bankruptcy, executors, administrators, and people acting under a court order or deed of trust; banks and in-state insurance companies.	Each broker must keep a trust or escrow account at a commission-approved depository located in New Jersey, separate from other accounts, for all money held for others, and may not use interest earned on escrow funds. Tenant security deposits must also follow the Security Deposit Act (interest-bearing New Jersey account, tenant notices).
New Mexico	yes Checked against the official source	Real estate broker license (qualifying broker, or associate broker under a qualifying broker)	New Mexico Real Estate Commission (Regulation and Licensing Department)	Owners for their own property; employees of the owner, or of a qualifying broker acting for the owner, managing the owner's property; limited power-of-attorney transactions; attorneys; court-appointed fiduciaries and trustees; government employees.	Qualifying brokers must place money received in a custodial, trust or escrow account at a bank, savings and loan or title company authorized in New Mexico and keep records set by Commission rules. Associate brokers must turn money over to their qualifying broker promptly.
New York	yes Checked against the official source	Real estate broker license (or salesperson associated with a broker)	New York Department of State, Division of Licensing Services	Owners managing their own property (not acting for others). The license law also exempts court-appointed receivers, referees, administrators, executors and guardians, public officers, and attorneys.	Tenant deposits and advances must be held in trust and not commingled with the holder's own money; for 6+ unit buildings they go in an interest-bearing New York bank account with written notice to tenants. Brokers may not commingle client money with their own (19 NYCRR 175.1).
North Carolina	yes Checked against the official source	Real estate broker license (provisional brokers must work under a broker-in-charge)	North Carolina Real Estate Commission	Individual owners leasing their own property; owner entities and their W-2 officers and employees; salaried employees of a licensed broker limited to showing units, giving lease information, taking applications, completing preprinted leases, and accepting payments made out to the owner or broker; attorneys; court-appointed fiduciaries and trustees; housing authorities.	Brokers must deposit money held for others in a trust or escrow demand deposit account at a federally insured institution doing business in North Carolina, with no commingling and no interest unless the principals authorize it in writing. Tenant security deposits must also follow G.S. 42-50.
North Dakota	yes Checked against the official source	Real estate broker license (or salesperson employed by a broker)	North Dakota Real Estate Commission	Owners and lessors (and their regular employees) acting for their own property as part of managing it; attorneys handling court-supervised matters; banks and trust companies; occasional power-of-attorney transactions; receivers, trustees and similar fiduciaries; public officers.	Brokers keep a separate, noninterest-bearing trust account at a federally insured institution in North Dakota for all funds belonging to others, with up to $500 of broker money for service charges. Tenant security deposits held by a lessor must be in an interest-bearing account under N.D.C.C. 47-16-07.1.
Ohio	yes Checked against the official source	Real estate broker license (or salesperson working under a broker)	Ohio Division of Real Estate and Professional Licensing (Ohio Department of Commerce)	Owners managing their own property and their regular employees; court-appointed fiduciaries such as receivers and trustees; attorneys performing legal duties; custodians, caretakers and janitors.	A broker who manages property must keep a separate trust account at an Ohio depository used only for rents, security deposits and other money held for owners, and report it to the superintendent. That account may earn interest, which goes to owners pro rata.
Oklahoma	yes Checked against the official source	Real estate broker license (or sales associate or broker associate under a broker)	Oklahoma Real Estate Commission (OREC)	Owners and their employees acting in the regular course of managing the owner's property; resident managers who live on site at an apartment building, duplex or complex; attorneys-in-fact for an owner; attorneys, receivers and court-ordered acts; transient lodging operators; certain broker employees leasing subsidized affordable housing.	Licensees may not commingle others' money with their own unless it is held in an escrow account that contains only others' money. OREC rules set detailed trust account and recordkeeping requirements.
Oregon	yes Checked against the official source	Real estate property manager license, or a principal broker license	Oregon Real Estate Agency	Full-time employees of an owner working only on that owner's property; a regular full-time employee of a single owner who rents or manages that owner's property; attorneys; receivers, trustees and court-ordered acts; certain relatives acting under a recorded power of attorney.	Licensed property managers and managing principal brokers must keep one or more federally insured clients' trust accounts in Oregon for all trust funds, with no commingling. Interest-bearing accounts require written approval from all parties with an interest in the funds.
Pennsylvania	yes Checked against the official source	Real estate broker license (salespersons may assist under broker supervision)	Pennsylvania State Real Estate Commission (Department of State)	Owners managing their own property (for companies, limited to five partners or officers); employees of an owner of multifamily housing who manage or maintain the buildings but do not sign or negotiate leases or hold tenant money except for the owner; attorneys; court-appointed fiduciaries; holders of a recorded power of attorney not used to evade the law.	Brokers must deposit security deposits and other money belonging to others into an escrow account by the end of the next business day. Rents collected as a property manager do not go in escrow but must go into a rental management account separate from the escrow and general business accounts.
Rhode Island	yes Checked against the official source	Real estate broker license (or salesperson under a broker)	Rhode Island Department of Business Regulation, Real Estate Section	Owners, lessees and lessors acting for their own property, and their regular employees managing it; attorneys; people holding a power of attorney for final execution of a lease; receivers, trustees, executors and court-ordered acts; public officers.	Each firm must keep an escrow account at a federally insured institution in Rhode Island, separate from the broker's own funds, with no commingling, and keep escrow records for 3 years with monthly status reports.
South Carolina	yes Checked against the official source	Property manager license (under a property manager-in-charge or broker-in-charge), or a broker or associate license	South Carolina Real Estate Commission (Department of Labor, Licensing and Regulation)	Unlicensed owners renting their own property; attorneys acting for a client-owner; government agencies and employees; court-appointed receivers and trustees.	Trust funds go in a demand deposit account titled with the word "trust" or "escrow" at an insured institution authorized in South Carolina. Rental trust funds must be deposited within 48 hours (cash on receipt, checks after the lease is signed), excluding weekends and bank holidays, and may not be commingled beyond a small amount to cover bank charges.
South Dakota	yes Checked against the official source	Property manager license or broker license; residential rental agent license for staff working under a licensee	South Dakota Real Estate Commission	Owners and their regular employees managing the owner's property; custodians, janitors and building employees who show units and take applications; lodging businesses; attorneys; court-appointed fiduciaries; operators of housing under contract with the South Dakota Housing Development Authority or the United States.	Licensees must keep others' money in an escrow or trust account at a federally insured institution, must not commingle it with their own, and must keep deposit records required by Commission rules.
Tennessee	yes Secondary source	Real estate broker license (or affiliate broker under a principal broker)	Tennessee Real Estate Commission	Owners for their own property; recorded attorneys-in-fact; attorneys; court-appointed fiduciaries; corporations acting through officers for their own property; resident managers or broker employees at an apartment building, duplex or complex whose duties are limited to supervising, showing units, leasing and collecting deposits and rent, and who do not negotiate rent, deposits or leases.	Brokers must keep an escrow or trustee account for funds held in a real estate transaction and keep records of each deposit and withdrawal for at least 3 years. Commission rules set further escrow requirements.
Texas	yes Checked against the official source	Real estate broker license (or sales agent sponsored by a broker)	Texas Real Estate Commission (TREC)	Owners and their employees leasing the owner's property, on-site managers of apartment complexes, licensed attorneys, certain LLC and partnership managers, court-ordered or trust transactions.	Rent, security deposits, and other trust money must go into a designated trust account (or to an authorized escrow agent) by the close of business on the second working day after receipt, unless the principals agree otherwise in writing. No commingling with personal or operating funds, and an accounting to each beneficiary at least monthly when the account has activity.
Utah	yes Checked against the official source	Real estate principal broker, associate broker, or sales agent license; a separate property manager license starts January 1, 2027	Utah Division of Real Estate	Owners and lessors managing their own property and their regular salaried employees for nonresidential property, a salaried employee managing for one employer, an individual managing the apartments where they live for free or reduced rent, salaried employees of a common interest association, attorneys, receivers, trustees, and court appointees.	A principal broker who regularly manages seven or more units must keep a property management trust account, separate from the real estate trust account, at a Utah bank or credit union and report it to the Division within 10 business days. The account is non-interest-bearing unless the parties agree in writing and interest goes to a qualifying affordable housing nonprofit.
Vermont	no Checked against the official source	None for leasing or managing rentals; broker or salesperson license only for sales	Vermont Real Estate Commission (Office of Professional Regulation)	The leasing exclusion covers rental management for others. Owners and their regular employees, attorneys, court appointees, and trustees are also excluded.	No state trust account rule specific to rents. Licensed brokers must deposit earnest money and contract deposits in a Vermont trust or escrow account within five banking days.
Virginia	yes Checked against the official source	Real estate broker license (salespersons work under a broker; business entities need a firm license)	Virginia Real Estate Board (Department of Professional and Occupational Regulation)	Owners or lessors and their regular employees managing their own property, attorneys, receivers and trustees, corporations managing only their own commonly owned rental housing, and tenants paid referral fees.	Rent and security deposits received for a landlord client go into a labeled escrow account by the end of the fifth business banking day after receipt, unless the principals agree otherwise in writing. No commingling; the principal broker is responsible for the account.
Washington	yes Checked against the official source	Real estate broker or managing broker license, working under a licensed real estate firm	Washington State Department of Licensing, Real Estate Program	Owners acting for their own account and their employees, attorneys, court appointees and trustees, HOA community managers, self-storage operators, and unlicensed assistants limited to delivering and receiving applications and payments, showing units, and clerical or maintenance tasks under direction.	Funds held for clients are trust funds and must be kept separate from the licensee's own money in a recognized Washington depository. The designated broker keeps transaction records open to Department of Licensing inspection.
West Virginia	yes Checked against the official source	Real estate broker license (or salesperson or associate broker under a broker)	West Virginia Real Estate Commission	Owners or lessors acting for themselves, the owner's regular employees who get no extra pay for the act, a person employed exclusively as management or rental agent for one person or entity, attorneys, holders of a good faith power of attorney, and court or trust fiduciaries.	Brokers who hold rent, security deposits, or other client money must keep a reconciled, federally insured trust fund account with no interest unless allowed by rule. No commingling, except up to $100 of the broker's own money to keep the account open.
Wisconsin	yes Checked against the official source	Real estate broker license (salespersons work under a licensed firm)	Wisconsin Department of Safety and Professional Services (Real Estate Examining Board)	Custodians, janitors, and employees or agents of the owner or manager of a residential building who show units, take lease applications, and give rental information; court appointees; banks and their employees; and licensed attorneys acting as attorneys.	Wis. Stat. 452.13 does not mention rents or security deposits. It defines client funds as downpayments, earnest money deposits, or other money related to a conveyance of real estate, and a firm that holds client funds must keep them in an interest-bearing common trust account registered with DSPS, with the interest paid to the Department of Administration. The annotation cites a 1971 Attorney General opinion that a broker who keeps a tenant's security deposit should put it in the broker's trust account.
Wyoming	yes Checked against the official source	Real estate broker or salesperson license (property management is real estate activity)	Wyoming Real Estate Commission	Owners, their immediate family, and regular employees for the owner's own property; resident managers who live on site at apartment buildings or complexes; attorneys and recorded attorneys in fact; court and trust fiduciaries; and HOAs.	The responsible broker must keep a designated trust or escrow account at a Wyoming financial institution (or use a funds holder), report it to the Commission, and deposit funds within one banking day unless all parties agree otherwise in writing. No commingling.