A property manager who works under a single owner for a property management firm must have what to operate legally?

The correct answer indicates that a property manager working under a single owner for a property management firm does not need a license due to specific exemptions provided under state law. In many jurisdictions, property managers working solely for one owner and managing that owner’s properties typically do not require a real estate license. This applies when their duties do not include negotiations or sales of properties but rather involve day-to-day management tasks.

Understanding this exemption is crucial for recognizing the varying requirements for property management, especially when the roles and responsibilities align closely with the owner's direct oversight. Some of the other choices typically require licensing. For instance, a real estate license is typically necessary for individuals engaged in activities that involve the sale, lease, or management of property on behalf of others. Similarly, commercial property certification may be needed for specialized management of commercial real estate, which doesn't apply in this scenario. A real estate assistant license would suggest a need for training and certification beyond what is required for someone managing properties for a single owner, which further emphasizes the specific legal context of license exemptions for property managers.