Which of the following activities requires a property manager to hold a license?

Holding a license is typically required for property managers when they engage in activities that involve the management of rental properties as a business. Collecting rent payments falls under the category of property management activities that require a licensed professional. This is because the act of collecting rent involves handling tenants' funds and managing financial transactions related to leasing agreements, which are regulated to protect tenants and ensure proper financial practices.

In many jurisdictions, other activities such as advertising properties, inspecting properties, or conducting neighborhood surveys do not necessarily require a real estate license, as they may be conducted in a more general context or might not fall within the scope of property management services that deal directly with tenant management and financial dealings. Therefore, the requirement for a license is specifically linked to the financial responsibility of collecting rent payments, which exemplifies the regulatory measures in place to safeguard both property managers and tenants in the rental market.