58. Which of the following people MUST have a real estate license in order to sell or lease property?
Answer: A
A person employed by a broker to sell lots in a subdivision to contractors or individual builders must have a real estate license.
In order to sell or lease property, individuals must typically hold a valid real estate license. This is particularly true for a person employed by a broker to sell lots in a subdivision, as they are engaging in the business of real estate transactions.
A) A person employed by a broker to sell lots in a subdivision to contractors or individual builders.
This option is correct because anyone involved in the sale of real estate for compensation, including those working under a broker, must possess a valid real estate license. This ensures that the individual is knowledgeable about real estate laws and practices.
B) An officer of a bank whose responsibilities occasionally include the auctioning or resale of foreclosed properties.
This option is incorrect because bank officers may not require a real estate license when acting within the scope of their employment, particularly if their role is limited to the bank's internal operations involving foreclosures rather than engaging in real estate transactions as a business.
C) A resident property manager employed by a landlord, whose duties include leasing apartments as vacancies arise.
This option is incorrect as well. While property managers often handle leasing, the need for a real estate license can vary based on the scope of their duties and state laws; in many cases, they are exempt if they are directly employed by the property owner and not engaging in transactions for others.
D) The executor of a will that requires the executor to sell a property as a condition of settling the estate.
This option is also incorrect. Executors are often exempt from needing a real estate license when selling property as part of estate administration, since they are executing the terms of a will rather than engaging in a commercial real estate business.
Conclusion
The requirement for a real estate license hinges on whether the individual is engaging in the business of selling real estate for compensation. Option A is the only choice that consistently necessitates a license, while the other options either fall under exemptions or do not directly involve the sale of property in a commercial context. Thus, A is the definitive correct answer.