Which of the following individuals would not need to be licensed?

The individual who is appointed as a trustee by a court to sell property does not need to be licensed because their role is defined by law rather than by participation in the real estate business. Trustees act under the authority of the court, and their duties include managing and liquidating assets as part of the trust or estate administration process.

Unlike agents who are working in a commercial capacity and earning fees for their services—such as the individuals involved in selling industrial real estate, residential properties, or vacant land—trustees are designated to fulfill their responsibilities without the requirement of a real estate license. This distinction is crucial as it separates the functions of court-appointed individuals from those of real estate professionals who must meet specific licensing requirements to operate legally in the market.

The other individuals mentioned are involved in selling properties for fees or salaries and therefore fall under the regulation of real estate laws, necessitating them to be licensed.