Final answer:
The board of Governors of the Federal Reserve, which is a semi-decentralized body, mixes government appointees and representatives from private sector banks. These government appointees are typically not part of a real estate board. Therefore, the option 'Governor appointees' is not part of the composition of the real estate board.
Step-by-step explanation:
This question pertains to the composition of the real estate board, asking you to identify which of the provided options is not typically included in such boards. Based on the descriptions provided, options A, B, and C; two lay people, three real estate brokers, and an annually selected chairperson, are common components of real estate boards. However, option D, governor appointees, is not usually part of a real estate board. Instead, as indicated in the reference information, this typically applies to the Board of Governors for the Federal Reserve, a semi-decentralized entity combining government appointees and representatives from private-sector banks. The individual members of this Board of Governors are appointed by the President of the USA and confirmed by the Senate, serving 14-year terms designed to insulate them from political pressure. Hence in the context of the question, 'Governor appointees' would be the correct answer.
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