Final answer:
Jim and Larry, who are unlicensed, would likely not have a legal basis to sue for a commission from a property exchange, as real estate commissions are typically reserved for licensed professionals. Engaging in real estate activities without a license is typically against the law, which would render any agreement for commission unenforceable.
Step-by-step explanation:
The question pertains to whether Jim and Larry can sue for the commission they believe they are owed for facilitating a property exchange without being licensed real estate agents. In most jurisdictions, only individuals and companies who hold a valid real estate license are legally entitled to earn and receive commissions for conducting real estate transactions. This strict regulation is intended to protect consumers by ensuring that only qualified, licensed professionals engage in the practice of real estate.
Since Jim and Larry are specifically mentioned as not licensees, they most likely would not have a legal basis to claim or sue for a commission on such transactions. Real estate licensing laws are designed to prevent unlicensed individuals from engaging in activities for which a license is required, which includes claiming commissions. In the absence of a license, any agreement to pay a commission to Jim and Larry could be considered unenforceable, and thus, they would likely not prevail in a lawsuit seeking such commission.
If Jim and Larry attempt to pursue legal action, their case could be dismissed on the grounds that they were engaging in a professional activity without a required license, violating state or local real estate licensing statutes.