Final answer:
In license law, a Seller is both the transferor in real estate transactions and any owner who lists a property for sale. A lessor is typically not included in this definition. Additionally, in an economic context, sellers participate actively in the market, offering identical products and being well-informed.
Step-by-step explanation:
When considering the definition of a Seller in the context of license law, several concepts come together to form a complete understanding. Firstly, a Seller means the transferor in a real estate transaction. This is the person or entity that is transferring ownership of the property to another. Secondly, a Seller includes an owner who lists real estate for sale, even in cases where a transfer does not ultimately take place. Thirdly, a Seller does not typically include a lessor, since a lease does not involve transferring ownership, but rather granting a temporary right to use a property. With this in mind, out of the options provided, 1) and 2) are accurate, while 3) is not, leading to the conclusion that not all of the statements are true.
Moreover, in a broader economic context, it is important to note that many sellers as well as buyers participate in the market. Sellers generally offer identical products, are well informed about these products, and have the freedom to enter and exit the market freely. These principles ensure competition and informed decision-making, essential elements of a healthy marketplace.