Final answer:
Booth rental licensees must follow state and local regulations, tax laws, health and safety codes, and maintain proper insurance.
Step-by-step explanation:
Booth rental licensees acting as independent contractors must comply with the state and local regulations, including obtaining necessary business licenses, adhering to the tax laws such as reporting their income and paying taxes accordingly, following health and safety codes, and carrying appropriate insurance. These professionals are essentially running their own business within another business, and therefore must act in accordance with all relevant legal and professional standards to ensure compliance and protect their interests, as well as those of their clients and the primary business they operate within.