Final answer:
Individuals or firms handling their own property are not required to have a real estate license as they are exercising their property rights. They have the ability to manage, use, and enter into contracts concerning their property, but must comply with governing laws such as zoning regulations.
Step-by-step explanation:
Persons who deal only with their own property are not generally required to hold a real estate license. A real estate license is typically necessary for those who act as an intermediary between buyers and sellers of property or provide real estate services to others for compensation.
However, when individuals or firms are handling their own property, they have the right to use, enter into contracts, and dispose of their property without the need for a real estate license. This autonomous management of one's property is part of their property rights.
Business owners and property owners should be aware that while they can manage their own property, they are also responsible for following government regulations, such as zoning laws, which govern land use. Zoning regulations have become a commonplace tool for urban planning and regulating property use.