Final answer:
The Licensee Buyout Addendum is needed for transferring ownership and entering into contracts regarding a property.
Step-by-step explanation:
The Licensee Buyout Addendum to the Contract to Buy and Sell Real Estate is used when an individual or firm wants to purchase the right to enter into contracts with other parties regarding a particular property they own. This addendum is required when there is a need for the transfer of ownership of the property in order to enter into contracts. It is commonly used in real estate transactions to grant the buyer the ability to engage in contractual agreements related to the property.