Final answer:
A real estate license is required in Minnesota for managing rental properties for others. Activities such as marketing properties and tenant management necessitate a license, whereas personal real estate transactions typically do not.The correct answer is option B.
Step-by-step explanation:
In Minnesota, the scenario that would require a real estate license is B. Managing rental properties for others. Selling your own home, renting out a single-family home you own, and assisting a family member in selling their home typically do not require a license.
However, when you manage rental properties for others, you are performing duties for which a license is legally necessary. These duties often include marketing properties, signing leases, and managing tenant relations on behalf of the property owner, which fall under activities that most state laws consider to be within the scope of a licensed real estate agent or property manager.
Understanding when a real estate license is required ties into broader economic decision-making skills related to buying vs renting. When you're ready to live independently, evaluating housing options, including the responsibilities and legal requirements of property management, becomes an essential part of finding the right home for you. Fiscal savvy is key in determining what kind of housing situation best fits your personal and financial situation.