Final answer:
The RECO licensing exemptions include lawyers, individuals dealing with their own properties, and court-appointed roles like trustees. These exemptions are defined under the Real Estate and Business Brokers Act.
Step-by-step explanation:
The subject of this question is related to the Real Estate Council of Ontario (RECO) and its licensing exemptions. RECO regulates the trade of real estate on behalf of the Ontario government with the aim to protect the public interest through a fair and informed marketplace. However, not all parties are required to be licensed under RECO. Exemptions include those such as lawyers who are handling real estate transactions as part of their legal services, and individuals selling or leasing their own property. There are also certain instances where court-appointed individuals, such as trustees, executors, or guardians, do not require a RECO license to sell or lease real estate. It's important to note that exemptions are detailed in the Real Estate and Business Brokers Act and its regulations, and it's vital for anyone involved in real estate transactions to be aware of these legal requirements.