Final answer:
Apprenticeship in brokerage business refers to the training under an experienced broker's supervision, essential for gaining experience and understanding industry regulations on the path to becoming a licensed broker.
Step-by-step explanation:
In the context of licensing and conduct of brokerage business, Apprenticeship refers to a period of training under the supervision of a licensed broker where an individual learns the necessary skills and knowledge required to become a professional broker.
This training period is crucial for gaining practical experience, understanding industry regulations, and learning to manage client relationships effectively. It's a step in the process of obtaining a license where apprentices observe and participate in the day-to-day workings of the brokerage business, often before taking any qualifying exams.