Final answer:
You do not need a real estate license to sell or lease a property if you are the owner of the property, as this is considered a personal transaction.
Step-by-step explanation:
The only scenario in which you do NOT need a real estate license to sell or lease a property is if you are the owner of the property. Property owners can sell or lease their properties without being licensed real estate agents or brokers.
This exemption applies because the transaction is considered a personal matter rather than a professional service provided to another party. The situation changes when an individual wants to perform real estate transactions on behalf of others for compensation; in that case, obtaining a license is typically required to ensure that the agent or broker is knowledgeable about real estate law and ethical practices.