Which entity is not exempt from requiring a real estate license?

The entity that is not exempt from requiring a real estate license is a corporation providing real estate sales. In California, any corporation engaged in real estate activities that involve sales or exchanges of properties must have a real estate broker's license. This requirement exists because corporations, like individuals, are involved in transactions that necessitate knowledge of real estate laws, marketing, financing, and client management, which are critical to protecting consumers in the real estate market.

In contrast, other listed entities may have exemptions based on specific conditions. A property management company typically needs a real estate broker's license to operate legally as it deals with rental properties and tenant relations. An individual acting as a buyer's agent must also hold a real estate license, as they facilitate transactions on behalf of buyers. Lastly, a residential rental property owner is generally not required to have a real estate license when renting out their own property, provided they are not managing other people's properties for a fee. These distinctions underline the necessity of licensing for entities actively engaged in real estate sales or management.