Which of the following statements is true regarding the Real Estate License Act of 2000?

The statement regarding the requirement that individuals working as agents must be under a broker is true according to the Real Estate License Act of 2000. This act establishes that to legally practice real estate, individuals must operate under the supervision of a licensed broker. This regulatory framework is designed to ensure that agents adhere to professional standards and operate within the legal parameters set forth by the state. By requiring agents to work under brokers, the act provides a level of oversight and accountability, helping to protect consumers and uphold the integrity of the real estate profession.

The other statements do not align with the provisions established in the act. For instance, while the act does detail specific circumstances under which certain transactions may occur, it does not allow transactions without a license, thus maintaining a structured profession. Additionally, both brokers and sales agents must renew their licenses, but the timeframe for renewal varies between them; brokers typically renew every two years while agents have a different schedule. Lastly, not all properties require a real estate license for management, as certain types of property management roles may fall outside the licensing requirements, such as managing one’s own property.