Who qualifies as a partnership licensee in real estate?

A partnership licensee in real estate is specifically defined as a partnership composed of members where at least one partner holds a valid real estate license. This is essential since real estate transactions commonly require licensed individuals to ensure compliance with local laws and regulations.

In context, a managing general partner with a license is responsible for overseeing the partnership's real estate dealings and ensuring that the partnership adheres to legal standards. This partner's licensure is crucial because it qualifies the partnership to conduct real estate business legally, while any non-licensed partners simply do not fulfill the legal requirements necessary for the partnership to function as a licensed entity.

While other options may present different scenarios, they lack the key requirement of having at least one licensed partner, which is the foundation for qualifying a partnership as a legitimate licensee in real estate.