What type of license must each partner who provides real estate services hold?

Each partner involved in providing real estate services must hold a broker's license. This requirement is crucial because a broker's license denotes a higher level of education, experience, and legal accountability in real estate transactions compared to other licenses. Brokers have the authority to supervise agents, manage transactions, and are responsible for ensuring compliance with real estate laws and regulations.

In a partnership, when individuals are actively engaged in real estate services, it is essential that those partners are licensed brokers to ensure proper oversight and adherence to legal standards. This protects consumers and upholds the integrity of the profession.

Other types of licenses, such as an agent's license, salesperson license, or firm license, do not carry the same authority or responsibilities as a broker's license. While agents and salespersons may assist in real estate transactions and work under the supervision of a broker, they cannot operate independently in a partnership structure that provides real estate services. A firm license, on the other hand, allows a real estate brokerage to operate legally but does not apply to individual partners directly providing services.