Which of the following is NOT an exemption for engaging in real estate activity without a license?

Engaging in real estate activities typically requires a license, but there are specific exemptions under which individuals can operate without one. The correct answer focuses on the role of managing a real estate agency. While owners of property, attorneys-in-fact, and participants in court-ordered sales can conduct certain transactions without a license, managing a real estate agency is considered an active business role that requires a license. This is because managing an agency involves facilitating real estate transactions and representing clients, tasks for which licensing ensures professionalism and compliance with state regulations. Hence, that role does not qualify for an exemption, making it the correct choice in identifying which option is NOT an exemption for operating without a license.