An owner hired a real estate broker for a fee. Which of the following activities for the owner would require the broker to have a real estate license?

The activity that requires the broker to have a real estate license is auctioning the owner's real property. In Georgia, engaging in activities that involve the sale of real estate typically requires a licensed real estate professional. Auctioning real property is considered a real estate transaction, as it involves the direct disposition of the property to buyers, thereby necessitating compliance with state laws that govern real estate transactions.

In this context, selling stock securities in the owner's business, appraising real property, and completing a Comparative Market Analysis (CMA) do not, on their own, require a broker to obtain a real estate license. Selling stock is generally governed by securities laws, appraising can sometimes fall under specific licensing but might not require a real estate license depending on jurisdiction, and completing a CMA, while related to real estate, is often considered part of market analysis that does not involve actual buying or selling of the property directly. Therefore, out of these options, auctioning real property distinctly involves the broker acting as an intermediary in a real estate sale and dictates the need for a professional license.