Each partner in a partnership must hold what requirement?

In a partnership, especially in the context of real estate, it is essential for each partner to be licensed as a broker. Licensing ensures that all partners are knowledgeable about the industry regulations and practices, which is crucial for maintaining ethical standards and compliance with state laws. Having all partners as licensed brokers also enhances the credibility of the partnership, assuring clients that they are dealing with qualified professionals.

Being licensed allows partners to participate actively in the management of the firm and engage in real estate transactions, which is fundamental to the operations of a brokerage. This requirement not only protects consumers but also contributes to the overall professionalism within the industry. Having a non-licensed partner may lead to legal issues and potential penalties that could affect the partnership as a whole.

The other options present scenarios that either imply a lack of necessary qualifications for all partners or suggest that less rigorous standards for licensure are acceptable, which does not align with the expectations set by regulatory bodies governing real estate practices.