Which transaction requires a securities license?

The need for a securities license is determined by the nature of the transaction and the type of investment involved. Selling shares in Fannie Mae is classified as offering a security because shares represent an ownership stake in an organization and are typically governed by securities regulations. This means that individuals engaged in this type of transaction must possess the appropriate securities license to legally buy and sell these shares.

Investments such as mutual funds also fall under the category of securities, but the key aspect of the question focuses specifically on the act of selling shares, which directly relates to ownership interests and requires compliance with specific licensing requirements.

Other options involve transactions that do not necessitate a securities license. Lending money for real estate generally refers to traditional lending activities such as mortgages, which do not classify as securities transactions. Home appraisals relate to assessing property value and are not considered investments or securities, hence, do not require a securities license.