A license in real estate is defined by the fact that it can be revoked at any time. This characteristic signifies that the licensing authority retains the power to withdraw the license from a salesperson or broker if they do not comply with regulations, engage in unethical practices, or fail to meet the standards set forth by the real estate commission. Real estate licenses are not perpetual; they are subject to renewal and ongoing compliance with the law, emphasizing the responsibility of the licensee to maintain appropriate ethical and professional standards.
The other options highlight features that do not accurately reflect the nature of real estate licenses. For example, a license does not grant permanent rights, as it is a privilege that can be revoked or suspended. Additionally, while a license applies to activities related to real estate transactions, it does not solely pertain to personal property but rather encompasses real property as well. Lastly, licenses are not always transferable; they are specific to the individual and generally cannot be passed to another person without going through the proper channels outlined by the licensing body.