It shall be unlawful for any person to act as a real estate broker or real estate sales associate, or to hold himself out as such, unless he shall have been licensed to do so under this Code. Provided, however, that nothing herein contained shall:

1. 1. Prevent any person, partnership, association or corporation, or the partners, officers or employees of any partnership, association or corporation, from acquiring real estate for its own use, nor shall anything herein contained prevent any person, partnership, association or corporation, or the partners, officers or employees of any partnership, association or corporation, as owner, lessor or lessee of real estate, from selling, renting, leasing, exchanging, or offering to sell, rent, lease or exchange, any real estate so owned or leased, or from performing any acts with respect to such real estate when such acts are performed in the regular course of, or as an incident to, the management, ownership or sales of such real estate and the investment therein;
2. 2. Apply to persons acting as the attorney in fact for the owner of any real estate authorizing the final consummation by performance of any contract for the sale, lease or exchange of such real estate;
3. 3. In any way prohibit any attorney-at-law from performing his duties as such, nor shall this Code prohibit a receiver, trustee in bankruptcy, administrator, executor, or his attorney, from performing his duties, or any person from performing any acts under the order of any court, or acting as a trustee under the terms of any trust, will, agreement or deed of trust; or
4. 4. Apply to any person acting as the resident manager for the owner or an employee acting as the resident manager for a licensed real estate broker managing an apartment building, duplex, apartmentcomplex or court, when such resident manager resides on the premises and is engaged in the leasing of property in connection with his employment.

Laws 1974, HB 1565, c. 121, § 301, emerg. eff. July 1, 1974; Amended by Laws 1977, HB 1218, c. 68, § 1.