(1) Unless a person is licensed under this chapter, it is unlawful for the person to do the following with respect to real estate located in this state:

1. (a) engage in the business of a principal broker, associate broker, or sales agent;
2. (b) act in the capacity of a principal broker, associate broker, or sales agent;
3. (c) advertise or assume to act as a principal broker, associate broker, or a sales agent.

(2) Except as provided in Section 61-2f-202, an individual is required to be licensed as a principal broker, associate broker, or a sales agent if the individual performs, offers to perform, or attempts to perform one act for valuable consideration of:

1. (a) buying, selling, leasing, managing, or exchanging real estate for another person; or
2. (b) offering for another person to buy, sell, lease, manage, or exchange real estate.