What is the definition of 'real estate broker license' in the context of a Remax franchise?

You will be required to operate the Office in accordance with the provisions of the Franchise Agreement, to perform all obligations contained in the Franchise Agreement and to continuously exert your best efforts to promote and enhance the business of the Office for the term of the Franchise Agreement. You will not be permitted to engage in any other real estate business or other business or enterprise that may be in competition with RE/MAX Regional. Neither you nor your owners, if you are a business entity, will be required to participate personally in the direct operation of the Office, although RE/MAX Regional recommends that you or a principal owner do so, in which event you or the principal owner will be required to at all times hold a valid state real estate broker license or such other state license as may be required to act as the managing or designated broker of record ("real estate broker license"). If you or a principal owner does not have a valid real estate broker license, you will be required to secure the services of an individual with a valid real estate broker license under whose license the Office will be conducted and who will be responsible for the management of the Office ("broker-manager"). If you are a corporation, partnership, limited liability company or other business entity, this broker-manager need not have an equity interest in you but will be required to agree in writing to preserve the confidentiality of any confidential information to which he or she has access. You or your principal owner or, if applicable, your brokermanager, will be required to devote his or her full time and best efforts to managing and supervising the Office's operations and, during the term of the Franchise Agreement, will not be permitted to operate, manage, own or have an interest in or become affiliated with in any other way (1) any non-RE/MAX real estate service business; or (2) any other business or enterprise offering products or services that directly or indirectly compete with the products and services offered by RE/MAX offices, RE/MAX Regional, REMAX, LLC, or any of REMAX, LLC's affiliates. Although you or your principal owner will be required to attend Initial Education and Recruiting 101 in their entirety, no similar obligation will be imposed upon the broker-manager and your broker/manager is not required to successfully complete either program.

Source: Item 15 — Obligation to Participate in the Actual Operation of the Franchise Business (FDD pages 80–81)