Which of the following activities does not require a real estate license?

Property management is an activity that typically does require a real estate license, as it involves managing rental properties, which includes tasks like advertising vacancies, collecting rent, and maintaining tenant relations.

In the context of the question, rental property management and property appraisal are also licensed activities because they deal directly with real estate transactions and the valuation of properties. Real estate advertising, while it can involve promoting property for sale or lease, generally requires adherence to regulations but may not necessitate a real estate license in certain circumstances, especially if the advertising is done by the property owner or another exempt party.

Since property management is correctly identified as requiring a license, the activity that does not require a real estate license in this context would actually be real estate advertising, rather than property management.