Final answer:
A property manager usually needs to be licensed, but there can be exceptions based on their form of compensation. The necessity for a license can depend on whether they directly manage property for a fee or are compensated through other means like rental units or commissions.
Step-by-step explanation:
The question pertains to the licensing requirements for property managers. According to regulation, a property manager must be licensed unless they are compensated in a way that does not include managing properties on behalf of others for a fee. Specifically, property managers who are compensated through non-cash means such as receiving a rental unit (A), or via other forms of compensation like bonuses (B), fees per lease (C), or commissions (D), might not require a license, depending on the specific laws and regulations of the jurisdiction in which they operate.