Which of the following activities is exempt from requiring a Virginia real estate license?

The activity of a trustee performing their duties under a living trust instrument is exempt from requiring a Virginia real estate license because trustees are generally acting in a fiduciary capacity. When managing or transferring property as part of an estate or a trust, they are performing obligations that are inherent in the role of managing the assets for the benefit of the trust's beneficiaries. This means they are executing the terms of the trust rather than engaging in a business activity that involves real estate transactions for profit, which is what typically necessitates a real estate license.

In contrast, the other options involve individuals or entities engaging in activities that typically require a real estate license. Making offers to sell a condo for a fee or listing a friend's time share for a fee involves the marketing and negotiating of real estate, which are licensed activities. Additionally, negotiating a 1031 tax exchange, even if for free rent, can also fall under licensed activities unless specifically exempted by law, as it involves facilitating a property exchange which requires expertise and knowledge of real estate transactions.