Who would not be exempt from real estate licensing requirements?

The reasoning behind the answer lies in the specific activities that require a real estate license according to California law. A property manager typically handles various tasks related to managing rental properties, including leasing units, collecting rents, and maintaining the properties for clients. This level of engagement in the real estate market, especially on behalf of multiple clients, generally mandates obtaining a real estate license.

In contrast, the other scenarios involve individuals who have specific exemptions based on their roles or activities. Individuals selling their own property are not required to hold a real estate license when dealing with their own transactions. Likewise, lawyers performing real estate duties as part of their legal practice, and trustees conducting sales under a deed of trust, both operate within identified exemptions that allow them to engage in certain real estate activities without the need for a license.

Therefore, property management for multiple clients signifies a commercial engagement in real estate, which is why it requires licensing, distinguishing it from the other options provided.