Mike, a broker, has decided to open a brokerage partnership. His long-time friend Peter is a licensed stockbroker and has agreed to finance the partnership and share in the profits. Peter will be designated as the senior partner. What is true of Peter and the partnership?
a) Peter is exempt from licensing requirements
b) Peter can act as a real estate broker without obtaining a license
c) The partnership must have a designated broker-in-charge
d) Peter's stockbroker license is sufficient for the real estate partnership