In which scenario does a licensee have a disclosable ownership interest in a property?

A licensee has a disclosable ownership interest in a property when they are directly involved in the ownership or are representing a business entity they own, such as an LLC. In this scenario, when a licensee is representing their LLC in a real estate purchase, it indicates that the licensee has a financial stake or an interest in the property through their ownership of the LLC. This relationship necessitates disclosure, as it could influence the transaction's outcome and the parties' decisions.

In contrast, simply being a friend of the seller or a family member of the buyer does not directly create a financial interest or stake in the property that would require disclosure. These relationships, while personal, do not equate to ownership or an interest that affects the transaction legally. Acting solely as a mediator also does not provide the licensee with any ownership interest in the property; mediators facilitate communication between parties but do not claim any financial stake or representation in the property itself. Therefore, the correct choice aligns with the principle of disclosing any interests that could impact a transaction.