Which of the following roles specifically possesses a license issued by the commission?

The correct choice identifies "licensees" as individuals who possess a license issued by the real estate commission. In the context of real estate, a licensee refers specifically to those who are authorized to conduct real estate transactions on behalf of clients, which includes both real estate brokers and salespersons.

In Wyoming, the real estate commission is responsible for granting these licenses to ensure that those engaging in real estate practices have met specific educational and professional standards. This regulatory oversight helps to protect the public and maintains a level of professionalism within the industry.

While brokers are also licensed entities, "licensees" as a broader term encompasses all individuals who hold a real estate license, making it the most encompassing and accurate answer. Clients, on the other hand, do not require a license to engage in real estate transactions; they are the recipients of services provided by licensed professionals. Similarly, investors may choose to operate in real estate but do not necessarily possess a broker's license, as they may invest without being licensed.