Which of the following scenarios would be considered 'trading' in real estate?

The scenario that would be considered 'trading' in real estate involves engaging directly with the buying or selling process of properties. In this case, consulting with a prospective seller about future listing signifies an active involvement in facilitating a property transaction. Trading in real estate typically includes activities that directly aid in the sale or purchase of real estate, such as counseling clients on market conditions, pricing, and property presentation.

While attending a seminar on real estate marketing, researching property market trends, and valuing a property for tax assessment are all important activities related to real estate, they do not engage directly with the act of trading. These activities are more about education, data analysis, and assessment rather than actively participating in the buying or selling of real estate, which is the key characteristic of trading. Thus, the correct answer emphasizes the hands-on, transactional nature of the real estate trading process.