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I'm pretty sure that my own org. draws a line at making a profit on the item. So, although any member can make lettered items, even a member shouldn't sell them at a profit to other members without the license.
And we're discouraged from buying items that don't have the official licensing or whatever from IHQ if I remember correctly.
But of course, nobody owns generic images of roses, squirrels, or pearls. But if it's clear that the list is one of Greek organization symbols, it would seem lame and not-quite-above-board to me not to seek the licensing.
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