This comes up a lot so I thought I would cover it in a forum post.
What do the different Watermarks from Notch Builder look like?
If you are running "Builder Learning" licensing, then there are two Watermarks on export. (Note: buying playback, will not remove these watermarks)
Watermark Exporting to Video Render
Watermark on Real-Time Exports (Standalone EXE, Media Servers Notch Blocks & Streaming)
Real-time exports watermarks are full screen and also contain a cyan flashing full screen.
The combination you need for NO watermark is Builder Pro + Full Playback. However, Builder Pro dongles also act as Full Playback dongles up to a resolution of 4096 x 2160 as well.
Watermarks In summary.
Pro + Full Playback = NO Watermark
Pro (with Pro dongle present) = NO Watermark up to 4096 x 2160
Base + Watermark Playback = Watermarked
Pro + Watermark Playback = Watermarked
PLE + Full Playback = Watermarked