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There are different laws in different countries, but in the US it would be illegal to sell a live set that has been broadcast. Radio stations pay fees to ASCAP and BMI which gives them the right to broadcast music that is under copyright. Then ASCAP/BMI distributes money to the artists usually depending on how many spins they get. Clubs, bars, record stores, and health clubs also pay money to these organizations and they can get sued if they don't and they play music under copyright. DJ's can spin tracks at a club or on the radio because the station or the club has paid the fees, so the DJ shouldn't have to worry about infringing upon copyright laws.
If someone were to record a live set from the radio and then sell it, they would be violating copyright law unless they were given a license to sell it.
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