Hi,
I would recommend you to read the https://support.smartbear.com/testcomplete/docs/licensing/index.html help section.
In a nutshell:
-- License Manager must (should?) be installed on the physical machine and you must register your Floating licenses there before installing TestComplete/TestExecute;
-- Node-locked license is bound to the hardware which might be changed in the case of virtual machine (network card id, etc.). Thus LoadComplete must be installed on the physical machine as well;
-- Floating license is consumed from the License Manager and thus TestComplete/TestExecute can be installed on any machine that can communicate with the one that has License Manager installed.
