I have also bought Trados 7.1 recently. Everything is running OK but now I am starting to set up Multiterm, it asks me for the licence for Extract. I don't have a separate one (from the main Trados licence) and wasn't offered one.
So, first question is, do you need a separate licence for Multiterm Extract?
Yes, as MT Extract is a separate application for terminology extraction. MT Desktop (the terminology management tool) does not require a license.