Brokerage Guidelines

Question 1

Unlicensed assistants may:

Answer 1

• answer phones
• fill out and submit listings
• compute commission checks
• everything but do what licensed sales associate can do

Question 2

Brokerage Registration Requirements:

Answer 2

• Must register name
• must be a licensed active broker to act as a principal
• Sales associates and broker associates may not go into business on their own!!!

Question 3

What is a Sole Proprietorship?

Answer 3

A high risk
Owners operate under their own name DBA to operate under a trade name
They bare sole responsibility

Question 4

What’s a partnership?

Answer 4

• It’s moderate risk
• Designates 2 or more partners who wish to engage in business for profit

Question 5

What’s a LLC?

Answer 5

-Low risk
- Combines tax advantages of a partnership with legal shield offered to corporations