Chapter 1 - Getting Started In Real Estate

Question 1

Facts About the MLS

Answer 1

• Brokers who are members of MLS can make their sale listings available for other agents to sell.
• An agent can locate a property that best meets the needs and is within the resources of the prospective buyer.

Question 2

Agents who are NOT members of an MLS ….

Answer 2

Should have commission sharing agreements in writing to avoid misunderstanding.

While agents who ARE members, have agreed on sharing arrangements.

Question 3

The real estate broker is almost always…

Answer 3

An independent contractor

Question 4

The IRS will treat a real estate salesperson as an independent contractor if:

Answer 4

• The salesperson is licensed as a real estate agent
• Reimbursement to the salesperson is based on sales not hours
• There is a written contract stating the salesperson will be treated as an independent contractor