Intro 2

Question 1

Real Estate Broker is a professional who is licensed to represent others for compensation of real property by?

Answer 1

Buying
Selling
Exchanging
Leasing

Question 2

A broker can operate as?

Answer 2

Sole Proprietorship
Partnership
Corporation
Limited Liability company

Question 3

What Is Real Estate Sales Associate, Salesperson or Broker-salesperson?

Answer 3

Real Estate Sales Associate is a salesperson or broker-salesperson who is licensed to perform real estate activities as an extension of the real estate broker who holds (or “hangs”)

Question 4

Typically a real estate licensee is hired as what?

Answer 4

Independent Contractor

Question 5

Under the law, who is ultimately liable for the actions of the licensee and is expected to train and supervise their agents?

Answer 5

The Broker

Question 6

Being liable for a licensees actions is know as?

Answer 6

vicarious liability.

Question 7

Compensation can be a commission, as dictated by contract, based on the following:

Answer 7

A percentage of the property’s sales price
A flat fee
An hourly rate

Question 8

A independent contractor does not fill out a w2 but a?

Answer 8

W9

Question 9

When do Brokers receive a commission?

Answer 9

After the consummation of the transaction.

Question 10

How and only how is a salesperson compensated?

Answer 10

through their broker and only their broker. Even when receiving referrals from another agent in a different marketplace, commissions are paid from one broker to the other broker and then distributed to the agent.