Lesson 1 Flashcards
Real Estate agents are not employees. The IRS requires agents to sign _____________ with the brokerage.
Independent Contractor Agreement
Every real estate brokerage should adopt a ______________ that identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage.
Written Company Policy
The NAR established ___________ to set a minimum standard of acceptable practice for realtors - it applies only to those who join the REALTOR® organization.
Code of Ethics (COE)
System for companies to promote listed properties to other companies and to facilitate the bringing together of sellers and buyers in a market.
Multiple Listing Services (MLS)
Agents are expected to _______ if they become associated with a brokerage that is part of a franchise.
Pay a Fee
Person who owns an unincorporated business by himself.
Sole Proprietor
The owner of this type of business is personally liable for the debts of the business.
Sole Proprietorship
Business with the legal structure of a corporation but with the tax efficiencies & operational flexibility of a partnership.
Limited Liability Company (LLC)
In this business, all profits and losses are “passed through” the business to each member.
Limited Liability Company (LLC)
This business entity is perpetual and survives the lives of any of its shareholders. It must be legally dissolved.
Corporation
Business where every partner is responsible for the debts of the partnership.
General Partnership
Business where only the general partners accept personal liability and other partners can only lose the amount they invested.
Limited Partnership
A partnership in a single defined project that is expected to end at a certain time.
Joint Venture
When a licensee that started a chain of events that went unbroken, resulting in the closing sale.
Procuring Cause
In place to promote free and open competition in the economy, and to promote fair traid & prevent price fixing
Antitrust Laws
