Real Estate License Types Flashcards
Holds a broker’s license and is any person, partnership, association or corporation who, for another, and for compensation of any kind, negotiates any form of real estate transaction.
Broker
Can be a PERSON or an ENTITY - such as a corporation
Broker
Supervision of and responsible for the activities of associate brokers and sales agents in their employ
Broker
Holds a broker’s license who can act as a broker and chooses to work under the name and supervision of a licensed broker
Associate Broker
Associate brokers who retains broker status while working as a salesperson and follows the same guidelines except that they use the tile of
Broker Associate
Duty to broker and duty to the public to act with honesty and competency
Duties of associate broker
Serve the public with honesty and competency
Responsibility of broker
These entities may work independently
Brokers
Broker associates may NOT work independently and need the following from a broker
Sponsorship
Licensed associate real estate broker who chooses to work as an office manager who chooses to work as an office manager under a licensed broker
Office Manager
Required to have been active as a licensed associate broker for at least two of the four years preceding appointment
Office Manager
Required to exercise the same duty of supervision of salesmen and associate brokers as a licensed real estate broker
Office Manger
Holds a salesperson’s license and is anyone who performs as a real estate broker for compensation of any kind - under the auspices of a broker and may not work independently
Salesperson
Duty to broker and duty to the public to act with honesty and competency
Salesperson
Sales persons cannot
Work independently
