Unit 8 Flashcards
Sales associates who are paid in a lump sum and who are personally responsible for paying their own taxes are treated for tax purposes as
A) employee
B)buyers agent
C)independent contractors
D) transactional brokers
C) independent contractors
A sales associate contact with her broker states that she is not an employee. In the past years, less than half of her income came from commissions. With the rest an hourly wage paid by the broker. The IRS would classify her as
A) self employed
B)an employee
C) independent contractors
D) a part time real estate salesperson
B) an employee
When acting as an employee rather than a independent contractor, a sales associate may be obligated to
- list properties in the sales associate name
-work set hours
-accept a commission from another broker
- personally pay all withholding taxes
- work set hours
The personal assistant of a real estate associate must be paid by the broker who employs the sales associate. This means that
The personal assistant has a real estate license
-the sales associate doesn’t make much money
- the personal assistant is a part time employee
- ultimate responsibility for the personal assistant conduct in the performance department of work related activities lies with the sales associate
- A
A broker would have the right to dictate which of the following to an IND CONT.?
-A number of hours the person would need to work
-work schedule the person would have the follow
-sales meeting the person would need to attend
-conduct in compliance with statutory laws and regulations
D
Two RE professionals were found guilty of conspiring with with each other to allocate RE brokerage markets. A seller suffered a 90,000 loss because of their actions. If the seller brings a civil suit what can the seller expect to recover?
-nothing because a civil suit cannot be brought for damages resulting from antitrust actions
-only $90,000
-actual
Damages plus attorneys fees and costs
-$270,000 plus attorneys fees and costs
D
Two sales associates who work for the same firm agree to divide their town into a northern region
One associate will handle listings in the north and the other in the south which statement is true?
- the agreement does not violate antitrust laws
-the agreement constitutes illegal price -fixing
- Sherman antitrust acts have been violated and are liable for damage
-the two sales associate are guilt of a group boycott with regard to other sales associates of their firm
A
A state has recently updated its rules and regulations for the RE profession. Which state is most likely true?
The rules
And regulations are state laws enacted by the legislature
- the rules and regulations do not have the same force and effect as the statutory license laws
The rules and regulations have the same cores and effect as the license law
The rules and regulations are not enforceable against real estate professionals
C
A realtor is best described as an individual who is
A RE professional who acts as a point of contact between two or more people in negotiating the sale, purchase or rental of property
-any RE professional who assists buyers,sellers and land lord or tenants in any RE transaction
- a member of the national association of the RE broker who specializes in residential properties
A RE license and a member of the NAR
D
