Types of Licenses
Order by
10 terms
Terms | Definitions |
|---|---|
 Brokers License | each company has one broker. license can go to a person or entity. You can only have one broker at each company |
| Broker | everything is in the name of and direct supervision of the broker. |
| Broker | Broker licenses (3) years of real estate experience and 90 hours of continuing education |
| Associate Broker | this license only goes to people. They have to have requirements as the brokers |
| Principal Associate Broker | they are owner, partner, officer or member. The can have more than (1) license but they can't transfer. |
| Non-Principal Associate Broker | Not an owner, partner, officer or member. Can only have (1) non-principal associate broker license but they can transfer |
| Salesperson | a person employed by a broker tio list, negotiate, sell or lease real property for others |
| Salesperson's License | 40 hours of education, 4 hours of Fair Housing and must be under direct supervision of a broker. |
| Independent Contractor | Receive a 1099 and pays their own taxes. This is allowed if (2) conditions are met: (1) contract with a broker (2) 75% of your compensation from the broker has to be for real estate activity |
| Employee | the employer is witholding taxes and paying workman's compensation, unemployment taxes and you will receive a W-2. |
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