Types of Licenses

10 terms by pklife09

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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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