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10 terms

Types of Licenses

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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.