Real Estate Law 38

admin 2019.05.08 20:17 Views : 333

Check Your Understanding Answers

  1. What type of contract will a new real estate licensee likely first experience?

    An employment contract with his or her sponsoring broker
     
  2. List three characteristics of licensees who are independent contractors? (Additional correct answers on page 4.)
    • The agent controls his or her schedule, hours, and workload
    • The broker cannot control HOW the agent performs his or her real estate duties.
    • The broker does NOT withhold any money from the agent’s paycheck.
       
  3. Although it’s usually easier for brokers to hire licensees as independent contractors rather than employees, what is the trade-off?

    The amount of control brokers have over their licensees
     
  4. What are the conditions of the IRS safe harbor test?
    • The person must be a qualified (properly licensed) real estate agent.
    • Compensation paid to the real estate agent for services performed must be based on production, not hours work.
    • A written agreement must exist between the independent contractor and the broker stating that the contractor will not be treated as an employee for income tax purposes.
No. Subject Author Date Views
262 Real Estate Law 52 admin 2019.05.10 224
261 Real Estate Law 51 admin 2019.05.10 209
260 Real Estate Law 50 admin 2019.05.10 306
259 Real Estate Law 49 admin 2019.05.10 269
258 Real Estate Law 48 admin 2019.05.10 273
257 Real Estate Law 47 admin 2019.05.10 232
256 Real Estate Law 46 admin 2019.05.10 228
255 Quiz 7 admin 2019.05.09 32808
254 Real Estate Law 45 admin 2019.05.09 222
253 Real Estate Law 44 admin 2019.05.09 230
252 Real Estate Law 43 admin 2019.05.09 243
251 Real Estate Law 42 admin 2019.05.09 232
250 Real Estate Law 41 admin 2019.05.09 247
249 Real Estate Law 40 admin 2019.05.09 224
248 Real Estate Law 39 admin 2019.05.08 287
» Real Estate Law 38 admin 2019.05.08 333
246 Quiz 6 admin 2019.05.08 25103
245 Real Estate Law 37 admin 2019.05.08 225
244 Real Estate Law 36 admin 2019.05.08 230
243 Real Estate Law 35 admin 2019.05.08 244