Practice RE Law of Agency

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

The most important factor in determining whether a broker will be able to collect the commission he's earned from a buyer is __________.

A written buyer representation agreement signed by the buyer and broker. While buyer agency can be created verbally or through a written agreement, only a written buyer agency agreement—signed by the buyer and the broker—gives the broker the proof needed for a lawsuit if the buyer were to refuse to pay the commission due.

Rose, a new licensee, is thrilled that a potential buyer client has agreed to have a sit-down meeting with her. Where should this meeting take place?

At Rose's office. Although Rose can technically meet the potential buyer anywhere, meeting in her office is ideal. By meeting in her office, the buyer has the chance to see her as a professional in professional surroundings.

Which of the following is an employment agreement with a buyer?

Buyer representation agreement. To represent a buyer in a transaction, you must have a signed buyer representation agreement.

In order for misrepresentation to occur, what must happen to the person who relied upon it?

He must be harmed. An element of misrepresentation is that the person relying on the false statement was harmed.

What is puffery?

A statement of opinion or exaggeration that's generally understood not to be a statement of fact. Puffery is a statement of opinion or exaggeration that a reasonable person would generally understand is not a statement of fact, such as, "This is the best house in the city."

How may a broker enter into a sub-agency agreement when using a listing agreement that's not listed on an MLS?

Create a broker-to-broker cooperative agreement with the listing broker, requesting a sub-agency relationship. Brokers may designate sub-agency agreements using a broker-to-broker cooperative agreement or by using the Broker Information section at the end of the TREC's residential sales contract.

The licensee owes the client the duty of ______, even after agency is terminated.

Confidentiality. Even after the brokerage agreement is terminated, the duty of confidentiality remains.

Which fiduciary duty requires agents to keep any confidential information their clients share with them confidential?

Confidentiality. This is a description of the fiduciary duty of confidentiality. This duty survives the termination of the agency relationship—it lasts forever.

Erin is meeting with Paul. She discusses the IABS form, agency relationships, and the buyer representation agreement. She is careful not to perform any agency-related duties at this point, because there is no agency agreement in place. Paul is a _____________.

Customer. Paul is a customer since there is no agency agreement in place with Erin.

You're holding an open house for Brenda. Walt and Mary walk in and ask you for a flyer that gives details about the property. At this point, what's your relationship with Walt and Mary?

Customers. No agency agreement exists in this scenario, so no client relationship has been created. Walt and Mary are your customers.

Which statement best describes the duty of loyalty owed to both clients in a transaction with an intermediary?

The intermediary owes loyalty to both parties, and must remain fair and impartial by not offering advice and opinions to either party. The law limits the role of the intermediary to one of impartiality and fairness to both parties. This means the intermediary may not offer advice and opinions to either party.

Although once permitted by common law in Texas, dual agency was never without risk. What fiduciary duty to a client is a dual agent most likely to breach under common law dual agency?

Undivided loyalty. It's impossible for an agent to provide undivided loyalty to two clients with opposing interests.

Which of the following are among the most common of title issues that could interfere with closing a real property sale?

Unknown liens. An unknown lien on a property is a common issue that would put a cloud on a title and prevent the transfer of the title from seller to buyer.

Which of these describes self-dealing?

A licensee sells her own property without informing all parties that she's licensed. Self-dealing is personal interest in a transaction that's not disclosed. It is illegal for a licensee to engage in the brokerage activities of selling or buying a property without disclosing a personal interest in the transaction to all parties.

Which of the following constitutes fraud in real estate according to the Fraud in Real Estate and Stock Transactions Statute?

A listing agent purposely fails to mention the structural damage caused by a recent electrical fire in the wall. Fraud in real estate transactions occurs when someone knowingly makes a false representation of a past or material fact or makes a false promise to take an action to induce someone to enter into a contract.

In Texas, it is legal for licensed real estate brokers to rebate commissions to ______.

A party to a transaction. A broker may legally rebate a portion of their commission to a principal to the transaction, as long as that payment is strictly a rebate.

If a party to the transaction allows a licensee to appear as their agent to a third party, the court does not allow that party to later deny that agency existed. What type of agency is this considered?

Agency by estoppel. Under agency by estoppel, the buyer (or other party to the transaction) cannot deny that an agency relationship has been established if that person has allowed the licensee to act like their agent with third parties.

What is a sub-agent?

An agent from another firm who assists in serving a seller client. A sub-agent is someone from another brokerage appointed by the listing agent with the client's permission to assist in serving that client.

Which of the following acts protects Texas consumers against real estate licensees who use false, misleading, or deceptive actions or practices in the advertising, offering for sale, selling, or leasing of personal property or real property?

DTPA. The Deceptive Trade Practice Act (DTPA) protects consumers against real estate licensees who use false, misleading, or deceptive actions or practices in the advertising, offering for sale, selling, or leasing personal property or real property.

Jason is the seller's agent. His seller has a leaky roof he'd rather keep secret from buyers. What should Jason do?

Inform the seller that the roof leak is a material fact that he is obligated to disclose to buyers. A roof leak is a material fact that the licensee has a duty to disclose to other parties. If the seller is adamant that it not be disclosed, the licensee should consider walking away from the listing.

The client owes the agent the primary duties of compensation, ______, indemnification, and availability.

Information. The second duty the client owes the agent is information.

Which of the following is true regarding the 2011 amendment to the DTPA?

It helps prevent frivolous lawsuits against real estate licensees.

The Intermediary Relationship Notice is used by the broker to obtain consent to make appointments, if any. What other purpose is served by this notice, if any?

It reaffirms the authorization of the broker to act as an intermediary. The Intermediary Relationship Notice reaffirms the authorization for the broker to act as an intermediary, and is used to obtain consent to make appointments.

Proper implementation and presentation of agency are the keys to establishing your reputation, building your business, and avoiding ________________.

Lawsuits. Proper implementation and presentation of agency are ways that brokers can practice preventive brokerage and avoid lawsuits.

Putting clients' interests ahead of all others describes which fiduciary duty?

Loyalty. This is a description of the fiduciary duty of loyalty.

A licensee stating that a property is "guaranteed to increase in value over the next five years" is an example of ______.

Misrepresentation. This is an example of misrepresentation. A reasonable person may believe a licensee's statement about the value of a property.

On what do personal beliefs, such as religious ones, have the greatest effect?

Morals. Morals tend to be specific to the individual and are shaped by personal beliefs.

Can Belinda, a licensee who's a buyer, compete with her own buyer client when purchasing a property?

No, because she's not putting her client's interest ahead of her own. A licensee must put their client's interests before their own and should not compete with a buyer client when purchasing property.

Davis is acting as an intermediary in a transaction. The property is listed at $150,000, but the seller has confided to Davis that an offer of $140,000 would be acceptable. May Davis share this information with the buyer?

No, because this would benefit the buyer's interests at the expense of the seller's interests. The law specifically forbids the intermediary from sharing this type of information with the seller. Davis should not share this information.

What's the name for a real estate professional who works for neither the buyer nor the seller?

Non-agent. This describes a non-agent. In this capacity, you must disclose the fact that you represent neither party when you're involved in the transaction.

A client has asked her agent for a 24-hour notice on showings. The agent knows this will have a negative impact on the number of showings. Which duty is in conflict with reasonable skill and care?

Obedience. Carrying out a client's instructions is the duty of obedience. You shouldn't blindly follow these instructions, however. If the duty may have a negative impact on the listing or is unlawful, discuss it with your client.

Nancy wants to make sure that her brokerage's PPM is a useful risk management tool. She has it all ready to go, and she has sent all firm members a copy and required their signatures. What else should she do?

Provide training. Nancy should provide training on the PPM, which should be a dynamic document that changes as laws, rules, and company policy change. It wouldn't be a great idea to print a lot of copies, since the document should be reviewed and updated on a regular basis. This would make the printed copies out-of-date.

When working with new buyers, it's important to qualify the buyers before devoting too much time to them. What type of qualifying is important?

Readiness. Buyers who aren't ready to buy, either because they're not pre-qualified or aren't prepared to purchase, can be a waste of time.

Duke's client has asked him for advice on a legal matter. Based on the duty of reasonable skill and care, what should Duke do?

Refer his client to an attorney. Because agents should never operate outside of their scope of expertise, they should refer clients and customers to a competent professional when asked for advice on matters that aren't related to real estate.

With seller agency, whose responsibility is it to market the property?

Seller's agent. With seller agency, the seller's agent will invest in marketing because of the reasonable expectation of earning a commission on the sale.

Phoebe is a seller agent for the Browns. The Davises present an offer to Phoebe to purchase the Browns' property. Who is Phoebe's customer?

The Davises. The buyers—the Davises, in this case—are Phoebe's customers. A "customer" is the third party to the transaction. In any transaction where you act as an agent, your customer is the party you do not represent.

Upon their first substantive conversation with a consumer, a licensee must provide that person with a mandatory informational brochure that explains the type of agency relationships, and what each entails. What is the name of this document?

The Information About Brokerage Services. The IABS form does not create an agency relationship and does not disclose an agency relationship. It is merely informational in nature.

Implied agency is created through __________.

The actions of the parties. Implied agency exists because of the actions and behaviors of the parties.

A "homes for sale" magazine contains the following ad: "One-bedroom condo. Corner unit with beautiful ocean views. Financing available, 5.25% APR." Which of these statements is true?

The ad is in compliance with TILA because providing the APR doesn't trigger the required disclosure of all credit terms. The APR can be included in an ad without requiring disclosure of all credit terms. APR figures allow consumers to make an informed comparison between loans, which is TILA's goal.

A buyer's agent owes the buyer client the same fiduciary duties that _______________.

The listing agent owes the seller. The listing agent owes the same fiduciary duties to the seller that the buyer's agent owes to the buyer.

Trina's property is listed with Avalon Homes. The market is a little slow, and Trina's listing is a high-end home, where sales are even slower. She's had several showings, but no offers. The term of the listing agreement is nearly over. What happens when the termination date is reached?

The listing expires and is automatically terminated. A listing agreement automatically terminates on the end date noted in the agreement unless the seller agrees to extend it. It's generally not legal to include an automatic extension clause in a representation agreement.

When a DTPA lawsuit is found to be groundless, the law allows for which of the following?

The person initiating the lawsuit is responsible for the defendant's attorney fees and court costs. When a consumer brings what is found to be a groundless DTPA lawsuit, the law provides that the defendant will be compensated for attorney fees and court costs.

Licensee Randy has a written listing agreement with Brent, a seller. The buyer is Tim. Who is Randy's client?

The seller (Brent). In a listing agreement, the seller is the broker's client.

Which of the following is true regarding physical stigmas?

They occur when a condition is believed to exist which may physically affect the occupants. A physical stigma occurs when a condition exists which doesn't directly affect the structure or property itself, but may physically affect the occupants. They may or may not be based on fact, and the law does not require that all physical stigmas be disclosed. It's important to understand the laws in your state as well as your brokerage's policy regarding disclosure of physical stigmas.

Licensee Janice has found a way to work with prospective buyers without ever leaving her desk: She sets them up with automated email messages for listings that meet their criteria, and answers any questions they have when they call. Is Janice doing anything wrong?

Yes, because she should meet them in person before working for them. Janice should meet buyers in person before she works with them. This demonstrates her professionalism and sets a solid foundation for an agent/client relationship.

Does a broker acting as an intermediary need written consent to appoint a licensee to represent a party?

Yes, the Intermediary Relationship Notice may be used to obtain this consent. In order to make appointments, if there are any, the broker obtains written consent using the Intermediary Relationship Notice.

You represented Chloe a few years ago when she sold her home. Now she is a party to a transaction, and you are not representing her because she is a buyer who is making an offer on one of your listings. Do you owe Chloe the duty of confidentiality?

Yes, the duty of confidentiality survives the termination of your brokerage agreement. You may not represent Chloe now, but because she was your client, you still owe her the duty of confidentiality and must keep information you obtained while representing her confidential.

You're working with Angela, your buyer customer. Since there's no agency relationship in place, it's important for her to understand which of the following?

You represent the seller. When there's no agency agreement in place with a buyer, it's important that she understands you represent the seller.

Lisa, a licensee with Hometown Realty, is accompanying her buyer, Francis, to an open house. Travis, the seller's agent, approaches Lisa and asks what brings them to the open house today. In order to properly disclose her agency status, how should Lisa respond?

"Hi, I'm Lisa. I'm an agent for Hometown Realty. This is Francis, who is my buyer client." Lisa should disclose that she is an agent and represents Francis.

Making requested repairs, meeting all of the terms of the sales agreement, and requesting the affidavit of title are all what?

Common seller pre-closing tasks. These are all tasks the seller must complete before closing. A pre-closing checklist is a good way to assure that no tasks are overlooked.

What duty can a seller still expect from a licensee after the brokerage relationship terminates?

Confidentiality. A seller can expect the agent to keep information learned from the client during representation confidential even after the brokerage relationship terminates.

Barbara, a Texas sponsoring broker for Longhorn Realty, paid Gwendolyn, a buyer, a portion of the commission Longhorn received from the sales transaction. This is known as ______.

A rebate. A broker may legally rebate a portion of their commission to a principal to the transaction, as long as that payment is strictly a rebate. Although this option is illegal in some other states, it is legal in Texas.

After the closing, Donna ensures that her client has keys to the property and copies of all the transaction paperwork. Which fiduciary duty is Donna performing?

Accounting. The duty of accounting refers to accounting for funds, property, and paperwork related to the transaction.

George and Carla are sales agents at Lakeside Realty. If George's client wants to make an offer on Carla's listing, what should the broker at Lakeside Realty do?

Act as an intermediary in the transaction. The Lakeside Realty broker will need to act as an intermediary in order to complete this in-house transaction.

To help ensure compliance and provide better protection for the brokerage against claims that there was no expectation of adherence to the policies and procedures in the PPM, what must a brokerage do?

Actively enforce the PPM. Only by actively enforcing the PPM can brokerage firms ensure compliance and help protect the firm against claims that there was no expectation of adherence to the outlined policies and procedures.

Although Ophelia hasn't signed a buyer agency agreement with Randall, she continues to ask him to show her homes, and Randall does. What type of agency is this considered?

Agency by ratification. Any time a licensee works on behalf of a consumer and the consumer agrees to (ratifies) that action, it is considered agency by ratification.

What's the term for someone who's been given the authority to act on behalf of someone else?

Agent. Although the term is often used to refer to a real estate licensee, an agent is someone who's been given the authority to act on someone else's behalf.

The Texas Occupational Code Section 1101.557 requires that agents relate all information material to the transaction. How does this relate to presenting offers to the seller?

Agents must present all offers and explain them. This means that agents must present all offers and explain them. Sharing information about offers on social media sites is not a good idea, and sellers and buyers should be cautioned to avoid doing this as it may harm their position.

Amanda has initiated a groundless DTPA lawsuit against Toby, a real estate licensee. Which of the following is true?

Amanda will be responsible for Toby's attorney fees and court costs. When a consumer brings what is found to be a groundless DTPA lawsuit, the law provides that the defendant (Toby) will be compensated for attorney fees and court costs.

Explaining important contract dates and obligations to the seller, verifying that the seller has made required repairs, and discussing lender documents and the closing process with the seller are all what?

Common agent pre-closing tasks. These are all tasks the agent typically must complete before closing.

The term "real estate" refers to which of the following under TRELA's general provisions?

Any interest in real property, including a leasehold, located in or outside of Texas. Under the terms of the Subchapter A, "real estate" refers to any interest in real property, which includes interest in a leasehold, in or outside of the state of Texas.

What information would you expect to find in the Access to the Property provision?

Any restrictions on the times the property can be accessed. Any restrictions on the times the property can be accessed would be found in the Access to the Property provision.

Why must you study agency?

Because TREC requires 30 hours of agency courses. There are many good reasons to study agency; however, an important one is that TREC requires 30 hours of agency study.

Licensee Kylie is preparing for a buyer presentation. What is the main purpose of this presentation?

Building trust with the buyer. The purpose of the buyer presentation is to build trust with the buyer. You are beginning a relationship, and trust needs to be the basis of that relationship.

If a buyer's agent gives the buyer misinformation about the property, who is responsible?

Buyer's agent. When buyers have their own agent, the seller's agent is not responsible for the actions of the buyer's agent.

An agent in which one of these roles works with a buyer as a client?

Buyer's agent. Only the buyer's agent offers client-level services to the buyer, including advising the buyer and negotiating the best deal for the buyer.

Stefan is an unlicensed assistant for the Ace Team at Acme Realty in Texas. Which of these activities can he perform?

Calculate commissions for team members. Unlicensed assistants can't perform any activities that require a real estate license. Prohibited activities include hosting open houses, showing homes, explaining listing information to a consumer, and soliciting business, among others.

Beverly is a broker who has represented Alice many times in the past. Alice is now interested in a listing Beverly has with another client, Calvin. Who does Beverly represent in this transaction?

Calvin. Beverly is a broker who has a listing with Calvin her current client. Alice is a customer in this transaction.

What must a licensee do regarding property the licensee holds directly or indirectly if it becomes the subject of a real estate transaction?

Disclose the interest to all parties to the transaction. Personal interest in a property, whether direct or indirect, must be disclosed in writing to all parties.

Your buyer client, Ben Dalton, tells you two weeks before closing that he's lost his job. He doesn't have any other income at the moment, and may not be able to follow through on his purchase of the house you're helping him buy. However, he doesn't want to miss out on his dream home and is optimistic that he'll find something soon, so he asks you to keep it confidential. What should you do?

Disclose this fact to all parties to the transaction if Ben refuses to do so. A buyer losing his job - and ability to fulfill his duty under the contract by paying for the house - is a material fact that is very relevant to the transaction. Therefore, it must be disclosed.

Regarding their employment classification, unlicensed assistants are most often ______.

Employees. Because unlicensed assistants may not work on commission, they must be paid a salary.

The Canons of Professional Ethics and Conduct are divided into five sections: ________, integrity, competency, consumer information, and discriminatory practices.

Fidelity. The code is divided into fidelity, integrity, competency, consumer information, and discriminatory practices.

Phil is a property manager, which means he serves as a _______ agent to his landlord/client.

General. Property managers are general agents, who, through the property management agreement, are given the authority to act on behalf of the property owner and are responsible for all of the dealings on a specific piece of property.

When there is no agency agreement in place between you and a buyer, which of the following duties do you owe that buyer?

Honesty and fairness. Without an agency agreement, you owe buyer customers honesty and fairness, but not confidentiality or undivided loyalty. You can't negotiate the best price or show them properties outside of their price range because you represent and advocate for the seller.

Which of the following statements about the fiduciary duty of confidentiality is true?

It doesn't extend to material facts relating to the property. Agents are required to keep their client's confidential information confidential, but only if the information doesn't include material facts relating to the property.

Camille has a listing for a townhome, and appoints Ivy as her sub-agent. Ivy brings a buyer customer to the transaction, and the buyer purchases Camille's listing. What's true about the agency relationships in this situation?

Ivy is Camille's sub-agent and owes loyalty to the seller. The sub-agent (Ivy) works for the seller's agent (Camille) and owes loyalty to the seller.

Jamie, a seller, deliberately hid the evidence of a termite infestation from potential buyers. Annette, his listing broker, agreed to not disclose the presence of termites in the home, even though she had seen them for herself. Jamie also paid Fred, a friend and home inspector to leave it out of his report. According to the Fraud in Real Estate and Stock Transactions Act, who is liable?

Jamie, Annette, and Fred. The person who committed the fraud and anyone else who knew about it, benefited from it, and didn't disclose it is also liable. This includes Jamie, Annette, and Fred.

Following all of the client's lawful instructions describes which fiduciary duty?

Obedience. Obedience doesn't include hiding material facts, even if disclosure would harm your client's best interests.

Incapacity or death, bankruptcy, or destruction of property are examples of circumstances where agency terminates by ______.

Operation of law. Operation of law terminates agency when property is destroyed, or when either the agent or client becomes incapacitated or dies, or files for bankruptcy.

Henry is Monica's listing agent. As Monica's agent, Henry has a duty to account for and properly handle her funds and ______.

Paperwork. The duty of accounting requires agents to account for any funds or paperwork received on the clients' behalf.

If a client breaches a representation agreement, what may the client owe the agent after agency terminates?

Payment of the agent's commission. The client may still have to pay the agent's commission if agency terminates because the client breached the contract.

Which of the following should you perform only for a client, and not for a customer?

Performing agency-related activities. Licensees should discuss agency but should not perform any agency-related activities until there is an agency relationship (after the buyer representation agreement is signed). This can lead to implied agency, or a situation where the licensee performs services, but is not compensated.

Which of the following actions is against the NAR Code of Ethics?

Preparing a written agreement that falsely states a purchase price. Written agreements should accurately state parties to the transaction and details of the transaction, such as purchase price.

"A party to a transaction, and the person for whom the agent acts" is called a ________.

Principal. This is the definition of a principal. This is the person for whom the agent acts.

Which of the following duties is owed to both clients and customers?

Prompt presentation of all written offers and counter-offers. A licensee owes the duty of promptly presenting all written offers and counter-offers to both clients and customers.

What type of ownership interest needs to be disclosed in writing to all parties?

Property held directly or indirectly by the licensee, the licensee's immediate family member, the licensee's firm, or a member of the licensee's firm. The code of ethics states, "A licensee shall disclose in writing to all parties to a real estate transaction any ownership interest in the property that is the subject of the real estate transaction held directly or indirectly by the licensee, an immediate member of the licensee's family, the licensee's firm, or a member of the licensee's firm."

Elisa agreed to list Simone's house for sale. After the listing contract was signed, Simone lost her job, and her father, George, offered to help Simone by paying Elisa's listing commission. The buyer's agent, Carl, also reduced his commission. Who is Elisa's client?

Simone. The only person that Elisa has signed an agency agreement with is Simone, so Simone is her only client.

Why is it important for a sub-agent to disclose to a buyer that the sub-agent represents the seller's interests?

So the buyer doesn't think the agent represents the buyer's interests. A sub-agent represents the seller's interests in a transaction and must disclose this to the buyer so the buyer understands that the sub-agent is not providing representation.

Which of the following options is something that you would only do for a buyer client and not a buyer customer?

Suggest an earnest money amount based on the practices in your area. Suggesting an earnest money amount is something you'd only do for a buyer client, which means there's an agency agreement in place, but all of the other duties are owed to buyer customers as well as buyer clients.

Marcus listed his property with Home Sweet Home Realty and one of its listing agents, Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following statements about this situation is true?

The agency agreement only terminates if the broker or the principal declares bankruptcy. Bankruptcy of the broker (not the agent) or the principal terminates an agency agreement by force of law.

Under which of the following circumstances would the client and agent most likely mutually agree to terminate a listing?

The agent and client don't agree on the best way to price, maintain, and market the property. When an agent and seller client can't agree on important aspects of selling the property, the relationship will not benefit anyone. Mutual termination is a valid way to terminate the agency agreement.

Through which of these actions is implied agency created?

Through the actions of the parties. Implied agency exists because of the actions and behaviors of the parties.

If this demographic is targeted, a licensee can be fined up to $250,000 on top of other penalties in a DTPA lawsuit. What is the demographic?

The elderly. Targeting the elderly can cost the licensee fines of up to $250,000 on top of the other penalties.

A family of four, with children ages six and nine, is denied the opportunity to view an available unit in housing intended for older persons. Which of the following statements is true?

The federal Fair Housing Act allows an exemption for communities that are designed and operated for older persons. A familial status exemption is available for housing for older persons that meets HUD's requirements.

Which of the following is true of the harm caused to a person relying on false information?

The harm can be physical or monetary. The harm caused to someone relying on false information can be physical or monetary.

If you've shown Suzie three properties, and she decides to put an offer in on one of them but hasn't signed an agency agreement with you, who do you represent?

The seller. Unless Suzie signs an agency agreement, you'll technically represent the seller of whichever property she puts an offer on.

According to the 2011 amendment to the DTPA, real estate licensees are still fully liable in which of the following situations?

They intended to deceive or commit fraud. The 2011 amendment to the DTPA exempts licensees from liability for innocent omissions, or for providing advice, guidance, or opinion unless they intended to deceive or commit fraud. It does not exempt licensees from misrepresentation, failure to disclose, or unconscionable (dishonest) acts.

Which of the following is true of professional codes of ethics?

They're broad, but they can't possibly cover every ethics-related situation. Professional codes of ethics provide broad guidelines for behavior, but can't cover every situation. They do apply to the actions of individuals and are usually stated so that interpretation isn't required.

Which of the following best describes the purpose of a buyer agency agreement?

To identify the terms of the buyer agent/buyer agency relationship. The buyer agency agreement identifies the terms of the buyer agent/buyer agency relationship.

Which of the following factors helps the IRS determine whether a licensee is classified as an employee or an independent contractor?

Whether the licensee receives benefits from the brokerage firm. The IRS considers a number of factors when determining whether a licensee should be classified as an employee or an independent contractor, including whether the licensee receives benefits from the firm.


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