TEXAS REAL ESTATE: EMPLOYMENT ISSUES

Who pays a real estate salesperson their commission for a transaction...? A The salesperson's sponsoring broker B The seller C The buyer D Any of the above

A The salesperson's sponsoring broker

Which of the following parties may be eligible to receive a referral fee for referring a client to broker...? A real estate salesperson An unlicensed friend A family member Anyone can receive a referral fee

A real estate salesperson

Which of the following sections are included in an independent contract agreement...? Exclusive Association Associate's Authority Advertising All of the above

All of the above

The Employer's Supplemental Tax Guide helps a broker distinguish between an employee and a/an...? Partner Consultant Independent contractor Client

Independent contractor

The employer of a broker is known as the...? Customer Principal Partner Consultant

Principal

A real estate salesperson may directly receive compensation from which of the following parties...? Their sponsoring broker The seller The buyer Any of the above

Their sponsoring broker

What is the standard term of an independent contractor agreement...? 12 months 24 months 36 months There is no standard term

There is no standard term

Alex is a real estate salesperson who recently signed a buyer representation agreement with a buyer; however, Alex decided to leave his broker for a new broker. Who owns Alex's buyer representation agreement...? A Alex's original sponsoring broker B Alex's new sponsoring broker C Alex only D Alex and his new sponsoring broker

A Alex's original sponsoring broker

A real estate salesperson operates as a/an...? A Independent contractor B Employer C Consultant D Customer

A Independent contractor

An unlicensed individual may receive which of the following for referring a client to a broker...? A commission A 1% referral fee A gift card All of the above

A gift card

Independent Contractor

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.

According to the independent contractor agreement, the real estate salesperson is referred to as the...? Client Associate Partner Principal

Associate

James entered into an independent contractor agreement with City Realty. Which party may terminate the agreement...? City Realty only James only Either James or City Realty Neither James or City Realty

Either James or City Realty

If a broker requires his/her agents to attend weekly training sessions, the IRS may classify the agents as...? Employees Independent contractors Partners Consultants

Employees

Which of the following may a broker use to help distinguish between an employee and an independent contractor...? TREC Tax Guide Employer's Supplemental Tax Guide NAR Tax Guide Texas Broker's Tax Guide

Employer's Supplemental Tax Guide

Principal

The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.

Which of the following must be satisfied in order for an agent to receive a commission from a transaction...? A The agent must have held a valid real estate license prior to the start of the transaction B The transaction must close C The seller must receive a profit from the transaction, which can be used to pay the broker commission D All of the above

A The agent must have held a valid real estate license prior to the start of the transaction

According to the Independent Contractor Agreement For Sales Associate, how often is a salesperson required to be present in the broker's office...? A The salesperson is not required to be present in the broker's office B40 hours a week minimum C10 hours a week minimum D20 hours a week minimum

A The salesperson is not required to be present in the broker's office

Listing Contract

A contract in which a property owner employs a real estate broker to market the property described in the contract.

A personal assistant serves as a/an ..........to their broker? Partner Employee Independent contractor Consultant

Employee

A listing agreement is signed between a seller and a real estate salesperson...? T (True) F (False)

F (False)

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is known as a/an...? Employee Partner Independent contractor Client

Independent contractor

A property management agreement is signed between a broker and a/an...? Seller Buyer Landlord Tenant

Landlord

A personal assistant to a broker may perform which of the following acts...? Negotiate on the principal's behalf Sign a listing agreement on the broker's behalf Host an open house None of the above

None of the above

Who is responsible for paying the taxes on any commissions earned by a real estate salesperson...? The real estate salesperson The salesperson's sponsoring broker The salesperson's financial advisor The salesperson does not have to pay taxes

The real estate salesperson

Who owns any listing contracts secured by a real estate salesperson...? The real estate salesperson The seller The sponsoring broker Both the real estate salesperson and the broker

The sponsoring broker

An independent contractor agreement is signed between a real estate salesperson and...? Their sponsoring broker Their client Their customer Their principal

Their sponsoring broker