Unit 9: The Roles & Responsibilities of Brokerage Firm

Question 1

Who owns and is responsible for all contracts including listings and purchase contracts?

Answer 1

The broker and brokerage firm

Question 2

T/F The salesperson is responsible for training and supervising all salespersons and creating a written office policy.

Answer 2

False. The BROKER is responsible for training and supervising all salespersons and creating a written office policy.

Question 3

T/F The salesperson owes duties to both the client and the broker.

Answer 3

True

Question 4

A salesperson can either be an employee of the brokerage firm or an independent contractor. In this case, who must pay their own taxes?

Answer 4

The independent contractor. If an employee, the brokerage must withhold taxes.

Question 5

T/F An independent contractor can set their own work hours.

Answer 5

True