Ostensible partnership

Question 1

What is an ostensible partnership (or quasi partnership)?

Answer 1

It is not registered and is fraudulent and deceitful in public is led to believe the brokers are working as partners when they are not

Question 2

In an ostensible partnership, who is held liable?

Answer 2

Partners may be held liable for each other’s debts and torts

Question 3

What is a potential consequence of an ostensible partnership?

Answer 3

Licensees may be subject to license suspension

Question 4

What are the requirements for office signs for brokers doing business separately in the same office building? (Name 2)

Answer 4

• Each one must have their own office sign
• Each brokerage must be set up so that it’s clear that they are separate businesses