Chapter 4 - Employee- follows rules governing such matters...

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Chapter 4: Real Estate Brokerage - Brokerage: the business of bringing the parties together o Mortgage brokers- match lenders with buyers o Stockbrokers- bring together investors and corporations - Real estate broker: a person licensed to buy, sell, exchange, or lease real property for others and to charge a fee for these services - Real estate salesperson: any person licensed to perform real estate activities on behalf of a licensed real estate broker o Broker is fully responsible for actions performed by those working for them o Broker dictates commission, what you can and cannot rent, and other agreements o Salesperson can be independent contractor or employee:
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Unformatted text preview: Employee- follows rules governing such matters as working hours, office routine, attendance at sales meetings, assignment of sales quotas, and adherence to dress codes. Broker required by federal government to withhold SS tax and income tax from wages paid to employees. Most likely receives benefits Independent contractor- while broker might control what the independent contractor does, the broker cannot dictate how to do it Responsible for paying their own SS and income taxes, and receive no benefits They use their own materials and equipment...
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