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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This note was uploaded on 02/02/2012 for the course BTE 231 taught by Professor Thomasgoodwin during the Fall '10 term at Miami University.

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