Chapter 9 Independent Contractor Agreement Flashcards

Chapter 9 Independent Contractor Agreement Flashcards Which of the following parties may be eligible to receive a referral fee for referring a client to broker?A real estate salespersonAn unlicensed friendA family memberAnyone can receive a referral feeAn unlicensed individual may receive which of the following for referring a client to a broker?A commissionA 1% referral feeA gift card According to the Independent Contractor Agreement For Sales Associate, how often is a salesperson required to be present in the broker's office?AThe salesperson is not required to be present in the broker's officeB40 hours a week minimumC10 hours a week minimumD20 hours a week minimumCorrect Answer:AYour Answer:AYour answer is correctWhich of the following parties may serve as the principal in a transaction?AAll of the

aboveBSellerCBuyerDLandlordCorrect Answer:AYour

Answer:AYour answer is correctWhich of the following

must be satisfied in order for an agent to receive a commission from a transaction?AThe agent must have held a valid real estate license prior to the start of the transactionBThe transaction must closeCThe seller must receive a profit from the transaction, which can be used to pay the broker commissionDAll of the aboveCorrect Answer:AYour Answer:DYour answer is incorrect. Please refer back to Lesson 9.4 Employment Relationship Between Broker and PrincipalsMatthew signed an independent contractor agreement with his broker. What is the standard term used in the agreement?AThere is no standard termB12 monthsC24 monthsD36 monthsCorrect Answer:AYour Answer:AYour answer is correctWhich of the following parties must sign the Independent Contractor Agreement For Sales Associate form?ABoth the broker and agent The employer of a broker is known as the?CustomerPrincipalPartnerConsultantA listing agreement is signed between a seller and a real estate salesperson?T (True)F (False)A property management agreement is signed between a broker and a/an?SellerBuyerLandlordTenantWho is responsible for paying the taxes on any commissions earned by a real estate salesperson?The real estate salesperson A personal assistant serves as a/an .to their broker?PartnerEmployeeIndependent contractorConsultantA personal assistant to a broker may perform which of the following acts?Negotiate on the principal's behalfSign a listing agreement on the broker's behalfHost an open house According to the Independent Contractor Agreement For Sales Associate, the salesperson is a member of which associations?ATexas Association of RealtorsBTexas Bureau of Real EstateCTexas Institute of RealtorsDAll of the aboveCorrect Answer:AYour Answer:AYour answer is correctA real estate salesperson must obtain which of the following to cancel or terminate a brokerage service

agreement?AWritten permission from the brokerBOral permission from the brokerCA real estate salesperson can never terminate a brokerage service agreementDA real estate salesperson does not need anything to terminate a

brokerage service agreementCorrect Answer:AYour

Answer:DYour answer is incorrect. Please refer back to

Lesson 9.2.2 Independent Contractor AgreementWhich of the following parties may serve as the principal in a transaction?AAll of the

aboveBSellerCBuyerDLandlordCorrect Answer:AYour

Answer:AYour answer is correctWhich of the following

must be satisfied in order for an agent to receive a commission from a transaction?AThe agent must have held a valid real estate license prior to the start of the transactionBThe transaction must closeCThe seller must receive a profit from the transaction, which can be used to pay the broker commissionDAll of the aboveCorrect Answer:AYour Answer:AYour answer is correctMatthew signed an independent contractor agreement with his broker. What is the standard term used in the agreement?AThere 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?AAlex's original sponsoring brokerBAlex's new sponsoring brokerCAlex onlyDAlex and his new sponsoring brokerCorrect Answer:AYour Answer:AYour answer is

correctA real estate salesperson must obtain which of the following to cancel or terminate a brokerage service agreement?AWritten permission from the brokerBOral permission from the brokerCA real estate salesperson can never terminate a brokerage service agreementDA real estate salesperson does not need anything to terminate a

brokerage service agreementCorrect Answer:AYour

Answer:AYour answer is correctWhich of the following

must be satisfied in order for an agent to receive a commission from a transaction?AThe agent must have held a valid real estate license prior to the start of the transactionBThe transaction must closeCThe seller must receive a profit from the transaction, which can be used to pay the broker commissionDAll of the aboveCorrect Answer:AYour Answer:AYour answer is correctWho pays a real estate salesperson their commission for a transaction?AThe salesperson's sponsoring brokerBThe

sellerCThe buyerDAny of the aboveCorrect Answer:AYour

Answer:AYour answer is correctMatthew signed an

independent contractor agreement with his broker. What is the standard term used in the agreement?AThere is no standard term Which of the following may a broker use to help distinguish between an employee and an independent contractor?TREC Tax GuideEmployer's Supplemental Tax GuideNAR Tax GuideTexas Broker's Tax GuideA real estate salesperson may directly receive compensation from which of the following parties?Their sponsoring brokerThe sellerThe buyerAny of the aboveIf a broker requires his/her agents to attend weekly training sessions, the IRS may classify the agents as?EmployeesIndependent contractorsPartnersConsultantsThe Employer's Supplemental Tax Guide helps a broker distinguish between an employee and a/an?PartnerConsultantIndependent contractor Principal- The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.Listing Contract- A contract in which a property owner employs a real estate broker to market the property described in the contract.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.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?EmployeePartnerIndependent contractorClientAn independent contractor agreement is signed between a real estate salesperson and?Their sponsoring brokerTheir clientTheir customerTheir principalWhich of the following sections are included in an independent contract agreement?Exclusive AssociationAssociate's AuthorityAdvertisingAll of the aboveAccording to the

independent contractor agreement, the real estate salesperson is referred to as the?ClientAssociatePartnerPrincipalWhat is the standard term of an independent contractor agreement?12 months24 months36 monthsThere is no standard termWho owns any listing contracts secured by a real estate salesperson?The real estate salespersonThe sellerThe sponsoring brokerBoth the real estate salesperson and the brokerJames entered into an independent contractor agreement with City Realty. Which party may terminate the agreement?City Realty onlyJames onlyEither James or City Realty