Maine Real Estate License()Questions & Answers 100% Correct!!

Who is an employer responsible for directing a(n) as to both what is to be done and how it is to be done? - ANSWEREmployee Real estate licensees almost always sign an Independent Contractor Agreement with their company they are called what? - ANSWERIndependent Contractors Every real estate brokerage adopts this document that identifies and describes the types of real estate brokerage relationships in which the broker and affiliated licensees may engage? - ANSWERWritten Company Policy Is a written company policy a requirement in Maine? - ANSWERYes License laws and rules apply to ALL licensees within the state, whereas the NAR _______ applies only to those who join the REALTOR® organization. - ANSWERCode of Ethics Each market has a system whereby each company can promote its listed properties to other companies who may have a buyer for its properties. The purpose of these __________ is to facilitate the bringing together of sellers and buyers in a market. - ANSWERMultiple Listing Services (MLS) If you choose to become affiliated with a broker who is a member of a franchise, you will probably be expected to __________ for that membership that is often in addition to the standard fees brokerages in your area charge licensees. - ANSWERPay A Fee A __________ is someone who owns an unincorporated business by himself or herself, and is personally liable for the debts of the business. - ANSWERSole Proprietor The legal structure of a(n) __________ provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. All profits and losses are "passed through" the business to each member. - ANSWERLLC When a __________ partnership is formed, there are one or more general partners who accept personal liability for the partnership and the other partners are limited partners. Limited partners are NOT personally responsible for the debts unless they participate in management of the partnership. - ANSWERLimited A __________ is a business entity that is perpetual and survives the lives of any of its shareholders. A Board of Directors manages the business and Officers are responsible for it daily operations. Shareholders who are not involved in the daily operations simply own stock shares are not personally responsible. - ANSWERCorporation Y