Real Estate Brokers Exam (2023) | All Questions & Answers (Graded A+)

Real Estate Brokers Exam (2023) | All Questions & Answers (Graded A+) Real Estate Brokers Exam (2023) | All Questions & Answers (Graded A+) Which of these guidelines is not part of the IRS safe harbor test? Income must be based on sales input. Contractors must have access to workers compensation benefits. The contractor must be licensed as a real estate salesperson or broker. There must be a written contract in place. - ANSWER - Contractors must have access to workers compensation benefits. Which of the following must be included in an employment agreement? Duty Assignment and Compensation Management Structure and Benefits Health Insurance and Expense Reporting Travel Expenses and Sick Leave Policy - ANSWER - Duty Assignment and Compensation Which of the following must a broker legally provide to an employee? A pension plan Unemployment insurance Health insurance Sales commissions - ANSWER - Unemployment insurance What can a broker require of his independent contractors? They must work at the office. They must receive a salary. They must attend weekly sales meetings. They must sign a written agreement. - ANSWER - They must sign a written agreement. For an independent contractor, how is the issue of withholding tax dealt with by the broker? The broker withholds tax monies. The broker pays all withholding tax monies. The broker does not withhold tax monies. Independent contractors do not have to pay taxes. - ANSWER - The broker does not withhold tax monies. Broker associate Amy may receive compensation directly from any Florida licensee. client. any Florida broker or broker associate. only her employing broker. - ANSWER - only her employing broker. Which of these statements about an independent contractor is true? He or she gets a regular salary with bonuses. He or she is reimbursed for all business expenses. He or she is paid commission on all sales. He or she will get three weeks of paid vacation every year. - ANSWER - He or she is paid commission on all sales. In an IRS audit, which of the following situations would cause the IRS to think that a contractor might really be an employee? The license attends sales meetings. The licensee gets a commission. The licensee takes unpaid sick days. The licensee receives an hourly wage. - ANSWER - The licensee receives an hourly wage. Sales associate Chris joined a brokerage as an independent contractor. Which of these will he probably have to pay for on his own? Health insurance Listing ads For Sale signs Contract forms - ANSWER - Health insurance In this type of program, an agent may start out at a lower percentage rate and then graduates to a higher rate as his or her production increases. Advancement payment plan Step plan Graduated payment plan Progressive plan - ANSWER - Graduated payment plan 1 of 10 - Kevin is an unlicensed assistant at Seven Suns Realty that is paided an hourly wage of $12.50. Kevin's boss asked him to work 3 hours of overtime today. What is the minimum amount he can make per hour while working overtime according to Florida law? $12.50 per hour $18.75 per hour $8.33 per hour $25.00 per hour - ANSWER - $18.75 per hour