NYREI Chapter 1 + Chapter 1A Exam Questions and Answers

NYREI Chapter 1 + Chapter 1A Exam Questions and Answers independent contractor - CORRECT ️️ Independent contractor must pay his own expenses. · According to IRS code section 3508[A, B], real estate agents are statutory nonemployees and are therefore independent contractors. The code also states that there must be a written contract between the broker and the sales associate, also reviewed every 12-15 months · All records must be kept for 3 years · If sales associate not deemed independent then they will not be able to file "SCHEDULE C' of the federal return · The Independent Contractor Relationship Ø Salespersons are free to engage in outside employment Ø Either party may terminate the relationship at any time employee - CORRECT ️️ trade or profession of worker is holding employee status statutory employee - CORRECT ️️ the work, trade, or profession of worker is as legal statutes hold employee status