Rockwell: Washington Real Estate
Practices with Certified Solutions
Managing Broker
Person who performs real estate brokerage services on behalf of a real estate firm, under the
supervision of a designated broker.
I
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Rockwell: Washington Real Estate
Practices with Certified Solutions
Managing Broker
Person who performs real estate brokerage services on behalf of a real estate firm, under the
supervision of a designated broker.
Is a managing broker allowed to supervise other licensees?
Only with authorization from the designated broker.
What are the requirements to be a managing broker?
Licensed as a broker for 3 of the last 5 years.
Takes additional courses.
Takes managing broker exam.
Does every branch need to have a designated broker?
No. They do a branch manager who will be supervised by the designated broker.
What license must a branch manager have?
A managing broker's license because they will be supervising other licensees.
What are the three characteristics of real estate agents as independent contractors (that is
recognized by the IRS)?
You set your own hours.
You're paid by commission.
You only get worker's compensation insurance.
What are the 4 planning items you must have before starting your real estate business?
Business plan.
Budget.
Cash reserves plan.
Start-up expenses.
Agent
A person who acts or does business for another.
Principal
The person that an agent is authorized to represent.
AKA Client.
Client
The person that the agent is authorized to represent.
AKA Principal.
Customer
The third party with whom the principal goes into business with.
Non-agency
The licensee does not represent either party in the transaction.
When a licensee is not performing the minimum services required under an exclusive brokerage
agreement, and is, therefore, not acting as the consumer's agent.
What law set forward agent responsibilities?
Real Estate Brokerage Relationships A
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