State Licensing Laws Generally Prescribe Two Levels of Real Estate

question 32

Multiple Choice

State licensing laws generally prescribe two levels of real estate brokerage licensing: the broker license and the salesperson license. Which of the following responsibilities is an individual with a salesperson license permitted to do?

• A) Own and operate a real estate brokerage business
• B) Handle money in trust for clients
• C) Negotiate listing contracts or contracts for sale
• D) Complete legal documents used in sales and leases in their own name

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Definitions:

Companies

Entities engaged in commercial, industrial, or professional activities with the goal of generating profits.

Line of Credit

A flexible loan from a bank or financial institution that allows a borrower to draw funds up to a specified limit at any time, with interest typically charged only on the amount drawn.

Specific Length

A term that might refer to the fixed duration or measure of something, but without more context, its application is too broad to define precisely here.

JIT Systems

Just-In-Time systems refer to an inventory management strategy aimed at increasing efficiency and reducing waste by receiving goods only as they are needed in the production process.