Choose the One Most Appropriate Answer for Each

question 57

Multiple Choice

Choose the one most appropriate answer for each.
-membership designation for salespersons and broker licensees working for REALTORS®

• A)broker
• B)continuing education
• C)employment contract
• D)fictitious business name
• E)franchisee
• F)independent contractor
• G)licensee
• H)nonresident license
• I)notice of consent
• J)principal broker
• K)real estate commission
• L)real estate salesperson
• M)REALTOR®
• N)REALTOR-Associate®
• O)realty board
• P)recovery fund
• Q)revoke
• R)sales associate
• S)securities license
• T)suspend

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Definitions:

Accrual Basis

This accounting method records income and expenses when they are earned or incurred, regardless of when cash transactions occur.

Cash Basis

An accounting method where revenues and expenses are recorded when cash is received or paid, respectively.

External Reporting

The process of providing financial statements and other pertinent information to outside entities, such as investors, creditors, and regulatory agencies.

Profit Margin

A financial metric indicating the percentage of revenue that exceeds the cost of goods sold, showing how much profit a company makes on sales.