MICHIGAN SALESPERSON'S EXAM WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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Course
MICHIGAN SALESPERSON\'S
Institution
MICHIGAN SALESPERSON\'S
License Fee - ACCURATE ANSWERS -$88.00 to obtain a three year license
Continuing Education - ACCURATE ANSWERS -must complete no less than 18 hours of continuing education to renew for 3 yr cycle, with minimum requirement each year
-no less than 2 hrs of legal updates each yeah and 18 hrs total ...
MICHIGAN SALESPERSON'S EXAM
MICHIGAN SALESPERSON'S EXAM WITH GUARANTEED ACCURATE ANSWERS |
VERIFIED
License Fee - ACCURATE ANSWERS✔✔ -$88.00 to obtain a three
year license
Continuing Education - ACCURATE ANSWERS✔✔ -must complete no
less than 18 hours of continuing education to renew for 3 yr cycle, with
minimum requirement each year
-no less than 2 hrs of legal updates each yeah and 18 hrs total over 3
year license
Brokers License - ACCURATE ANSWERS✔✔ -required for purpose of
entering into contract w/ consumers
-can only be issues to one legal entity or one person at a time
,-must have no less than 3 yrs experience and 90 hrs of education, and 6
sales/12 month period
Associate Brokers License - ACCURATE ANSWERS✔✔ -only issued
to a person
-must meet same requirements as broker
-able to start a company
Principal Associate Broker - ACCURATE ANSWERS✔✔ -an owner,
officer, partner, or member of the legal entity ("the broker")
-license is non-transferable
-PAB can have more than one PAB license at same time
Non-Principal Associate Broker - ACCURATE ANSWERS✔✔ -
employed by broker to carry out sales only
-can only be licensed with one broker at a time and the license is
transferable
Salepersons License - ACCURATE ANSWERS✔✔ -must be 18 or
older, 40 hrs of education
-only issues to a person
-everything done in the name and direct supervision of employing
broker
-can only receive compensation from their employing broker
,Independent Contractor - ACCURATE ANSWERS✔✔ -pays own
income tax
-files a 1099 tax form,
-sets own hours
Employee - ACCURATE ANSWERS✔✔ -broker withholds tax and
pays social security
-employee files a W-2
Sole Proprieter - ACCURATE ANSWERS✔✔ -sole ownership, only
time brokers license is personally liable
-issues to one person (could have DBA)
-individual name --> legal name
-assumed name --> "doing business as" name (DBA)
Parternship - ACCURATE ANSWERS✔✔ -broker's license issued to
legal entity
-must have at least one principal associate broker to run and create
partnership
General Partnership - ACCURATE ANSWERS✔✔ -broker is the
partnership, and all parties are general partners
-liability falls 100% on all parties
-all general partners must be licensed as principal associate brokers
, Limited Partnership - ACCURATE ANSWERS✔✔ -one general partner
and one limited partner required
-partnership in the name of the broker (legal entity)
-used for investors
-limited partners should have no license w/ this partnership
-limited partners liability is only the money the invested
Limited Liability Partnership (LLP) - ACCURATE ANSWERS✔✔ -
legal entity is the broker
-partners are called members
-liability of members is based upon their level of participation
-tax benefits based on participation as well
Corporation - ACCURATE ANSWERS✔✔ -treated as separate entity by
law (files own tax return)
-corp. receives the brokerage license
-comprised of officers (active officer must be principal associate broker,
non-active officers need no license)
-provides veil from liability
Limited Liability Company (LLC) - ACCURATE ANSWERS✔✔ -
receives brokers license
-owners are called members
-able to pay taxes as partnership and provides similar protection for its
members
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