Kevin is a licensed Colorado Broker Associate working under Employing Broker Linda. Kevin decides to leave Linda's brokerage and start his own firm where he plans to hire two other Broker Associates. What must Kevin do to legally operate this new brokerage and supervise other licensees?
Correct Answer
A) Kevin must upgrade his license to an Employing Broker license and meet all applicable requirements before supervising other licensees
Under C.R.S. § 12-10-201 et seq., only an Employing Broker may supervise other Broker Associates and operate a brokerage that employs licensees. Kevin's current Broker Associate license does not authorize him to supervise other licensees. He must meet the applicable experience and education requirements and upgrade to an Employing Broker license before legally opening a firm and hiring Broker Associates.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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