Carlos holds a Colorado Independent Broker license and has been practicing solo for three years. He decides he wants to hire two Broker Associates to expand his business. Under Colorado law, what must Carlos do before he can legally supervise these Broker Associates?
Correct Answer
B) Carlos must convert his Independent Broker license to an Employing Broker license before he can legally employ or supervise Broker Associates
Under C.R.S. § 12-10-201 et seq., an Independent Broker license authorizes solo practice without supervision by another broker, but it does not authorize the licensee to employ or supervise other Broker Associates. To hire and supervise Broker Associates, Carlos must change his license category to Employing Broker. The distinction between Independent Broker and Employing Broker is precisely about whether the licensee supervises others.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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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