David is a licensed Colorado Broker Associate who has met all experience and education requirements to upgrade his license. He wants to open a one-person brokerage where he will practice real estate alone, with no employees or supervised licensees, and he will manage all his own transactions. Which license category should David apply for, and why?
Correct Answer
B) Independent Broker, because this category is designed for qualified brokers who practice without supervising other licensees
Under C.R.S. § 12-10-201 et seq., the Independent Broker license is specifically designed for qualified brokers who wish to practice real estate independently — operating their own business without supervising other licensees. Since David plans to run a one-person brokerage with no Broker Associates, the Independent Broker license is the appropriate and correct category. He does not need an Employing Broker license because he will not be supervising anyone.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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