Assignment.mp3 Lyrics

a__ignment Welcome to the a__ignment segment of the course.

Click your mouse inside the text box and then type in your answer. The "Solution" b___on will appear. When you have finished, click on the "Solution" b___on to compare your response to the model answer.

#1.
ABC Realty Inc. offers both employee and independent contractor status. Briefly outline your preference and support your opinions based on the two employment agreements reviewed in Module 1: Independent Contractor Salesperson's Contract and Broker-Salesperson Employment Agreement.
In support of your preference, make certain that the answer includes a brief summary of important differences between the two agreements.

Answers will vary depending on the point of view and preferences of different individuals. The decision regarding in dependent contractor versus employee status normally revolves around several issues; e.g., degree of supervision, willingness to a__ume additional responsibilities for career management (e.g., bookkeeping, tracking of expenses, taxation, etc.), ability to make independent business decisions and accept greater liability, and in most instances pay greater expenses in expectation of higher commission income.
In support of individual preferences, the question also requires that major differences be identified between the two types of agreements. For example, for the issue of greater independence, the employment agreement specifically provides for the broker to advise, counsel, instruct, and a__ist the salesperson. The independent contractor agreement does not have a similar wording. Various other differences may be identified in completing Task 1. Following are selected examples:
The Employment Agreement states the salesperson is an employee. The Independent Contractor Agreement states the salesperson is self-employed.
In the employment agreement, the broker will remit fees and tax on behalf of the salesperson. This provision is not in the independent contractor agreement.
In the employment agreement, the broker agrees to pay the commission due to the salesperson. In the independent contractor agreement, the parties agree that the commission belongs to the salesperson.
The independent contractor agreement requires that the salesperson maintain registration regarding goods and services tax. No such provision is included in the employee agreement.
Termination provisions are different. The independent contractor agreement provides for 24 hour notice while the employment agreement is pursuant to the Employment Standards Act.

#2.
All salespersons at ABC Realty Inc. are compensated on a 60/40 split (40% to the brokerage), and the commission allocation between listing and selling portions is 50/50. If you were the listing salesperson on each of the following properties and each was sold by another salesperson within the brokerage, calculate the total commission due to you and the net to the brokerage for the listing portion of the commission.
Click here to open the commission charts in a new window. From there, you may print a copy or two to fill out with your answers.

Property|Listing Gross To Brokerage|Salesperson Share|Listing Net To
Brokerage
1381 Main $4,737.50 $2,842.50 $1,895.00
311 Maple $8,385.00 $5,031.00 $3,354.00
9 West Ridge $10,917.50 $6,550.50 $4,367.00

You arrive at ABC Realty Inc. for the first of two scheduled interviews with Broker/Owner Johnson. While waiting in the reception area, Wagner starts up a friendly conversation. Apparently, he has just finished the interview process. While attempting to be helpful, he may be somewhat misinformed about various aspects of a new real estate career. Read what he has to say; identify and correct any errors or points of confusion in the box below.
"Hi! I'm starting Phase 1 and can't wait to get my registration as a salesperson. I want to work with ABC Realty Inc. because Johnson is a great guy and really in control. He's the sole proprietor, you know!
My biggest problem will probably be the examinations; you have to get 70% or better to pass. Fortunately, once I'm done Phases 1, 2, and 3, there are no more exams.
When I start selling, I want to specialize in condominiums. I'll have to get a special license. I like condominium sales because you are simply selling "units." You don't have to worry about anything else.
ABC Realty Inc. is a member of the Anycity Real Estate Board. I want to be an affiliate member ofthe board and then I may decide to join OREA and CREA as well. Apparently, if you are in organized real estate, you can voluntarily agree to follow the CREA Code of Ethics.
Well, I've got to go. Best success in your endeavours. See you after we both pass Phase 2 and get registered."

Broker/owner Johnson is not a sole proprietor. He is a director and officer of ABC Realty Inc. and the brokerage is a corporation.
The pass mark for Phases 1 2 and 3 is 75%. Wagner will also have to complete three mandatory courses during the first two years of registration.
No specialty license exists for condominium. Practitioners are expected to complete appropriate courses and gain specialized knowledge to be well informed and provide professional services to customers and clients.
Buyers and sellers are involved with much more than the unit in a condominium sale. For example, the unit owner has an undivided interest in the common elements and is responsible for a proportionate share of expenses for the common elements and may own parking s___es and/or lockers. Further, condominium sales can be complex, owing to various documentation that affects the ownership, e.g., declaration, bylaws, and rules/regulations.
Wagner, as a registered salesperson, does not qualify to be an affiliate member as described in the encyclopedia. See Type of Membership under REAL ESTATE BOARD.
Members of a real estate board also automatically become members of both OREA and CREA. All members of organized real estate agree to abide by the Code of Ethics. It is not a voluntary issue, but rather a mandatory requirement.
Registration is only granted after completing Phase 3 and then, only upon meeting all registration requirements. See REAL ESTATE ACT/REGULATIONS in the encyclopedia.