Michigan Salesperson's Exam || with A+ Guaranteed Solutions.

License Fee correct answers -$88.00 to obtain a three year license Continuing Education correct 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 correct 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 correct answers -only issued to a person -must meet same requirements as broker -able to start a company Principal Associate Broker correct 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 correct 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 correct 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 correct answers -pays own income tax -files a 1099 tax form, -sets own hours Employee correct answers -broker withholds tax and pays social security -employee files a W-2 Sole Proprieter correct 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 correct answers -broker's license issued to legal entity -must have at least one principal associate broker to run and create partnership