The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up

A classified balance sheet _______________:

A) Shows only current assets and current liabilities. B) Shows changes in assets, liabilities, revenues and expenses. C) Contains confidential information. D) Shows subtotals for current assets and current liabilities.

A salesperson obtains a listing contract on behalf of the salesperson's sponsoring broker. When a prospective buyer asks to look at the property, the salesperson must provide the prospect with the TREC Information About Brokerage Services form, or another statutorily acceptable version, and

A) show them the property without making any disclosures about the salesperson's relationship with the seller because such disclosure would be a violation of the salesperson's fiduciary duties. B) tell them that they must first enter into a buyer representation agreement with another license holder sponsored by the broker. C) inform them in writing that the salesperson represents the seller's interests. D) inform them orally or in writing that the salesperson and salesperson's broker represent the seller's interests.