A real estate salesperson employed as an independent contractor:
a. passes no liability for their actions on to their employing broker.
b. does not need to be supervised by the broker.
c. needs to pay income taxes and social security taxes.
d. is not eligible for workers' compensation insurance coverage.
Answer: c. needs to pay income taxes and social security taxes.
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The approved Residential Contract to Buy and Sell Real Estate calls for general property taxes to be prorated between the
a. seller and buyer as indicated by checking the appropriate box b. seller and broker on the taxes for the preceding calendar year c. seller and buyer based on the assessed value and mill levy d. seller and buyer based on the taxes for the preceding calendar year
Responsibility for ethical financial reporting rests solely with the accountant
Indicate whether the statement is true or false