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How to Organize a Real Estate Business

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Jim goes into business by himself after receiving his real estate sales agent license. What type of business structure does he have by default?

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1. What is the advantage of being a limited partner in a limited partnership?

2. Which of the following business structures does not grant limited liability protections to the owners?

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About This Quiz & Worksheet

Individuals interested in starting real estate business have several options for how they structure the business. The quiz covers options for setting up a real estate business as well as advantages and key facts related to common organizational structures.

Quiz & Worksheet Goals

You will be tested on:

  • A business structure used by real estate agents
  • Benefits of a limited partnership
  • Business structures that offer limited liability protection
  • Characteristics of S corporations
  • A unique characteristic of limited liability companies

Skills Practiced

  • Information recall - consult the knowledge you've gained about S corporations
  • Knowledge application - utilize your understanding to point out an advantage of being in a limited partnership
  • Interpreting information - ensure that you can read information about how real estate agents organize their businesses and interpret it correctly

Additional Learning

Gain a more thorough understanding of this topic by reviewing the lesson called How to Organize a Real Estate Business. The lesson is centered on the following objectives:

  • Describe joint and several liability
  • Explain how a C corporation differs from an S corporation
  • Name the most recently created type of business structure
  • Give details about how each type of business structure is taxed
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