Which characteristic describes general partnership

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Reference no: EM132199323

1. Which characteristic describes a general partnership?

A) The IRS requires that there be at least one partner who has limited liability and no say in the operation of the partnership.

B) Not more than 25% of gross income can come from passive activity.

C) Liability incurred by the partnership becomes a partnership liability only, not a liability of the individual owners.

D) The partnership files an information return reporting the income attributable to each partner with the IRS.

2. Which type brokerage relationship is illegal in Florida?

A) designated sales associate.

B) dual agency.

C) transaction brokerage.

D) single agency.

3. The law presumes that licensees are

A) dual agents.

B) transaction brokers.

C) single agents.

D) designated sales associates.

4. A real estate office has 19 sales associates. The annual expenses for the company are $324,000. What is the broker's desk cost?

A) $6,156,000

B) $19,324

C) $24,509

D) $17,053

5. A sales associate probably works in a decentralized organization if he makes the following statement: "My company has

A) several departments, but each department head's authority is strictly limited by top management."

B) several departments that report directly to the president, with department heads directing their group's activities, operating almost as individual entities."

C) several departments reporting to middle managers, who in turn report to the president."

D) no departments because the broker seems to do everything."

Reference no: EM132199323

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