Tennessee Realtor State Practice Exam

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Prepare for the Tennessee Realtor State Exam with questions and explanations designed to help you succeed. Master the principles and regulations of real estate in Tennessee. Ace your exam with confidence!

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What will Merrill's compensation as an affiliate broker depend on?

Sales volume only
His independent contractor agreement with his broker
The number of listings he has
The commission split with his brokering company

The correct answer is: His independent contractor agreement with his broker

Merrill's compensation as an affiliate broker is primarily determined by the terms outlined in his independent contractor agreement with his broker. This agreement specifies the conditions under which he will be compensated, which may include the commission structure, responsibilities, and performance expectations. While factors like sales volume and commission splits may influence actual earnings, the base structure and agreements regarding compensation are fundamentally established in the independent contractor agreement. This includes specifics such as commission percentages, bonuses for achieving certain milestones, and how expenses are handled. Hence, understanding the nuances of this agreement is crucial for affiliate brokers to comprehend their potential earnings and obligations clearly.