Question

The statutory requirement for becoming a broker is:

(a) Post $1,000 bond.
(b) Be a member of the Board of Realtors.
(c) Have three years' full-time experience as a real estate licensee or its equivalent. (d) Have five years' experience as a real estate salesagent.

Answer 1

The statutory requirement for becoming a real estate broker often includes having a specified amount of experience as a real estate licensee, which is usually around three years, but other requirements such as posting a bond or being a Board of Realtors member can vary by jurisdiction. Option C is correct answer.

Step-by-step explanation:

The statutory requirement for becoming a broker can vary by jurisdiction, but generally includes certain educational, experience, and ethical standards. Option (c), having three years' full-time experience as a real estate licensee or its equivalent, is often a common requirement.

It's important to note that a post $1,000 bond might be necessary for financial accountability, and while membership in a Board of Realtors may be beneficial for networking and access to Multiple Listing Services (MLS), it is usually not a statutory requirement. However, requirements can vary significantly by state or country, and always the specific regulations of the local licensing authority should be consulted for the most accurate information.