Final answer:
The correct answer is B. Associate broker, which refers to a person who is qualified to be a broker but works under another broker and can perform similar functions without holding the same level of firm responsibility.
Step-by-step explanation:
The correct answer to the question is B. Associate broker. An associate broker is an individual who is qualified to be a real estate broker but chooses to work under the management of another broker. This arrangement allows an associate broker to engage in the same activities as the managing broker, such as listing and selling property, but they do not hold the same level of responsibility or ownership over the brokerage firm. They are essentially agents with a broker's license.
Options A, C, and D refer to different roles or concepts within the real estate industry. An agent-in-charge is responsible for supervising the actions of agents at a particular office. A principal broker is the main broker who oversees all agents and associate brokers within a firm.
A dual agent is an agent that represents both the buyer and seller in the same transaction, which often requires full disclosure and consent from both parties because of the potential conflict of interest.