Final answer:
The in-state licensed broker must supervise and take full responsibility for an out of state broker's actions in a cooperative real estate or securities agreement.
Step-by-step explanation:
The appraisal or sell in a cooperative agreement with an out of state broker must be handled under the direct supervision of the in-state licensed broker who shall take full responsibility for all actions of the out of state broker.
In the context of real estate and securities, it's important that the in-state broker complies with state laws and regulations that regulate and supervise the sale of properties or securities and the professionals involved in these transactions. As these regulations can vary by state, the in-state broker serves as a guarantor of compliance for any activities carried out by their out of state counterparts.