Final answer:
The correct answer to the question is option b. sole proprietorship, which is a business owned and operated by one individual where the owner is responsible for all decisions and liabilities.
Step-by-step explanation:
A form of real estate brokerage ownership characterized by an office run by one owner solely responsible for all decisions and liabilities, as well as being entitled to all profits, is known as a sole proprietorship. This means that the real estate office is owned and operated by one individual, and it is not a separate legal entity from the owner. Therefore, the correct answer to the student's question is option b. sole proprietorship. Other forms of business ownership include partnerships and corporations. In the context of private companies, when a business is run by a group of individuals, it is known as a partnership. On the other hand, a private company that decides to sell stock is termed a public company, and it is owned by shareholders who elect a board of directors to oversee the company's management.