Title: Describe the structure of a real estate business.
Course: Real Estate (12154) > Section: Understanding Entrepreneurship in Real Estate

Description should include

- sole proprietorship
- limited liability corporation
- corporation
- partnership.

Description also should include different types of ownership and the advantages and disadvantages of each.

DPOR correlations: 18VAC135-20-400. 15 (Brokerage and agency contract responsibilities); 18VAC135-20-400. 16 (Real estate marketing)

Process/Skill Questions:

- What are the ways a person can own a real estate business?
- What type of business ownership is the most risky? Why?
- What are the different forms a real estate business can take?
- Does an agent have to own a real estate company? Explain.
- What other businesses might someone with a real estate background go into?
- Is there a need to protect oneself from vested interest and conflict of interests? Explain.