Title: Identify ways in which business organizations can hold ownership.
Course: Real Estate (12154) > Section: Understanding Entrepreneurship in Real Estate

Identification should include

- partnerships
- corporations (various types)
- sole proprietorships.

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

Process/Skill Questions:

- What are the advantages and disadvantages of a sole proprietorship of a real estate business?
- What are the advantages and disadvantages of a partnership in a real estate business?
- What are the advantages and disadvantages of a corporation in a real estate business?
- What is a limited-liability company (LLC) type of ownership, and what is its advantage?
- What is a corporation?
- Why would an individual choose to become a sole proprietor?
- What are the tax implications of each organization model?
- What is the most common form of organization for realtors in Virginia? Why?