HI Professional Practices and Conduct

Zandra is helping a tenant negotiate a lease agreement in Hawaii. For which of the following transactions must Zandra provide agency disclosure?

A commercial lease of any duration, and a residential lease of six months or longer

A residential lease of any duration

A residential lease of one year or longer, but not a commercial lease, no matter its duration

A residential or commercial lease of longer than one year

A residential or commercial lease of longer than one year

In which of these situations is a notification to HREC NOT required?

Janna, a licensed salesperson, got married and changed her last name.

Kendra, a licensed broker, was appointed broker-in-charge at her firm.

Oceanside Homes hired two unlicensed transaction coordinators.

Paradise Realty recruited three new salespeople.

Oceanside Homes hired two unlicensed transaction coordinators.

Sara Beth is trying to think of ways to recruit new licensees to the firm. She knows that one of the barriers is in passing the licensing exam. Which of these is NOT a legal solution to this concern?

Sara Beth becomes a licensed instructor and agrees to teach some classes for a local real estate school.

Sara Beth sits for the licensing exam to get a better idea what's on it.

The firm develops a series of practice exams.

The firm offers an exam prep study class.

Sara Beth sits for the licensing exam to get a better idea what's on it.

In which of these situations does a Hawaii licensee have a disclosable ownership interest in the property?

Carson represents both the buyer and the seller in a transactions.

Kennedy is representing his LLC in the purchase of a commercial building.

Rebecca is listing her neighbor's vacation home.

Roger is listing a property that he sold to the current owner eight years ago.

Kennedy is representing his LLC in the purchase of a commercial building

Which of these statements about restoring a Hawaii license that was forfeited due to failure to renew is correct?

Jeannie's license was in forfeiture for less than a year. She's only required to complete the required CE and pay a fee to restore her license.

Mark forfeited his license three years ago. He can restore the license by applying, paying any fees, and completing 30 elective continuing education hours.

Mona's license was forfeited for just over four years. She must pass the licensing exam and fulfill all continuing education requirements to restore her license.

Shalise forfeited her broker's license more than five years ago. She may restore her license by taking the broker's pre-licensing coursework and passing the exam.

Mark forfeited his license three years ago. He can restore the license by applying, paying any fees, and completing 30 elective continuing education hours.

Which of the following must an individual do to be qualified to get a Hawaii broker's license?

Be licensed as a Hawaii salesperson for the previous five years and pass the broker's exam

Be licensed as a Hawaii salesperson for three of the previous five years and pass the broker's exam

Be sponsored by a managing broker and pass the broker's exam

Obtain a licensed or unlicensed assistant

Be licensed as a Hawaii salesperson for three of the previous five years and pass the broker's exam

Which of these activities would a principal broker most likely be required to perform in the proper supervision of associated licensees?

To create a mission statement and core values for the firm

To require associated licensees to be in the office to greet potential clients

To train associated licensees how to generate leads

To train associated licensees on relevant real estate laws and rules

To train associated licensees on relevant real estate laws and rules

Certain exemptions to Hawaii and federal fair housing laws exist. Which of these is most likely to be considered discrimination?

Jeanine refused to rent the basement of a home she doesn't live in to a woman of African descent.

Kevin refused to rent half of a duplex next to a family with three small children.

Kirsten refused to rent half of the duplex she owns and lives in to two male college students.

The Sunny Bay retirement home refused to rent a unit to a high school graduate who will work at the facility.

Jeanine refused to rent the basement of a home she doesn't live in to a woman of African descent.

A broker license applicant needs which of these from the PB or BIC?

Certification of the applicant's tenure as an active, full-time salesperson

Proof of licensure as a salesperson

Reference stating that the applicant is a suitable broker candidate

Verification that transactions were handled with reasonable skill and care

Certification of the applicant's tenure as an active, full-time salesperson

In Hawaii, which of these is an example of conversion?

A broker accepts an earnest money check from a buyer.

A broker deposits an earnest money check from a buyer into a trust account.

A broker mixes trust funds with his own money.

A broker uses client trust funds without the client's permission.

A broker uses client trust funds without the client's permission.

Anna Belle deposited Adam's earnest money check into the firm's trust account. Interest earned on the account will be credited to the Adam's down payment at closing. Which of these statements is true?

Adam and seller agreed that Adam's funds would earn interest, which is payable to him at closing.

Adam and the firm's principal broker agreed to deposit the funds in an interest-bearing account and pay the interest to Adam at closing.

The state of Hawaii requires that earnest money funds earn interest that's payable to the buyer.

This arrangement is a violation of Hawaii law, because earnest money funds may not be deposited into an interest-bearing account.

Adam and the firm's principal broker agreed to deposit the funds in an interest-bearing account and pay the interest to Adam at closing.

When an offer is being made, what information does the Hawaii listing agent need to disclose to the seller?

The buyers' credit rating

The buyer's lender

The buyer's motivations

The buyer's representation

The buyer's representation

When are Hawaii licensees required to disclose their licensed status to the seller of a property in which the licensee is personally interested in purchasing?

Before signing a final purchase contract

Prior to any negotiations

Prior to closing

When first visiting the property

Prior to any negotiations

Mikayla's s buyer client, Reggie, sees a property that's for sale by the owner. Reggie asks if Mikayla can show him the property. What should Mikayla say?

"I can call the seller to see if it's possible for me to show you the house."

"Sorry, I can't show you the property because the seller isn't represented by a licensee."

"You don't really want to buy a house from a seller who's no represented by a licensee."

"You'll have to call the seller yourself to set up an appointment."

"I can call the seller to see if it's possible for me to show you the house."

Pacific Properties has been in business since 1997 and is renewing its brokerage firm license. Which of these is true?

Pacific Properties must submit a certificate of good standing from the Business Registration Division.

Pacific Properties needs only to submit the renewal application fee.

The firm must register each of its branch offices on all islands.

The firm's principal broker must appear before the HIREC.

Pacific Properties must submit a certificate of good standing from the Business Registration Division.

Which of these people would be exempt from having a Hawaii real estate license?

A real estate assistant who shows properties and sits at open houses

Flynt, who owns several houses around town that he rents out.

Julia, who is finding a home for a family friend for compensation.

Robert, who works for a builder and sells newly-constructed homes for a commission

Flynt, who owns several houses around town that he rents out.

Hawaii fair housing laws require that multi-family properties built after March 13, 1991, meet all but which of these requirements?

All common areas must be accessible.

All door openings must be wheelchair accessible.

All entrances must be accessible.

All light switches, outlets, and thermostats must be accessible.

All entrances must be accessible.

Regulations require that at least one entrance be accessible unless the terrain or site characteristics make it impossible.

What levels of real estate licensure does the State of Hawaii recognize?

Broker and associate broker

Broker and principal broker

Salesperson and broker

Salesperson, broker, and broker in charge

Salesperson and broker

Constance, the principal broker, authorized Gina, an associated licensee, to deliver three earnest money checks to the escrow company that will hold them. Which of these is correct?

Constance has violated Hawaii laws, because only the PB or BIC may handle trust funds.

Constance may provide written authorization for another party to either deposit or deliver escrow funds to the appropriate place.

Gina is permitted to deliver earnest money to the appropriate place if the owner of the funds agrees.

Hawaii law explicitly permits licensees to deliver earnest money received directly to an escrow company.

Constance may provide written authorization for another party to either deposit or deliver escrow funds to the appropriate place.

Which of these policies best represents an appropriate level of supervision by a principal broker in Hawaii?

Becca reviews every contract generated by the licensees in her firm.

Jarod enforces strict rules for how his associated licensees may generate leads.

Teresa audits the financial records of each of her associated licensees.

Willis requires that each of his associated licenses provide a complete transcript of every transaction-related telephone call.

Becca reviews every contract generated by the licensees in her firm.

Trinity is creating some marketing material for a new leasehold listing. Which of these statements is true?

All marketing materials must include the leasehold renegotiation term.

The ads must identify how many years are left on the lease.

Trinity must identify the property as a leasehold.

Trinity must market the property as a periodic lease.

Trinity must identify the property as a leasehold.

The Hawaii Real Estate Recovery Fund paid a claim to one of Jarod's clients. Which of these statements is true?

Jarod's license will be forfeited until he reimburses the recovery fund.

Jarod's license will be terminated for at least five years.

Jarod's license will be terminated indefinitely.

Jarod's license will be terminated unless he reimburses the fund within 90 days.

Jarod's license will be terminated for at least five years.

The license of any individual on whose behalf the Real Estate Recovery Fund reimburses a consumer will be terminated for a minimum of five years. The licensee will not be eligible for a license until all funds have been reimbursed to the fund.

In which of these situations is it permissible to not include the brokerage firm's trade name in promotional materials?

Brenda is co-branding a brochure with a lender.

Damien is a sole proprietor and has no registered business name.

The information won' fit in the space reserved for Cooper's ad.

The marketing materials are for an individual salesperson.

Damien is a sole proprietor and has no registered business name.

Which of these statements best describes how brokers handle income and Social Security taxes for independent contractors?

Brokers don't withhold income or Social Security taxes for independent contractors.

Brokers withhold income and Social Security taxes for independent contractors.

Independent contractors don't pay income or Social Security taxes.

The IRS doesn't tax independent contractors.

Brokers don't withhold income or Social Security taxes for independent contractors.

Why does state law make a principal broker responsible for supervising the real estate actions of associated licensees?

To increase the profitability of all licensees

To justify the principal broker's level of compensation

To mitigate the risk of licensee mistakes or misconduct

To motivate associated licensees to become licensed as brokers

To mitigate the risk of licensee mistakes or misconduct

Consuela, a real estate salesperson, wants to move from American Homes to Acme Real Estate Sales. What must she do to legally accomplish this?

Just start working for Acme Real Estate Sales

Notify both brokers that she is switching companies

Obtain a letter from the broker at Acme Real Estate Sales notifying American Homes of Consuela's intentions

Obtain a release from the broker at American Homes

Obtain a release from the broker at American Homes

When is agency disclosure required in a lease transaction in Hawaii?

Always

For leases of longer than one year

For leases of six months or longer

Never

For leases of longer than one year

Hawaii fair housing laws not only protect against discrimination but also actions that undermine the enforcement of discrimination complaints. Which of these is NOT prohibited?

Encouraging someone to act in a discriminatory manner.

Interfering with someone who attempts to exercise the rights protected by fair housing laws.

Retaliating against someone who files a discrimination complaint.

Testifying against an individual who claims to have been discriminated against.

Testifying against an individual who claims to have been discriminated against.

Which of these statements about fair housing laws in Hawaii is true?

Hawaii fair housing laws apply only to residential real estate.

Hawaii fair housing laws pertain to those who engage in real estate transactions as a vocation, not to property owners.

Hawaii names additional protected classes beyond those protected by federal fair housing laws.

HIREC is responsible for hearing fair housing complaints.

Hawaii names additional protected classes beyond those protected by federal fair housing laws.

Which of these is a true statement regarding trust accounts in Hawaii?

The broker is a designated beneficiary of trust funds.

The broker is a fiduciary/trustee of the funds, but doesn't own them.

The broker legally owns the funds in the trust account.

The buyer or seller is the fiduciary/trustee of the funds, but doesn't own them.

The broker is a fiduciary/trustee of the funds, but doesn't own them.

What's the relationship between the fiduciary duties owed by a licensee and the level of care provided by that licensee?

A licensee who exercises an appropriate standard of care is automatically performing the required fiduciary duties.

None. They're separate concepts.

The fact that agents are fiduciaries raises the level of care required of licensees.

The level of care expected of a licensee is specifically described by the six fiduciary duties.

The fact that agents are fiduciaries raises the level of care required of licensees.

Because agents are fiduciaries, the standard of care they must exercise is even greater than it would otherwise be.

Select the statement that most accurately describes a basic difference between independent contractors and employees.

Employees set their own hours, pay their own expenses, and are compensated according to their results and not time spent.

Independent contractors and employees are taxed differently.

Independent contractors must file W-2s with the IRS.

Most brokers are employees, not independent contractors.

Independent contractors and employees are taxed differently.

In Hawaii, which of the following actions performed by a licensed salesperson is a real estate violation?

Refusing to show a property because of the prospective buyers' national origin

Refusing to show a property that's outside of a buyer's budget

Refusing to show a property to a party who's not financially qualified

Showing a property to qualified buyers

Refusing to show a property because of the prospective buyers' national origin

Which of these is an example of vicarious liability?

Cassie's license was deemed to be inactive because her principal broker's license wasn't renewed on time.

David's broker is fined because David was found guilty of misconduct.

HIREC brings a misconduct charge against a licensee.

Marsha signs an agreement indemnifying her broker from any harm related to their real estate transaction.

David's broker is fined because David was found guilty of misconduct.

Robert holds a Hawaii real estate salesperson's license and is selling his own property. Which of these is true?

He can advertise the property as for sale by owner as long as he discloses his licensed status.

He can't list his property with his brokerage firm.

He must disclose his license status to potential buyers.

He must list the property with his brokerage firm.

He must disclose his license status to potential buyers.

Margo is the firm's principal broker, and Timothy is the broker-in-charge. Caroline is the accountant and manages trust fund records. Tristan is the office manager and makes all bank deposits. Who may serve as the trust account trustee?

Margo

Margo or Caroline

Margo or Timothy

Margo or Tristan

Margo

When is agency disclosure required in a timeshare sale in Hawaii?

Always.

If the property was built after 2010.

Never; timeshares are exempt from disclosure requirements.

When the timeshare will be for one year or longer.

Always

Which of these most accurately describes the makeup of the Hawaii real estate commission?

Nine at-large members appointed by the governor to four-year, uncompensated terms

Nine governor-appointed members, including at least four from Honolulu and one from each of the other three counties

Nine senate-appointed, uncompensated members

Ten at-large, governor-appointed members who hold active real estate licenses

Nine governor-appointed members, including at least four from Honolulu and one from each of the other three counties

Mickey's license has been placed on inactive status because the principal broker's license lapsed. What will most likely happen to the seller's transaction on which Mickey is currently working?

Mickey can continue to work the transaction through closing.

Mickey can switch brokerage affiliations and immediately pick the transaction back up.

Mickey must cease all licensed activity, which means referring his client to another brokerage firm.

The contract between Mickey's seller and the buyer terminates.

Mickey must cease all licensed activity, which means referring his client to another brokerage firm.

Ailani has always had an interest in real estate and has helped a few friends find and buy properties, without receiving anything in return. Now she's considering going into business doing this kind of work, for a fee. Is Ailani exempt from real estate licensing?

It depends on how many hours a year she does real estate work.

It depends on which Island she lives on in Hawaii.

No, she isn't.

Yes, she is.

No, she isn't.

Which of these properly names the Hawaii agency charged with managing discrimination complaints based on Hawaii law?

Hawaii Association of REALTORS®

Hawaii Civil Rights Commission

Hawaii Department of Housing

Hawaii Division of Real Estate

Hawaii Civil Rights Commission

As an unlicensed assistant for Brock, the principal broker at Hawaii Homes, which of these would Alyssa NOT be able to perform?

Calculate commission checks.

Clarify simple contract details for a client.

Distribute flyers about a neighborhood open house.

Photocopy documents for a closing.

Clarify simple contract details for a client.

Which of these statements related to the NAR Code of Ethics and Hawaii real estate licensees is true?

Hawaii has developed its own code of ethics that parallels the NAR Code of Ethics.

Hawaii licensees, whether NAR members or not, must sign a statement agreeing to abide by the NAR Code of Ethics.

Hawaii licensees who violate the Code of Ethics may also be in violation of state statute.

Hawaii licenses are required to join NAR.

Hawaii licensees who violate the Code of Ethics may also be in violation of state statute.

Serenity's buyer, Rodney, agreed that Serenity could hold his uncashed earnest money check until the seller accepts his offer. What else does Serenity need to do?

Ask Rodney to post-date the check to the noted contract acceptance deadline.

Get permission from the seller to hold the check.

Note in the trust fund records that the check is being held.

Notify the seller that the check has been received and is being held.

Notify the seller that the check has been received and is being held.

Jorge attained his first real estate license two years ago in Hawaii. Which of these statements is true?

Jorge is a broker.

Jorge is a broker associate.

Jorge is a salesperson.

Jorge is eligible to sit for the broker's licensing exam.

Jorge is a salesperson.

In which of these situations would the client be protected under Hawaii fair housing laws but not federal fair housing laws?

Constance refused a lowball offer from a gay client.

Kathleen accepted a listing knowing that the owner intended to discriminate against families with children.

Morton was denied ownership of a cooperative unit when the board learned he was HIV positive.

Suny, who's a transgender woman, was refused an apartment lease because of her sexual identity.

Suny, who's a transgender woman, was refused an apartment lease because of her sexual identity.

Roberta, an out-of-state licensee who is friends with Kinsey, a licensee with Perfectly at Home, referred one of her buyer friends to Kinsey. Kinsey plans to pay Roberta, who did not engage in any of the negotiations, a referral fee. Which statement about this fee is TRUE?

It's illegal for Kinsey to pay an out-of-state licensee a referral fee.

Kinsey must pay the fee directly to Roberta since Roberta is an out-of-state licensee.

Kinsey must pay the referral fee through Roberta's brokerage firm.

Since Roberta didn't participate in negotiations, she can't receive a referral fee.

Kinsey must pay the referral fee through Roberta's brokerage firm.

As long as the payment goes through both brokerage firms, and the out-of-state licensee doesn't engage in any of the negotiations, it's legal to pay an out-of-state licensee a referral fee.

In Hawaii, which of these individuals would need a real estate license?

Kiley is the executor of her mother's estate and is conveying property on behalf of the estate.

Meg pays a considerable portion of her rent at Sunset Apartments from credits she gets for referring prospective tenants.

Renda Beard is a leasing agent. She employs two other leasing agents.

Two partners are selling an apartment they jointly own.

Renda Beard is a leasing agent. She employs two other leasing agents.

Which of these statements accurately describes similarities between federal fair housing laws and Hawaii's anti-discrimination laws?

Both federal and Hawaii laws permit fair housing exemptions for private clubs.

Both federal and Hawaii laws permit fair housing law exemptions for some owner-occupants.

Both federal and Hawaii laws specifically prohibit discrimination based on sexual orientation.

Neither federal nor Hawaii laws prohibit housing discrimination based on age.

Both federal and Hawaii laws permit fair housing law exemptions for some owner-occupants.

Cordell is a licensed Hawaii salesperson. He just met with a client who wants to write an offer on a property that's sure to sell quickly. The client isn't sure about all the details of the offer yet. What should Cordell do to ensure he complies with Hawaii laws?

Call the listing broker and relay the existing details, hoping the seller won't accept another offer.

Recommend that the client ask an attorney to write the offer.

Wait until all the details are in place; the offer must state his client's full intentions.

Write the offer now; they can amend it later.

Wait until all the details are in place; the offer must state his client's full intentions.

In Hawaii, which commercial transactions require agency disclosure?

All sales, and leases for longer than one year

Neither sales nor leases

Sales, but not leases

Transactions above $1 million in value

All sales, and leases for longer than one year

In Hawaii, who's required to take 60 hours of prelicensing education and pass the exam with a score of 70% or higher?

Brokers

Management level licensees

Managing partners

Salespeople

Salespeople

Travis, a licensed salesperson, was awarded a judgment of $10,000, but the broker won't pay. For what amount may Travis apply to the real estate recovery fund?

$0

$10,000

$15,000

$25,000

$0

Sandy Cove Real Estate is applying for it's brokerage firm real estate license. The principal broker submits proof of registration with the Business Registration Division. Which of these must be true?

Sandy Cove is restoring a forfeited license.

Sandy Cove is submitting it's first brokerage firm renewal application.

The firm is applying for it's first license under the business name Sandy Cove Real Estate.

The firm is renewing it's biennial brokerage firm license.

The firm is applying for it's first license under the business name Sandy Cove Real Estate.

Which of these must comply with Hawaii's fair housing laws related to accessibility?

Christian substantially remodeled a single-family property in 2016 to convert it to a rental unit.

Sandy constructed her fifth single-family rental property in 2002.

Sunny Side Development built a five-unit apartment building in 2016.

The Seaview Apartment complex, built in 1989, houses six units.

Sunny Side Development built a five-unit apartment building in 2016.

Multi-family properties built after March 13, 1991, must meet certain design and accessibility requirements.

In which of these situations can Marvin be associated with two separate brokerage firms?

Each broker has given permission.

Each firm is on a separate island.

He's a broker at one firm and a salesperson at the other.

He's been temporarily appointed as PB at another firm.

He's been temporarily appointed as PB at another firm.

You work for High Side Realty under the supervision of broker Sage. Your buddy in the next county gave you a referral fee. The check came to your office in your name. You deposit it. Is this okay?

No, because agents can only be paid directly if they're paid in cash.

No, because all compensation must come through your broker.

Yes, if the check is endorsed by your broker, as well.

Yes, provided your broker knows about the check.

No, because all compensation must come through your broker.

In each of these situations, a rental application was denied. Which of these denials appears to be a discriminatory action based on the information given?

Justine and her husband, natives of India, both have credit scores over 750. Their employment history, income, and references are solid. They were evicted from their last apartment.

Kelsey's credit scores, income, and employment history are average. She has no evictions on her record. She's single with two children.

Kevin's credit score, income, and credit history are solid. He applied to rent a room in Mrs. Dennison's basement.

Scott and his partner both have low credit scores but solid employment and income.

Kelsey's credit scores, income, and employment history are average. She has no evictions on her record. She's single with two children.

Tonya is an assistant for a real estate licensee in Hawaii. Which of these statements MUST be TRUE?

She may independently host open houses without the broker's permission.

She may perform general clerical duties such as inserting factual information into contract forms.

She must hold an active real estate license.

She's prohibited from obtaining a real estate license while employed as an assistant.

She may perform general clerical duties such as inserting factual information into contract forms.

Jonah held a Hawaii real estate salesperson's license several years ago. He still speaks to people as if he's licensed, and he recently agreed to list his roommate's family home for sale. Besides Hawaii license law, what prohibits

The Hawaii code of ethics

The Hawaii truth in advertising law

The Hawaii Uniform Commercial Code

The Professional and Vocational Licensing Act

The Professional and Vocational Licensing Act

Luis is an unlicensed individual helping his sister, Astrid, find a new house. She's agreed to pay him $1,000. Which of the following activities can he legally perform?

Advertise the property for sale.

Negotiate with sellers on Astrid's behalf.

Purchase a property for Astrid at an auction.

Search real estate sites and other resources to find available homes.

Search real estate sites and other resources to find available homes.

Even though Astrid is his sister, Luis can't perform brokerage activities for her if he receives compensation. The only listed activity that Luis can perform is to search real estate sites and resources.

Suzanne just hired her sister, real estate licensee Geraldine, to list her property. Another broker schedules a showing for his client who's interested in Suzanne's property. What needs to take place?

Geraldine doesn't need to do anything special, since she doesn't own the property.

Geraldine must terminate her contract with Suzanne, since she can't represent a family member.

Geraldine needs to disclose in writing to the other broker and his client that the property is owned by a family member.

Geraldine needs to keep the fact that the property is owned by her sister confidential.

Geraldine needs to disclose in writing to the other broker and his client that the property is owned by a family member.

Mary is 68 years old and employed full time. She's of Spanish descent, is raising her 12-year-old grandson, and lives with her partner, Sue. Mary uses a wheelchair. Based on this information, which of these lists all the classes under which Mary be protected if she faces housing discrimination?

Age, employment status, national origin, familial status, and sexual identity

Age, race, familial status, sexual identity, and disability

National origin, sex, sexual orientation, disability, and familial status

Religion, familial status, and disability

National origin, sex, sexual orientation, disability, and familial status

Which of the following is NOT an example of an agency relationship permitted in Hawaii?

Cary represents both Roger (the buyer) and Cecile (the seller) in a single transaction.

Katherine represents just the seller in a transaction.

Margo represents neither the buyer or the seller in a transaction, but is helping them both with paperwork.

Mark represents just the buyer in a transaction.

Margo represents neither the buyer or the seller in a transaction, but is helping them both with paperwork.

Hawaii requires licensees to take at least 20 continuing education credits during each licensing biennium. Which of these statements is true?

CE credits must be completed by December 31 of each biennial licensing period (even-numbered years).

Six of the 20 CE hours must be the commission's designated core course.

The 25 required CE credits include 14 elective credits.

The licensing biennium runs from January 1 of even-numbered years through December 31 of the next odd-numbered year.

Six of the 20 CE hours must be the commission's designated core course.

The 20 required CE credits include 6 hours of core coursework and 14 hours of electives. All CE must be completed by November 30 for each biennial licensing period.

What are the main ways that Hawaii license laws ensure consumer protection?

They define standards, develop education standards, and create recurring revenue.

They establish requirements, assess fees, and build education.

They establish requirements, assess fees, and create recurring revenue.

They establish requirements, define activities, and set standards.

They establish requirements, define activities, and set standards.

Olivier is a licensed salesperson who just closed his first real estate transaction. How does he get paid?

The buyers

The escrow officer

The principal broker

The sellers

The principal broker