In real estate, working under an independent contractor status means that for tax purposes, you are considered an entrepreneur in business for yourself. There will be no taxes taken from your commission income and you will be responsible for filing your own quarterly taxes. Actually, you will be operating as a “business within a business.”
In Virginia, licensees who affiliate with a real estate company fall under the responsibility of their supervising broker. All of our associates’ real estate related activities – including interactions with consumers, writing purchase agreements, listing property, etc. – are conducted under the watchful eye of their supervising broker.