A joint venture of real estate brokers can provide brokerage services without DBPR registration if:

• A. It is composed of separate real estate brokers
• B. It must be registered with the DBPR
• C. It has at least two partners
• D. It is a corporation

Answer: (A)

The concept being tested is how a real estate brokerage is defined for DBPR registration. A real estate brokerage is the business entity that the DBPR registers when it provides brokerage services. If a joint venture is just a collaboration of individually licensed brokers, with no single supervising brokerage entity formed, there isn’t a separate brokerage entity to register. Each broker operates under their own license, so the joint venture can provide services without DBPR registration as a separate firm.

That’s why the correct idea is that the joint venture can operate without DBPR registration if it is composed of separate real estate brokers. If the venture were a formal business entity (a corporation, partnership, etc.) that employs or oversees licensees, then it would need to register with the DBPR as a real estate brokerage.