1. Real estate agency structure and personnel You must address legislative liabilities and responsibilities {refer to appropriate sections of the relevant Act for your state or territory] to answer the following 1.1 Identify the various business ownership options The Agency is the business and the ofce is the premises where property transactions are delivered, while the Agent is the individual that delivers the services. There are a number of business structures, main types common to real estate are: 0 Sole trader business structure an individual trading on their own in Partnership business structure an association of people or entities running a business 0 Company business structure a legal entity separates from its shareholders - Trust business structure - a relationship where a trustee carries on the business