Which of the following is NOT a type of real estate agency structure?

The correct answer, indicating which option is not a type of real estate agency structure, is a franchise. In the context of real estate, a franchise generally refers to a business model where an established brand allows independent operators to use its name and system in exchange for fees or royalties. While franchises may operate real estate agencies under a common brand, they are not themselves a structural type of agency but rather a method of business operation.

In contrast, the other choices represent legitimate forms of business structure within the real estate industry.

A partnership involves two or more individuals sharing ownership and management responsibilities, allowing for pooling of resources and expertise. A corporation is a legal entity that is separate from its owners, providing limited liability protection and often a more complex structure suitable for larger businesses. A sole trader, or sole proprietorship, is owned and run by one person, offering simplicity and direct control over the business.

Understanding these distinctions is crucial for identifying how various entities operate within the real estate sector, and clarifies why a franchise, while related to the business model, does not fit within the traditional structural classifications of agency types.