Highlights of the
Policy and Procedures and Independent Contractor Agreement
It is recommended that you read and understand both of these agreements. However, if you do not have time to read the entire Policy & Procedures and Independent Contractor agreements, at least, take time to read through these highlights.
Be nice at all times even in the face of a rude agent, client or customer. Professional ethics is a company requirement.
Show sympathy and ask “what can we do to make this work?”
Recruiting Bonus: If you recruit an agent, you will receive a recruiting bonus of $100 per sales transaction of the recruited agent on the first three sales and $50 per sale thereafter, as long as you are with the company.
E&O Insurance: Is required. Payments are due in January every year and will carry late fees until a date certain in February, at which time, if not paid your license will be returned.
Never give Legal Advice: If ever asked, be careful not to give legal advice. If ever you have a complaint or unsure of situation, you must report to the Broker immediately. Gary Fuller of EquiTitle is an attorney.
Take care of your Escrows: You are responsible for any checks you receive. If you lose one, you are liable. You are also liable if you do not turn it in within 3 days, the penalty is $250. Never lose a check. That is not an excuse. Also always turn in when ratified. All Escrow Checks must have ‘Escrow’ in memo section with address.
Car Insurance: Agent shall call their insurance agent and add National Realty, as additionally insured. This is free to do.
Agent note taking: It is agreed that agent will keep copious notes on all cases. This is valuable in case there are any controversies.
Crime Reporting: If you are ever involved in a crime, you must inform the Broker.
Commission payments are paid to agent upon funds clearing National’s operating account.
Commission Advances: If salesperson requests and company is able to disburse before funds are credited, there shall be an advance fee of 1% of the commission paid. Other advances are at company option and shall carry a fee.
Rental Leads: There is no referral fee on rental leads, but if they become a seller or buyer, then it is treated as a sales lead referral. That is 40% referral fee off the top and then agent split.
You are never allowed to receive fees directly from any client, customer, potential client or for any transaction related to Real Estate. To do so is immediate dismissal and a report to the DPOR.
All agents must have a commission agreement signed with Broker.
Any 100% Commission Club members must have their agreements signed in January. 100% commission is on sales up to $500,000. From $500k-$1 Million it is 95% on commission over $1 Million, it is 90%.
Brokerage fee, currently $395 is due with all sales transactions. If it is not allowed by the mortgage company, VA, or other agency entity, it is deducted from agent commission.
Company Requirement by the DPOR
All paperwork must be turned into company within 3 days to avoid a $250 fine, These include:
Case Processing Sheet
Disclosure of Brokerage Relationship
Disclosure of Affiliated Business Relationship
Listing Agreements
Sales Contracts and Addendums
Pertinent notes
Rental applications
Leases
Escrow deposit with the word ESCROW on check and property address.
The DPOR and the Virginia Real Estate Board require timely submission of the following documents. Therefore, the company has to set the following $250 fines for any of the following violations:
There is an additional $250 fee ( $500. total) for any violations of the Department of Professional Occupation or the Virginia Real Estate Board.
Disclosure of Brokerage Relationship. This is required upon substantive conversation about real estate. You represent their interest, but your commission comes from the seller, except for the Broker Admin. fee of $395. which is only due if we go to settlement.
Disclosure of Affiliated Relationship with EquiTitle. The owners of National Realty have a partnership with EquiTitle, which is a settlement firm that does not just settle using any employee. Only Attorneys perform the settlement. Which is far better and safer for the buyer and the seller. Both of these forms are readily available to you on www.nat22.com. and required.
Ethics and Laws– You are personally responsible and liable for all your actions. This includes Ethics, rules and regulations for DPOR, NAR, VAR, NVAR, MRIS, Equal Housing and all State and Federal laws.
It is your responsibility to be informed and knowledgeable on Real estate transactions. You understand that Live Training sessions, Training DVDs, counseling and other avenues are all available.
Your cell phone- Always have your voice mail answer with your name minimum and with National Realty preferably.
Email and Voice Mail: Never let either be full.
National Realty does not permit Dual Agency. When you have a seller that wants to sell their home and you have a buyer for that home, this is not automatically Dual. Just have the buyer sign the disclosure know, you can facilitate the contract writing to their wishes, but they need to sign the disclosure that says you represent the seller, after all that is who is paying your commission.
As a member of National Realty it is your requirement to be a member of the Realtor Associations, MRIS and have E&O fees paid.
Quitting the company: It is agreed the agent split on any ratified contracts shall be reduced to 50%, unless otherwise agreed to by Broker. Agent must facilitate transaction to settlement or the fee may be reduced to zero.
Training sessions are highly recommended and a minimum number of hours may be required.
The following transactions require live or online training courses unless proven ability and understanding is demonstrated to Broker.
Short sales (4hrs)
Commercial (4hrs)