ADDENDUM TO INDEPENDENT CONTRACTOR AGREEMENT
1. COMPENSATION
COMPANY shall pay ASSOCIATE-LICENSEE on a commission only basis. COMPANY
shall pay ASSOCIATE-LICENSEE its commission on the follow terms: (COMPANY &
Agent to initial only one)
Initials Compensation Plan Description
100% Simple Program One hundred percent (100%) of gross commissions for
each completed transaction, less applicable fees.
70/30 Mentoring
Program
Seventy percent (70%) of gross commissions for each
completed transaction, approved by Broker, for the first five
(5) completed and closed transactions, excluding rentals,
referrals and BPO’s, if applicable, less applicable fees.
Note: In the sole discretion of COMPANY, ASSOCIATE-LICENSEE may be enrolled in the
Mentoring Program if additional mentoring is required.
2. FEES
ASSOCIATE-LICENSEE shall pay COMPANY the following fees (non-refundable):
2 . 1 GENERAL FEES
Initials Plan Fee Description _
100% Simple Program •
•
•
One time sign-up fee of 150
Monthly site access fee of 150
E & O insurance through RISC
• Fees per transaction as set forth below; and
• Administrative costs as set forth below
• COMPANY reserves the right to deduct any outstanding fees,
dues or rents or any other monies owed COMPANY from
earned commissions due ASSOCIATE- LICENSEE
70/30 Mentoring Program • One time sign-up fee of 150
• Monthly site access fee of 150
E • E& O insurance through RISC
Commission calculations for ASSOCIATE-LICENSEE
participating in the 70/30 mentoring program shall be based
on gross commissions earned (Based on minimum acceptable
commission charged as outlined in the Policy Manual). The
required transaction fee, which fees are further outlined
below, to be deducted from the ASSOCIATE-LICENSEE’s
portion of the gross commission;
• Fees per transaction as set forth below
• Administrative costs as set forth below
• COMPANY reserves the right to deduct any outstanding fees,
dues or rents or any other monies owed COMPANY from earned
commissions due ASSOCIATE-LICENSEE
2.1.1 Payments due on the 1st day of the month which are not received by the end of the business
day
on the 5th of the month are subject to a late fee of $25, which shall be assessed on the 6th day of
the month.
2.1.2 ASSOCIATE-LICENSEE hereby agrees and authorizes COMPANY to utilize recurring
monthly Auto Pay debits to the ASSOCIATE-LICENSEE’s bank or credit card account for the
amount of fees as set forth herein and/or late fees, if applicable. Such Auto Pay debits shall be
debited/charged generally within the first 7 days of each month fees are due. This authorization
remains in effect until cancelled in writing or upon termination of this AGREEMENT.
2.1.3 ASSOCIATE-LICENSEE may not accept compensation for licensed activity nor pay
compensation for licensed activity except through the Broker under whom he/she is at the time
licensed. Thus, ASSOCIATE-LICENSEE is prohibited from accepting a commission directly from a
principal (Seller/Buyer/Landlord/Tenant). ASSOCIATE-LICENSEE can only receive a commission
from COMPANY (the real estate broker under whom ASSOCIATE-LICENSEE is currently licensed).
2.2 TRANSACTION FEES
2.2.1 Fees to ASSOCIATE-LICENSEE for referrals, leases, and BPO’s
Initials Requirements Transaction Fee
Gross
commission of
1000 or less
.;’.
Gross
commission of
more than 2000
.0 0 .
ASSOCIATE-LICENSEE shall pay to COMPANY a transaction fee
of 300 for each increment, or portion thereof, of the final gross
compensation received by Company based on the following
incremental amounts:
Aon all referrals, leases and BPO’s. ASSOCIATE-LICENSEE participating in transactions with dual representation shall be responsible for payment of the transaction fee on each side of the transaction. For example, if the gross compensation received is $15,000 transaction fees totaling $600 per side ($200 from first $5,000 increment + $200 from second $5,000 increment + $200 from third $5,000 increment). If participating in a dual representation, ASSOCIATE-LICENSEE shall pay a total of $1,200 if handling both sides of the transaction.
.0 0 .
ASSOCIATE-LICENSEE –participating in transaction with dual
representation shall be responsible for payment of the transaction
fee on each side of the transaction.
for example, if the gross compensation received is $ 15,000
transaction fees totaling $600 per side ($200 from first $5,000)
increment + $200 from second $5,000 increment + $200 from third
$5,000increment). If participating in a dual representation,
ASSOCIATES-LICENSE shall pay a total of $ 1,200 if handling
both sides of the transaction.
Aon all referrals, leases and BPO’s. ASSOCIATE-LICENSEE participating in transactions with dual representation shall be responsible for payment of the transaction fee on each side of the transaction. For example, if the gross compensation received is $15,000 transaction fees totaling $600 per side ($200 from first $5,000 increment + $200 from second $5,000 increment + $200 from third $5,000 increment). If participating in a dual representation, ASSOCIATE-LICENSEE shall pay a total of $1,200 if handling both sides of the transaction.
2.2.2 Fees to ASSOCIATE-LICENSEE for residential, new homes sales and approved commercial
Initials Transaction Fee
.;’.
ASSOCIATE-LICENSEE shall pay to COMPANY a transaction fee of 300 for each
increment, or portion the of the final gross sales price/values based on the following
incremental amounts:
Per each one hundred thousand dollars ($100,000) of the final gross sales price
on closed residential transactions.
ASSOCIATE- LICENSEE participating in transactions with dual
representation shall be responsible for payment of the transaction fee on
each side of the transaction.
for example , if the gross sales price of a residence is $600,000 transaction
fees totaling $600 per side ($200 from first $200,000 increment +$200 from
second $200,000 increment + $200 from third $200,000 increment). if
participating in a dual representation, ASSOCIATE-LICENSEE shall
pay a total of $1,200 if handling both sides of the transaction.
REALTY ONE GROUP
ADDENDUM "A" TO INDEPENDENT CONTRACTOR AGREEMENT
COMPENSATION AND FEES
Transaction fees for Retainers, Consultation fees and other fees paid in advance of selling a property
shall be calculated at the same rate as referrals. Any initial transaction fees collected will be
deducted from final transaction fees when the transaction is closed.
Transaction fees for any compensation awarded through a demand, mediation, arbitration or
settlement for real estate services including procuring cause cases shall be calculated at the same rate
as referrals.
Transaction fees shall be waived on agent-owned primary residence properties.
Transaction fees on new build homes shall be calculated based upon the same price the builder
used to calculate the agent’s commission.
2.3 Compliance Fee. Client(s) and/or ASSOCIATE-LICENSEE shall pay a compliance
fee of $350 or $450 ("Compliance Fee") to COMPANY on each closed buy/sale transaction.
Working in conjunction with Compliance, this allows storage of transaction documents according
to the required time frames set forth by the Department of Real Estate:
2.3.1 An ASSOCIATE-LICENSEE participating in dual representation shall be responsible
for payment of the Compliance Fee on both sides of the transaction.
2.3.2 Compliance Fee is not applicable to lease commissions, referral fees, and/or BPO’s.
2.3.3 Compliance Fee is waived for any transaction involving ASSOCIATE-LICENSEE’s
primary residence.
2 .4 ASSOCIATE-LICENSEE REFERRAL CREDITS
2.4.1 Refer 3 REALTORS ® (who become real estate salespersons with COMPANY) and
the Monthly Site Access fee is waived for one (1) year beginning the 1st of the month
following the hire date of the 3rd REALTOR° referred.
2.4.2 REALTORS ® referred in excess of three (3) can be used towards future Free for Year
("FFY") and can be utilized and credited commencing on the 13th month after the last period
where FFY was obtained ("FFY Credits").
2.4.3 ASSOCIATE-LICENSEEs forfeit FFY credits thirty (30) days after disassociation
from COMPANY.
2.4.4 REALTORS ® who are hired, will identify who should receive the referral credits at the
time of hire. Broker reserves the right to confirm this information and no credit will be
given for a referral not identified at the time of hire.
Acknowledgement:
In signing below, I acknowledge that I have received a copy of Addendum "A" to the
Independent Contractor Agreement, read same in its entirety and understand its contents, and
agree to the provisions provided herein.
Date: _______________________________
Print Name:__________________________
SIGNATURE________________________
Signature: _____________
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