Realty ONE Group Sterling

ADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT COMPENSATION AND FEES


ADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT – COMPENSATION AND FEES

1.  COMPENSATION

COMPANY shall pay ASSOCIATE-LICENSEE on a commission only basis.  COMPANY shall pay ASSOCIATE-LICENSEE its commission on the following terms: (Agent to initial)

 

Initials

Compensation Plan

Description

100% Simple Program

One hundred percent (100%) of gross commissions for each completed transaction, less applicable fees

70/30 New Agent Mentorship 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.

2. FEES

ASSOCIATE-LICENSEE shall pay COMPANY the following fees (non-refundable):

2.1 GENERAL FEES

 

Initials

Plan

Fee Description

100% Simple Program & New Agent Mentorship

  • One time sign-up fee of $100; key fob included. Replacement fee is $25
  • Monthly site access fee of $145;
  • 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

 

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 acknowledge and agree that AutoPay debits to the ASSOCIATE-LICENSEE’s bank or credit card account shall be debited/charged on the 1st of each month fees are due.

2.1.3 A $25 fee shall be assessed if a commission check is re-cut due to ASSOCIATE-LICENSEE error.

2.1.4 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

  10% of gross compensation ($25 minimum) on each side

Gross commission of more than $1000

  • ASSOCIATE-LICENSEE shall pay to COMPANY a transaction fee of $200 for each increment, or portion thereof, of the final gross compensation received by Company based on the following incremental amounts:
  • Per each five thousand dollars ($5,000) of the final gross compensation on 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 for each increment, or portion thereof, of the final gross sales price/values based on the following incremental amounts:

Sales price:

  • $0 to $250,000 - $495
  • $250,001 to $500,000 - $595
  • $500,001 to $750,000 - $695
  • $750,001 to 1,000,000 - $895
  • $1,000,001 to 1,250,000 - $1395
  • $1,250,001 - $1,500,000 - $1595
  • $1,500,000 and up add $200 for every $200,000 thereafter
  • ASSOCIATE-LICENSEE participating in transactions with dual representation shall be responsible for payment of the transaction fee on each side of the transaction.
  • 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 Copy Use Fees. ASSOCIATE-LICENSEE agrees to and shall be charged $.10 per page of  all black and white print/copies and ASSOCIATE-LICENSEE agrees to and shall pay $0.25 per page for all color print/copies.

2.4 Compliance Fee.  Client(s) and/or ASSOCIATE-LICENSEE shall pay a compliance fee of $250 (“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 Commission

2.4.1 An ASSOCIATE-LICENSEE participating in dual representation shall be responsible for payment of the Compliance Fee on both sides of the transaction.

2.4.2 Compliance Fee is not applicable to lease commissions, referral fees, and/or BPO’s.

2.4.3 Compliance Fee is waived for any transaction involving ASSOCIATE-LICENSEE’s primary residence.

2.4.4 ASSOCIATE-LICENSEE shall be responsible for the Compliance Fee if not paid by Client and shall be deducted from ASSOCIATE-LICENSEE’s commissions earned. ASSOCIATE-LICENSEE can charge Client any amount for the Compliance Fee but is only liable to COMPANY for $250

2.5 CAP Program. During the course of ASSOCIATE-LICENSEE’s Year (based on Hire Date), should the ASSOCIATELICENSEE pay to COMPANY aggregate transaction fees (as defined in section 2.2), in the amount of Ten Thousand Dollars ($10,000) (the “CAP”), ASSOCIATE-LICENSEE’s obligation to pay a transaction fee on further closed transactions up to the end of the anniversary date of hire, shall be waived.

2.5.1 For CAP Purposes, the ASSOCIATE-LICENSEE who meets the following 4 criteria will receive credit toward their CAP.  They must be named on the contract, named in the MLS, Paid commission on the file and be the lead agent in the COMPANY’s online transaction system. 

2.5.2 Grandfather Clause: Any ASSOCIATE-LICENSEE that has signed a previous CAP AGREEMENT with the COMPANY, is subject to the terms and conditions agreed to in that AGREEMENT.

2.5.3 ASSOCIATE-LICENSEE’s Year is normally based on Hire Date, but if new CAP is implemented, the year will be measured from the date of implementation.

2.6 COMPANY shall have the right to deduct from commissions any outstanding bills, invoices, dues or monies owed to COMPANY.

2.7 ASSOCIATE-LICENSEE REFERRAL CREDITS

2.7.1 Refer  1 REALTOR® (who become real estate salespersons with COMPANY) and the Monthly Site Access fee is waived for three (3) months beginning the 1st of the month following the hire date of the REALTOR® referred.

2.7.4 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 represent 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. 

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Signed by Kevin Story
Signed On: July 19, 2021


Signature Certificate
Document name: ADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT COMPENSATION AND FEES
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March 22, 2019 10:55 am CDTADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT COMPENSATION AND FEES Uploaded by Kevin Story - kstory@rogsterling.com IP 70.167.147.84