ADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT COMPENSATION AND FEES
ADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT – COMPENSATION AND FEES
COMPANY shall pay ASSOCIATE-LICENSEE on a commission only basis. COMPANY shall pay ASSOCIATE-LICENSEE its commission on the following terms: (Agent to initial)
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.
ASSOCIATE-LICENSEE shall pay COMPANY the following fees (non-refundable):
2.1 GENERAL FEES
100% Simple Program & New Agent Mentorship
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
Gross commission of $1000 or less
• 10% of gross compensation ($25 minimum) on each side
Gross commission of more than $1000
2.2.2 Fees to ASSOCIATE-LICENSEE for residential, new homes sales and approved commercial
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.
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
If you have questions about the contents of this document, you can email the document owner.
Document Name: ADDENDUM “A” TO INDEPENDENT CONTRACTOR AGREEMENT COMPENSATION AND FEES
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