Clients First Realty, LLC Policy and Procedures Manual, Revised Edition 2.22.2007 – Page 25
Listing and Selling Brokers share with their salesperson(s) and/or agents a portion of the commission. This is done through an Independent Contractors Agreement, to include any Schedules and the Company Policy and Procedure Manual.
Real Estate Agencies are required to have a Policy and Procedures Manual addressing such items.
Agents in accordance with their individual Independent Contractors Agreement, to include any schedules, addendums or a company policy and procedures manual, shall have the sole right to charge whatever commission amounts they choosewhen acting as a listing agent and/or accept when acting as a buyers agent all or part of any commission offered by the residential resale seller, new home builder, a listing agreement between a seller and a listing broker and/or a MLS Co-Broke agreement offered from a listing broker to a selling / buyers broker.
An agent DOES NOT have, at any time, the authority to reduce, defer or replace any portion of Clients First Realty, LLC’s proceeds, earnings or fees, without the written consent of the Designated Broker. Commissions are usually determined in listing agreements, buyer broker agreements or MLS co-broke agreements.
Commissions will be paid at the close of escrow, through the title company, if the file is “Complete” with Clients FirstRealty, LLC. It is the agent’s responsibility to check with the Company and determine the status of their transaction, prior to the close of escrow. In addition, any changes to the transactions (i.e. close of escrow, sales, price, parties) needs to be communicated to Clients First Realty, LLC as soon as possible. Any delay in getting these changes to the Company may result in a delay in commissions being paid.
A decision to proceed with legal action, mediation or arbitration against a party owing a commission to Clients FirstRealty, LLC shall remain solely with the Broker. The Broker shall not have any monetary obligations to the agent or any other party, resulting from brokerage fees that are uncollected.
Any agreement to share commissions between agents within the Company shall be done so in writing and may not be shared directly; only through the Broker. In the absence of a written agreement between the agents, the Broker normally shall pay the entire agent share of the commission to the agent(s) whose names appear on the transactional document between the principals (normally to be divided equally between those agents if more than one and not otherwise specified.)
However, at all times, the Designated Broker reserves the right to make the final determination regarding commission disputes and/or disbursements between agents licensed with Clients First Realty, LLC.
At all times an agent should treat Commission Policies and Plans as confidential information; not to be discussed with others without written authorization from the Designated Broker of CFR.
All fees shall be made payable to Clients First Realty, LLC, then turned in immediately and deposited with the same (CFR’s general operations bank account), along with the transaction contract and/or agreement. All fees in excess of $2500.00 must have prior written approval of the Broker before acceptance. Release of the fees to the agent is at the Broker’s sole discretion, prior to the completion and/or satisfaction of the transaction contract and/or subject agreement.
The Company will process funds received as fees and charge the agent 20% of the fee per subject transaction. (All fees to be paid under a ‘Clients Assist’ contractual agreement is subject to a separate fee and commission agreement – Amended 10-1-2008)
The 20% charge shall be credited to the agent for a refundable retainer fee upon the satisfaction of the agreement and close of escrow of the sale, if applicable. At that time, the agent will be charged the normal transaction fee associated with the sale in accordance with Schedule A of the Independent Contractor Agreement.
Clients First Realty, LLC agent(s) at NO TIME, should have a fee made payable to themselves. This is grounds for immediate termination.