In consideration of the covenants set forth below, the parties agree as follows:
1. STATEMENT OF EMPLOYMENT
Effective as of the date of this Agreement, Designated Broker employs Broker as a real estate Contractor.
2. DUTIES OF CONTRACTOR
Contractor agrees to work for Broker as an Independent Contractor, and not as an employee; however, Contractor understands that Broker is legally accountable for the activities of the Contractor. All costs and obligations incurred by Contractor in conducting his/her independent business shall be paid solely by Contractor, who will hold Broker harmless from any and all such costs and obligations. Contractor will act independently as to the management of his/her own expenses, such as industry association dues, MLS, licensing, cellular telephones, taxes, etc., as incurred.
3. COMPENSATION & FEES
As commissions are earned by Designated Broker through the efforts of Contractor, 100% of any and all such commissions shall be paid to Contractor by Broker promptly (typically within 24-48 hours) after receipt and processing, less any amounts owed to Broker, subject to the following provisions:
FEES PER TRANSACTION (On Earned Commissions):
- Compensation On Residential Referrals, Rentals & BPO’s:
10% of gross compensation payable to AgencyOne (subject to a minimum of $30)
- Compensation To Contractor On Sales And Listings (Please Select 1)
These fees are not applicable to referrals. Contractor is responsible for this fee if not paid by client and fee will be deducted from Contractor’s commissions earned.
In the sole discretion of AgencyOne NW, additional fees may be imposed on the Contractor, at any given time, due to Contractor’s failure to comply with company policies outlined in our Company Policy and Procedures Manual, the Law, compliance statues, MLS violations, MLS hearings, mentoring or violations of state regulations. MLS violations under dispute or investigation may cause us to withhold funds until such disputes are settled per local MLS rules that hold us ultimately accountable for paying such fines.
- Contractor agrees to enroll in our bank automated clearing house (ACH) agreement and will be billed per the monthly plan selected above for access to our technology platform and other benefits of affiliation. This fee is subject to change with 15 day notice via our paperless office system (RealtyPass).
- The transaction fee will be withheld by and paid to Broker out of the commissions earned by Contractor for each transaction. Fees are due on any transaction generated by Contractor, whether the Contractor chooses to “credit” commissions to anyone in or outside of the transaction.
- Contractor understands and agrees that because Contractor is an Independent Contractor, and not an employee of Broker, Broker will not withhold any Federal Income Tax, Social Security (FICA), Self Employment, Worker’s Compensation Insurance or Unemployment (FUTA) taxes from Contractor’s commissions paid.
Contractor is personally responsible for paying any and all Federal, Social Security and all other taxes and license fees per applicable law, and for maintaining all expense records as required by law, and represents to Broker that all such amounts will be withheld and paid. Contractor shall indemnify and hold Broker harmless from any liability or costs thereof.
Office dues will be auto-debited from your banking institution on or after the 25th of each month for the current month. A $50 fee will be assessed on all declined payments. Unpaid invoices delinquent by more than 30 days may be subject to termination of your license. Any third party dues billed to Broker on behalf of Contractor will be collected as required for reimbursement.
4. DURATION OF AGREEMENT; TERMINATION
This agreement may be terminated by either party upon 30 day written notice to either party unless Contractor is being terminated due to non-compliance or non-responsiveness. Contractor agrees to fully cooperate with Broker to resolve any transactions, claims or disputes, which are pending at the time or which arise after Contractor’s contractual relationship with Broker terminates. Fees are due to Broker on any opened escrows. By law, any open escrows belong to the Broker. Our policy however is that any transaction already in escrow will be subject to an additional 25% of the total commission made payable to AgencyOne. For the purpose of this Agreement, the term “transaction” shall be defined as the recording of the deed following the sale of real estate, OR the execution by all parties to a purchase agreement or lease/ referral agreement. Broker may not recruit brokers (email, phone, text, social media or other media) away for a minimum period of 36 months after termination. It is also understood that failure or lapse of renewing license does not terminate your account and billing without this mandatory written notice. Brokers enrolled in mentorship who have not completed the mandatory 3 transactions will be subject to a $500 termination fee for each. Listings may either transfer for a $500 fee or be reassigned by the Designated Broker as determined by Company.
5. ACCESS TO LISTINGS AND OTHER INFORMATION
Broker will give Contractor access to its confidential files pertaining to listings of property, prospects for the sale of such property, and other related matters. Broker shall also furnish Salesman personal contacts with persons interested in selling or buying such property, and shall generally aid Salesman in every way possible with respect to such sales and Salesman's duties hereunder.
6.LOYALTY TO BROKER'S INTEREST
Contractor will not during the term of this Agreement be engaged in any other business activity, whether or not pursued for gain, profit, or other pecuniary advantage that is similar or in direct competition with broker.
7. NONDISCLOSURE OF TRADE SECRETS
Contractor recognizes and acknowledges that the information that will be furnished concerning Broker's customers, listings, holdings, investments, transactions, and other confidential matters constitutes a valuable, special and unique asset and trade secret of Broker's business. Accordingly, Salesman will not, during the term of his employment hereunder (or 3 years after termination), disclose any such information or any part thereof to any person, firm, corporation, association, or other entity for any reason or purpose whatsoever.
8. WRITTEN CONTRACT AS CONSTITUTING ENTIRE AGREEMENT
This Agreement constitutes the entire contract and agreement between parties, and there are no verbal understandings or other agreements of any nature with respect to the subject matter hereof except those contained in this Agreement. Contractor/ Agent agrees to abide by any future changes to this Agreement or company policies which are distributed to Contractor/Agent either by email, company web site and/or any other method in writing, taking effect as stated in the notice and when provided to the Contractor/Agent. Such amendment of this Agreement shall occur, even though this Agreement is not amended in writing with signatures of the parties. Contractor/Agent, by executing this Agreement agrees to abide by all such future changes to this Agreement upon receiving notice thereof. In the event that Contractor/Agent does not agree to such change, his/her sole remedy is to terminate this Agreement. Otherwise, any such amendment shall be deemed binding against the Contractor/Agent.
9. BINDING EFFECT
This Agreement shall be binding upon and inure to the benefit of the respective heirs, successors and assigns of the parties hereto.
10. GOVERNING LAW
This Agreement shall be governed, interpreted and construed by, through and under the laws of the state of WASHINGTON.
11. ARBITRATION / ATTORNEYS’ FEES
Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association in accordance with its Commercial [or other] Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. In the event of any legal or equitable action, including any appeals, which may arise hereunder between or among the parties hereto, the prevailing party shall be entitled to recover a reasonable attorneys' fee.
The invalidity or unenforceability of any portion of this Agreement shall not affect the remaining provisions and portions hereof.
Contractor will utilize his/her own automobile and will maintain a minimum $100,000/$300,000 liability and property damage insurance policy, naming Broker as a co-insured, covering any vehicles used to transport third parties or to show and inspect properties, and shall furnish a copy of said policy to Broker upon request.
13 (a). The Errors and Omissions Insurance Carrier shall be chosen at Broker’s discretion. Contractor understands that he/she is responsible for the payment of the deductible amount upon request, for each Errors and Omissions claim (currently $10,000 as of the date of this contract).
13 (b). Contractor shall immediately notify Broker of any circumstances likely to give rise to any kind of claim against Contractor and/or Broker. In the event of a claim, lawsuit or Arbitration demand which is not wholly covered by insurance, Broker may withhold from Contractor’s commissions payable, an amount adequate to satisfy any amounts not covered, which Broker shall place in it’s Claims and Disputes Retention Account, pending settlement or other disposition of the matter. Broker may, in Broker’s sole discretion, apply such sums as necessary to settle or to satisfy any such claim or award.
FILE PROCEDURES AND NON COMPLIANCE POLICY
Files must be completed by the closing date. All files must be uploaded to our paperless system within 2 business days of opening escrow to avoid late fees. Listings must be reported within 2 days as well. They are considered “late” if they are incomplete or turned in 3 business after escrow was opened. Under such circumstances, you will incur an initial penalty fee of $50 plus $25/day late.
Any documentation that cannot be obtained requires a paper (and digital) trail of your attempts to get it. Paper trail must include copies of written correspondence and a fax confirmation requesting items from the Broker of an agent/office refusing to provide proper documentation. A letter from the Broker stating their refusal should be obtained. Always keep a digital conversation log in the software to further document your transaction whenever possible.
Once files are complete, commission payments will be paid within 2 business days from receipt of the final document turned in via Direct Deposit only. Contractor should keep a copy of files for future reference. Once audited, “closed” files are no longer available for you to work with but may be accessed for viewing purposes only. Funds not wired to our commission account via escrow are subject to a $25 check deposit processing fee.
Many of you have formed teams and we encourage you to do so. Please remember that if a “new” agent joins your team, they must be approved by the broker and must be under your direct supervision at all times. All agency disclosures must include the names of each team member.
The paragraph headings contained herein are for convenience of reference only and are not to be used in the construction or interpretation hereof.
SOCIAL MEDIA POLICY AND MARKETING
Contractors who use the internet or social networking sites to promote themselves or their business are also representing AgencyOne. This policy is intended to cover any conduct that reflects adversely upon Broker or Brokerage. Whether it is a personal website, email, participation in email discussion groups, social network sites or use of any other internet tools, there are certain standards that must be upheld.
- Name/Logo of Brokerage displayed prominently (2 font sizes larger than Contractor Name)
- Name/Logo displayed prominently on each page
- Address of the Brokerage office with which you are affiliated
- Phone/Fax/Email of the Brokerage office
- Name of the Agent responsible for the website
- State of Licensure
- Any other requirement mandated by state/local regulation
Approved business card, signs and logos may be found within the company store within the paperless office. You agree not to modify the company logo and agree to submit all artwork for approval if not using our pre-approved templates to: info@AgencyOnenw.com
ACKNOWLEDGEMENT. I, the undersigned Contractor/Agent for AgencyOne NW, do hereby acknowledge that I have read, understand and agree to abide by the policy stated herein and all subsequent amendments.