WHEREAS, Broker and Agent are duly licensed under the laws of the State of Georgia as a real estate broker and associate broker/real estate salesperson respectively; and WHEREAS, Broker and Agent desire to work together in the real estate brokerage business in a Broker-Agent relationship as set forth in this Agreement. The terms of this agreement shall be for one year, unless terminated earlier. This agreement shall automatically extend for consecutive one-year periods in accordance with all of the terms and conditions provided herein. This Agreement may be terminated immediately by Broker or Agent. In the event this Agreement is terminated; Broker and Agent agree that any ongoing obligations hereunder shall survive the termination of this Agreement.
1. Agent is and shall remain licensed and in good standing pursuant to the laws of the State of Georgia. It is Agent's responsibility to confirm with the Georgia Real Estate Commission that continuing education hours and renewal fees are paid on time.
2. Agent agrees to work for Broker as an Independent Contractor, and not as an employee. All costs and obligations incurred by Agent in conducting his/her independent business shall be paid solely by Independent Contractor who will hold Broker harmless from any and all costs and obligations. Agent will act independently as to the management of his/her time and efforts, and will be responsible for timely payment of all of his/her own expenses, including but not limited to: industry association dues, Licensing renewals, errors and omissions insurance premium, fees and/or fines associated with FMLS and MLS for Agent's transactions.
3. Agent agrees to abide by all Georgia Real Estate Commission (GREC) rules or regulations, state, and federal or fair housing laws. Agent will abide by all Brokerage Policies and Procedures and Independent Contractor agreements now and/or hereafter established, updated or changed by Broker. Agent acknowledges and agrees that should conflict occur between this agreement and the Policies and Procedures Manual, then the Policies and Procedures Manual document, shall prevail. Current Policies and Procedures will always be available on the SKR Agent Portal. It is the Agent's responsibility to review and understand the Policies and Procedures as they are constantly available. If Agent needs clarification on any item in the Policies and Procedures, it is Agent's responsibility to contact a managing Broker on staff.
4. Agent has chosen Seven Keys Realty LLC as Broker. Within 15 days of this contract, Agent will become and shall remain a dues-paying member of an approved local Board of REALTORS® within Georgia in which Seven Keys Realty LLC is a member. Seven Keys Realty LLC requires membership to a local, state or National Board of REALTORS®. Agent agrees to and understands that the word REALTOR® can be used in ANY advertising or marketing materials and can represent himself/herself as a REALTOR® on business cards or nametags. Board members may refer to any designations or awards created by NAR. You can use CRS, ABR, CCIM, Million Dollar Club logo, etc. in your marketing as you are a member of the National Associations of REAL TORS®.
5. Commissions shall be paid to Agent by Broker promptly after receipt and processing, less all amounts owed to Broker, and subject to Broker having a complete sales file including required paperwork signed by all parties in the transaction. Broker shall decide the amount of commission Agent will receive, if any, in the event Georgia Real Estate Commission (GREC) rules or regulations, state, federal or fair housing laws, BROKER or SKR Policies & Procedures are violated during a transaction or if the contract is falsified by the Agent.
6. Change of Personal Information: It is Agent's responsibility to update Broker via instructions defined in the Policy and Procedure manual, with current contact information within 24 hours of change.
7. Agent agrees that any rental security deposits or trust account funds shall be immediately delivered to Seven Keys Realty LLC as appropriate along with all documentation as required by the Seven Keys Realty LLC Policies and Procedures and Broker may hold deposits in an interest bearing trust account.
8. Agent agrees to comply with BROKER Policies and Procedures and the GREC rules to provide Broker with all complete documentation on all real estate transactions which involve Broker or in which the agent has acted in the capacity of a real estate agent/principal. This documentation includes but is not limited to copies of ALL lease agreements, listing agreements and sales contract paperwork written by Agent.
9. If Agent or relative of Agent holds another position in the real estate industry, Agent must disclose the position held in the Special Stipulations section of EVERY Purchase and Sale Agreement, Listing Agreement and other forms engaging Broker with a buyer or seller.
10. Under no circumstances shall Agent solicit or recruit Seven Keys Realty LLC agents or employees during affiliation or within 24 months after termination of affiliation. Agent agrees to pay Broker $10,000 for each violation of soliciting or recruiting Seven Keys Realty LLC agents or employees away from Broker for any reason.
11. All Broker legal documents, marketing materials and technology is proprietary and confidential information. Agent agrees not to allow any other person to use this material without written permission from Broker. Any document management system password is not to be distributed under any circumstances. Agent takes complete responsibility for any material that is distributed, copied or used for profit by another real estate firm due to Agent sharing personal password or through distributing proprietary information during or after affiliation with Broker. Proprietary and confidential information includes but is not limited to this Agreement, Policies and Procedures Manual, any documents, flyers and files distributed or shared by Seven Keys Realty LLC. ANY advertising or promoting of goods and or services to Agents must have written approval from a Managing Broker on Staff. Agents agree not to distribute, share, reveal, provide or sell affiliated Agents' email addresses under any circumstances. Agent agrees to pay $10,000 to Broker for each violation stated in this paragraph.
12. Any and all commissions that are subject to garnishment or similar deduction through court order (i.e. child support) will be deducted according to the court order and or garnishment, etc. If payment must be deducted and monitored from commission per a governing authority, $100 per commission check is paid to Broker for the administrative time necessary. If there are any errors made by Broker and the proper amount is not deducted from the Agent's commission and paid to the governing authority, Agent agrees to pay the proper amount out of the overpayment of commission paid to Agent. Agent will be completely financially responsible for all legal, attorney and other fees charged to Broker resulting from any such advance, garnishment and/or child support payment monitoring.
13. Agent has not relied on any warranty or representation written, printed, orally expressed, or implied by any employee of Seven Keys Realty LLC as to their potential success in real estate.
14. Agent agrees to present themselves in a manner that is conducive to meeting the public and presenting a professional image.
15. No change or modification of this Agreement shall be valid unless in writing with changes initialed, signed and dated by all the parties hereto.
16. Agent permits Broker to use Agent's photograph, when taken at group functions or trainings in advertising, virtual or otherwise, training videos, or any other media without any obligation or financial compensation to Agent during or after affiliation.
17. Agent understands and agrees that Seven Keys Realty LLC is a home-based business and does not have a commercial office location.
18. For purposes of this Agreement, the term "transaction" shall be defined as the sale or lease of real property or any other agreement where a commission or fee is paid to Broker as a result of the efforts of Agent performing real estate services. Agent agrees that Broker has the right to hold and or apply any commissions owing to Agent, as may be necessary to pay for or secure any obligations of Agent hereunder. Payment is only due to Agent if the transaction closes and Broker is paid a commission or fee. Agent may designate another licensed Seven Keys Realty LLC agent to complete their real estate transactions in the event of their death. Should there be no one designated, Broker will redistribute transaction and exercise sole discretion and judgment for an equitable disbursement of any and all commissions. Sales Associate and Sales Associate's heirs and estate will indemnify and hold harmless Broker for any and all disbursement decisions whether by Broker or by designated Agent.
19. Mail, parcel post, overnight packages and deliveries: Agent agrees to have all mail, parcel post, overnight packages and other deliveries delivered to Agent's home or personal address. Agent authorizes Broker to destroy all mail that is delivered to Broker.
20. Agent acknowledges that pending transactions from a previous broker MUST BE closed at the previous broker's office. Agent agrees to be completely financially liable for commissions and all law suit expenses due to bringing pending transactions to Broker without a letter of permission from previous broker. Pending transaction is defined as a listing in negotiation or under contract and or a buyer in negotiation or under contract. A contract that has already been submitted at another brokerage (same buyer, same seller) may NOT be terminated and resubmitted with Broker.
21. Agent is responsible for establishing a Supra Ekey account and having the billing in the agent's name and sent directly to the agent.
22. Agents with less than three (3) closed sales “client” transactions (must have represented buyer and/or seller clients– any combination) or who does not exemplify a strong competency with GAMLS and FMLS systems, must begin on the NEW AGENT PLAN. New Agent commercial transactions must be approved PRIOR to working with potential prospects and require the written authorization of the Managing Broker.