FEES AND DUES

There is a $50 fee for late payments, invalid CC numbers on file etc when payments are due and not paid.

If association dues are not paid and we are billed, we will charge your card the amount + 3%.  There will also be a $50 admin fee as well.   Any late amount due which is not paid will be sent for collections.  It is not worth your credit hit as it will cost you more in the future for credit or loans.

 

MLS AND ASSOCIATION OF REALTOR MEMBERSHIP

Membership forms are located in the Intranet CLICK HERE.  

 

If you join the MLS, you need to join a local Association of Realtors.

 

New NAR rules require all agents whose brokers are members of an Association of Realtor to be a member as well.   Alternatively, they can be listed as LFRO (Limited Function Referral Office) agents PROVIDED they are not a member of any MLS and not transacting.   If an agent is a MLS only member, a bill of about $500 will be invoiced by the local Association of Realtors.  In a nutshell, either you join both MLS and AOR or NOT join any.

 

You are not obligated to be a member of any association to do business as a real estate agent. You only need to have a valid DRE license and be associated with a Broker. However, without membership to a local association of realtors, you cannot use the Realtor designation, obtain a lock box key, list properties or see agent details on the MLS and receive other benefits that the associations may provide.

 

When an agent becomes a member of the California Association of Realtors, he/she gets access to C.A.R legal forms (WinForms, PRDS and others). However, if you do not have this access, many standard C.A.R. forms are available on our intranet.

 

PLEASE READ THESE POLICIES (MANDATORY)

SRR Office Manual                        BRE Warning on Independent Realtor Declaration  

Workers Comps  

Do Not Call Policy

Sexual Harassment Policy

California Compliance Policy

 

REFER A FRIEND PROGRAM

Spread the good news about our 100% commission brokerage and if someone signs up mentioning your referral, you will get $50 for every file that associate closes FOR LIFE!!!  So spread the positive word of mouth.

 

BRANCH MANAGER PROGRAM

Ready to lead a team?   We can have you set up branch offices and have your own team where you can recruit, train and vet documents.  In return, you will be able to increase your income opportunities.  Talk to us about this unique opportunity.   You will be able to over-ride your own agents if you provided leads to them.

 

OTHER TERMS AND CONDITIONS (We reserve the right to update the terms without notice) 

 

1. All fees paid to STANFLES REALTY are not refundable.   

2. Sales Associate agrees to abide by and be bound by the Terms and Conditions of STANFLES REALTY Office Policy and Procedure manual. 

3. This contract is effective as of date of hire.

4. Commission Disbursement: STANFLES REALTY will only disburse commission to agent after receipt of commission check from Escrow OR directly from Escrow after documents in the transaction are complied, filed properly and cleared compliance.

5. Sales associate need to open up property file within 24 hrs of execution and to close the file within 48hrs of close of escrow. Any Associate who does not comply with these timelines may be subject to a $150 fine, taken out of the commission. STANFLES REALTY does pay direct from Escrow PROVIDED the file is complete and passes compliance check. A mandatory compliance fee of $99 (waived if in-house escrow is used) is applied to the commission and Transaction Coordinator service is provided FREE. You can prepare your own file but all documents must clear compliance through TC. The sample document checklist is attached (subject to change without notice).

6. Agent’s client will cover each transaction Client E&O (Client transaction fee).  Agent to provide SRR intranet Addendum to RPA disclosure form for client to sign.  Agent will cover client transaction E&O fee if client does not want to pay for it.  For dual agency, both buying and selling clients will pay their own transaction E&O (Client transaction fee)..

7. Sales Associate agrees that if for any reason the complete real estate file is not submitted to STANFLES REALTY within (14) fourteen days of settlement date, all commissions due to the Sales Associate for that file will be on HOLD. In addition, any file, which has been reviewed by the Compliance department and determined to have missing or incomplete items, whose missing or incorrect items are not corrected or completed to the satisfaction of the Compliance department within (7) days receipt of initial request of needed items, will also have all commissions put on HOLD.

8. The commission split will be calculated based on a total commission owed to STANFLES REALTY

9. All transaction, including Sales Associate’s own/personal transactions are subject to all fees applicable.   Fee structures can change as per rising cost with notification to Sales Associate each year.   Agent's personal listings now require a 0.5% commission payable to self, net after fees creditable as seller net proceeds.

10. Agent should have Automobile insurance to indicate STANFLES REALTY as additional party insured.

11. When Sales Associate leaves the company, Door Access Card must be returned or a replacement fee of $25 is due. E&O of $99 is also due if agent had not closed a deal since joining or annual anniversary date of joining.

12. All association and MLS fees are to be paid when due to the respective billing sources.  If STANFLES REALTY is billed for your dues, we will charge your card on file the amount due + 3% and pay the dues on your behalf.  You will be removed from our roster if we cannot pay on your behalf.

13. Agent must join MLS to List Property.   Brokerage can provide ZIPFORM form support on a ONE time basis at 80/20 commission split.   After 1st transaction is completed, if agent is not a Realtor, brokerage will withhold funds from commission to pay for Realtor Membership

14. Violation of the Corporate Identity rule (Biz cards and Signs) incurs a fine of $100 per occurrence.   Agents can use their own flyer, postcard, pamphlet templates or merchandising materials provided they include the Corporate logo and when necessary, the statement “If your property is currently listed with a real estate broker, this is not intended as a solicitation of that listing”.

15. Violation of the reasonable Office use rule incurs a fine of $100 per occurrence.

16. There will be a heavy penalty of additional $1000 and possible Fraud Reporting to BRE:-

    1. For signing commission distribution/instructions issued by Escrow or any other way of instructing Escrow holder how to distribute commission without Broker’s approval.

    2. For any real estate transaction performed by Associate-Licensee and not reported to the Broker.

    3. For cashing/depositing the commission check (received from Escrow) or receiving any other compensation for performing real estate activity without Broker’s knowledge or permission.

17. You need to join BOTH Association of Realtor and MLS or not join ANY. However, without membership to a local association of realtors, you cannot use the Realtor designation, obtain a lock box key, list properties or see agent details on the MLS and receive other benefits that the associations may provide. When an agent becomes a member of the California Association of Realtors, he/she gets access to C.A.R legal forms (ZipForms, PRDS and others). However, if you do not have this access, many standard C.A.R. forms are available on our intranet while awaiting your membership application and confirmation.

18. If the brokerage is audited by the Association of Realtor (AOR) and any associate is found to have MLS only membership, we reserve the right to terminate the associate without refund to any MLS fees. NAR rules requires associates to join BOTH MLS and AOR.

19. TRID effective Oct 1 2015 – TILDA + RESPA combined.

       Settlement agents (escrow) will need all related fees that your client (buyer or seller) will pay within 3 days of buyer applying for loans

       Related fees include HOA transfer fees, move in move out, broker transaction fees, NHD report, Home warranty, TC fees and other                         common fees etc   If these fees are not included in the LENDER ESTIMATE that is sent out at the end of 3 days of loan application, it cannot           be included later.   3 days before closing. A CLOSING DISCLOSURE statement by lender will be provided to buyer.  No new additions can be           on that except closing credits (if there are repairs etc).

       All fees that agents had missed out on the LENDER ESTIMATE WILL BE TAKEN OUT OF AGENT COMMISSION (NO EXCEPTIONS)

       Please include all related fees in RPA so that it is clear to escrow.

20.  80-20% commission split applies to all leases and referrals.  (New home sales are referrals)

20. High Value Property (>$1,000,000) Transaction Fee (HVPTF)

       All high value property (>=$1M) transactions will be subjected to a fee of 0.1% of Transacted Price.

       Eg:   For a $1,800,000 transacted price, the HVPTF is 0.1% = $1,800.