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Terms of Use, Terms & Conditions

 

By subscribing, affiliating or signing any of the forms on this website or within the brokerage, the Associate/Agent acknowledge & agree to the following terms and conditions which are further detailed in the membership section of the back office. Associates should login frequently for updates as stated in the Independent Contractor Agreement or Affiliation Agreement. The Associate agrees that the terms & conditions serve notice to modifications including but not limited to processes, policies & procedures. Associates shall keep the back office confidential & all information received by the brokerage. Definitions of the terms Associates, Agents, Affiliates, Brokerage, Broker &/or Companies are defined in the Independent Contractor Affiliation Agreement.

TERMINATION

The Associate may terminate by unsubscribing from monthly fees on their account page in the back office. Associate understands it is the responsibility of the Associate/Agent to ensure their original binding and non binding contracts, closing statements and any contract related documents are uploaded to the Brokerage Hub/CRM before asking for their license to be removed, terminated or inactivated. Agent takes full responsibility for making sure the Brokerage has their paperwork in our Hub/CRM. This statement refers to any contracts within the last 3 years since the brokerage retains documents for 3 years. This Agency does not accept emailed contracts. All associated original documents must be uploaded to our CRM & Transaction Desk as indicated in the back office. Associate agrees to follow up on his/her deals in order to receive the commission split stated in the Affiliation Agreement along with a 30 day notice to terminate. Otherwise the Agent will unilaterally terminate in the back office. Associates understands that transferring their license and transferring the brokerage listings are completely different. All listings & pending escrows belong to the brokerage no matter how the listing was obtained or referred.

Associate understands that without a written 30 day notice to terminate, the Associate will not be compensated for any sales. Furthermore, if the brokerage finds that the Associate has violated the real estate license law in any way or associated local, state or federal laws, the brokerage reserves the right not to compensate the Associate at all.  Authorites or Agencies play no role in our brokerage internal investigation. In other words, if the brokerage finds that the Associate has misrepresented our clients, company or business in any manner including but not limited to; falsification, forgery, fraud, the Associate will not be compensated. In the event that the brokerage, supervising broker or managing broker of record is named as a defendant to any lawsuit relating to the Associate, a commission and/or fees will not be paid to the Associate nor legal fees.

Associate understands a final monthly payment is due in the month of termination because the MLS bills in advance. In the event the Associate does not provide sufficient follow up with their transactions, we reserve the right to assign a follow up Agent to close out their transactions and may receive a 10% follow up fee upon closing. This firm reserves the right to terminate the agreement with the Associate at any time or upon notice of an involvement with violations from the Real Estate Commission caused by the Associate. The company shall not be obligated to defend any disciplinary actions or pay any fines, penalties, Attorney fees, commissions or award resulting from any disciplinary action or misrepresentation. Associate further understands that the Brokerage reserves all rights necessary to rectify & remedy any real estate violations, internal or external investigations, suspicions of fraudulent activity within the brokerage made by the Associate. The brokerage also has the exclusive right to determine the conduct and defense of such legal proceedings or investigation with any such party or third party including, without limitation; the right to compromise, settle, defend, discontinue or continue any such action. The Associate acknowledges that the Brokerage may report any suspicious, unusual and/or potentially illegal fraudulent activity to Authorities or officials as required by law.

INDEMNIFICATION

Associate shall reimburse the brokerage for any and all losses, liabilities, claims, damages, costs including
without limitation attorneys’ fees and costs, and actions suffered or incurred by the brokerage
which arise out of or result from; including but not limited to: material breach by Associate, breach of contract, condition, term, obligation, misrepresentation or negligence by Associate. The Associate further acknowledges & agrees that the brokerage shall be indemnified & held harmless from any & all claims, causes of action, or damages arising out of or related to Associate’s neglect in any way, misrepresentation, investigations, forgery, fraud or suspicious activity as identified by the brokerage, supervising broker or qualifying broker of record. Associate agrees to indemnify Brokerage Services, Managing Partners, Managing Brokers & affiliates from & against any & all claims, liabilities, damages or losses arising out of or related to the listing & sale of properties. Associate acknowledges that Broker or Brokerage shall under no circumstances have any liability greater than the amount of the real estate commission paid in the Associate transaction assuming Associate is in compliance to be paid & has not breached or violated any brokerage policies, rules or procedures.

 

MEDIATION

All parties agree to mediation versus litigation in the event of a dispute. Parties agree to provide in writing immediately before proceeding with mediation or arbitration adopting the mediation guidelines of our designated local board of Realtors Association or any lawsuit as it relates to this Firm, AK & Associates Family Limited Partnership (DBA) doing business as Diamond Realty Brokers. AK & Associates Family Limited Partnership owns the U.S. Trademark to Diamond Realty Brokers. Diamond Realty Brokers Corporation is a separate entity and is not associated with the Independent Contractor or Affiliation Agreement. As a member of the local, state & national Association of Realtors, all parties agree to adopt the code of ethics, mediation & arbitration guidelines of the Association regarding all disputes. Visit the local board website for more information. Details of mediation are explained in the mandatory Code of Ethics class facilitated by the board of Realtors. In the event that the brokerage, supervising broker or managing broker of record is named as a defendant to any lawsuit relating to the Associate, a commission will not be paid to the Associate. In addition, all disputes arising out of commissions or earnest money with other real estate firms, builders or developers whether licensed or unlicensed must be disputed in writing to your Association & this firm.

FEES & COMMISSION SPLIT

The FEES & commission split between DIAMOND REALTY BROKERS AND AGENT are as follows:

On the first day of every month OR a month after the Agent SIGNS UP on the Back Office website, Agents monthly fee is due & automatically deducted as an ACH debit or E-check. All fees are due BEFORE the Agents license will be active.

Agents are responsible for updating their own credit card information online in the back office account under the “Account” section. In essence, the same way you initiate payment processing online, is the same way you’d update your credit or debit card info should your card expire or if your card is unable to be charged for any reason. Agent will receive notice of expired or insufficient funds of the credit card. However, after 7 days of an expired card, insufficient funds or unresponsive Agent, license and/or access could be inactivated.

Payments by mail are NOT accepted.

Agent understands if Agent is charged with a MLS, Board or Association fine/fees/dues that the Agent will be charged by Diamond Realty Brokers if we are sent a bill on their behalf. In a case of insufficient funds, Diamond Realty Brokers can inactive Agents license. Also licensee will be responsible for any bank fees that Diamond Realty Brokers is charged by its bank as a result of Agents insufficient funds. All Application, Set Up &/or Monthly Fees are Non Refundable.

Associate understands E&O insurance is included in dues. The state of Florida & Tennessee may allow Agents to pay MLS dues directly to the MLS. Boards often change their policies. Agents actively licensed in the state of Florida & Tennessee will also pay an annual upfront $150 Fee toward E & O insurance for that state unless.

Monthly Fees:

Monthly dues & Add Ons can be found on the link below:

drbagent.com/multi-member

 

Compensation 80/20 Split or 50/50 Split

100% commission paid only after $3 Million annual sales volume documented in our CRM and Associated MLS membership by the Associate. The $3 Million in sales volume must be repeated annually (defined as every year) before 100% split is paid minus the transaction fee specified in the Independent Contractor Agreement. In other words, your sales reset every year. This Agency is not a flat fee Brokerage. Please search for other Brokers for that service. It is the Associate’s responsibility to record their sales in the MLS & email those records to our Managing Broker as proof of sales history when requesting to receive 100% commission prior to closing a transaction. Choose your plan, then email your MLS documented proof of sales for validation. The 50/50 Lead plan can’t be combined with any other plan no matter when the Associate added on leads or stopped paying for them. This will prevent Associates from obtaining our leads & closing the deals under their own brokerage or a transferring brokerage. Discontinuing the lead payment subscription from your subscriptions does not terminate the Agent from the brokerage. The Agent can request for their license to be deactivated from the brokerage when requesting to terminate the Affiliation Agreement. See Termination section for details on unsubscribing from the mandatory monthly dues or the brokerage. Do not add leads if you don’t have the time it takes to nurture leads. Lead prospects can take up to 12 months on average to convert to a sale or closing in our industry.

No representation, statement, promise or inducement not contained within these Terms & Conditions, Affiliation Agreement or back office shall be binding. These terms of use, terms & conditions shall be binding on the Associate.

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