Common use of Activity Reporting Clause in Contracts

Activity Reporting. Associate-Licensee is required to report all his/her real estate activities to the Broker within 72 hours of their occurrence. Real estate activities include listing agreements, newly opened escrows (accepted purchase agreements), xxxxxxx money deposits, cancelled and expired agreements, renewed agreements, referral fee agreements and/or any other business contract or arrangement involving an Associate- Licensee and his/her client. If associate-licensee does not report within 72 hours, associate-licensee’s commission will be reduced by 20% of the total gross commission. Further, associate-licensee understands that under California Business & Professions Code 10137 it is unlawful for any real estate licensee who is not the broker of record to receive direct payment for any activity which requires a real estate license without said broker’s prior written authorization. Accordingly, if associate-licensee does not report their real estate activities to this office as provided herein, and then closes a transaction without notifying our office, then either: (1) associate-licensee shall forfeit all commissions due on that transaction, or (2) if associate-licensee has already received his or her commission then associate-licensee shall pay over their entire commission received to Premier Realty Associates upon demand for violating the terms of this contract. The foregoing is in addition to any other measure and/or remedies that the Broker deems warranted under the circumstances and this includes without limitation the right of the Broker to proceed with litigation against the associate-licensee to recover any commission paid on the transaction or otherwise.

Activity Reporting. Associate-Licensee is required to report all his/her real estate activities to the Broker within 72 hours of their occurrence. Real estate activities include listing agreements, newly opened escrows (accepted purchase agreements), xxxxxxx money deposits, cancelled and expired agreements, renewed agreements, referral fee agreements and/or any other business contract or arrangement involving an Associate- Associate-Licensee and his/her client. If associate-licensee does not report within 72 hours, associate-licensee’s commission will be reduced by 20% of the total gross commission. Further, associate-licensee understands that under California Business & Professions Code 10137 it is unlawful for any real estate licensee who is not the broker of record to receive direct payment for any activity which requires a real estate license without said broker’s prior written authorization. Accordingly, if associate-licensee does not report their real estate activities to this office as provided herein, and then closes a transaction without notifying our office, then either: (1) associate-licensee shall forfeit all commissions due on that transaction, or (2) if associate-licensee has already received his or her commission then associate-licensee shall pay over their entire commission received to Premier Realty Associates upon demand for violating the terms of this contract. The foregoing is in addition to any other measure and/or remedies that the Broker deems warranted under the circumstances and this includes without limitation the right of the Broker to proceed with litigation against the associate-licensee to recover any commission paid on the transaction or otherwise.