Common use of Licensee's Employees Clause in Contracts

Licensee's Employees. Licensee’s employees, if any, who perform services for the broker under this agreement shall also be bound by the provision of this agreement. A licensee’s responsibilities include advising its employees of the terms of this agreement and supervising their activities to ensure their compliance with all of its terms. At the request of broker, licensee shall provide evidence that such persons are licensee’s employees and are bound by the provisions of this agreement. Transaction Management System: All Licensees shall use the company approved free online transaction management system (TC) on all real estate transactions, or elect to pay VRG to manage the uploading of all documents and paperwork. All transaction files shall be complete with all the necessary documents in place and certified by the broker or manager before payments of any commissions will be released to the licensee regardless if a deal has closed or not. In the state of Washington, if you have held your real estate license for less than 30 (thirty) months, all contracts, listings, and offers must be approved by your Managing Broker before submittal to the client. Commission Rebates, Discounts or Credits: Licensees with The Virtual Realty Group are free to negotiate their commissions in accordance with real estate law in the state in which you are licensed in. VRG will not participate in any discounting of commissions that the licensee offers their buyers or sellers. All fees owed to The Virtual Realty Group are based on the total “Gross” commissions paid on a transaction as noted in the MLS listing or a previously signed separate commission agreement, not the rebated, discounted or credited commission paid. Also, regarding commission discounts a licensee gives their clients: If you are on a percentage plan like the brand new agent plan of 75%-25%, and you discount or offer not to take a commission, we'll base our 25% fee on 2.5% of the closed sales price, or the commission actually offered, whichever is greater. If you are on a Flat Fee plan like the $595 plan, and you discount or offer not to take a commission, you will still owe us $595 on a closing, plus any "bump up fees" that may apply from ICA section 6.2 D above. Compensation, Fees and Commissions, See Also ICA:

Licensee's Employees. Licensee’s employees, if any, who perform services for the broker under this agreement shall also be bound by the provision of this agreement. A licensee’s responsibilities include advising its employees of the terms of this agreement and supervising their activities to ensure their compliance with all of its terms. At the request of broker, licensee shall provide evidence that such persons are licensee’s employees and are bound by the provisions of this agreement. Transaction Management System: All Licensees shall use the company approved free online transaction management system (TC) on all real estate transactions, or elect to pay VRG to manage the uploading of all documents and paperwork. All transaction files shall be complete with all the necessary documents in place and certified by the broker or manager before payments of any commissions will be released to the licensee regardless if a deal has closed or not. In the state of Washington, if you have held your real estate license for less than 30 (thirty) months, all contracts, listings, and offers must be approved by your Managing Broker before submittal to the client. Commission Rebates, Discounts or Credits: Licensees with The Virtual Realty Group are free to negotiate their commissions in accordance with real estate law in the state in which you are licensed in. VRG will not participate in any discounting of commissions that the licensee offers their buyers or sellers. All fees owed to The Virtual Realty Group are based on the total “Gross” commissions paid on a transaction as noted in the MLS listing or a previously signed separate commission agreement, not the rebated, discounted or credited commission paid. Also, regarding commission discounts a licensee gives their clients: If you are on a percentage plan like the brand new agent plan of 75%-25%, and you discount or offer not to take a commission, we'll base our 25% fee on 2.5% of the closed sales price, or the commission actually offered, whichever is greater. If you are on a Flat Fee plan like the $595 495 plan, and you discount or offer not to take a commission, you will still owe us $595 495 on a closing, plus any "bump up fees" that may apply from ICA section 6.2 D E above. Compensation, Fees and Commissions, See Also ICA: