glasBridge, LLC, referred to as “GRE” and , referred to as “Agent”
who is a licensed Florida Real Estate with Real Estate License Number: agree to the following:
COMPENSATION / COMMISSION
Upon execution of this agreement Agent will receive a 80/20 commission split with GRE on all Residential and Commercial Real Estate transactions completed under their license. (80% of total commission received will be paid to Agent and 20% to GRE)
INCENTIVES: If seller or listing office offers a premium, bonus or other incentive, if such premium, incentive or bonus is in the form of money, then GRE will be paid under Agent's split structure in effect at the time the incentive is paid.
DISCLAIMER
Agent may practice both residential and commercial real estate while they are with GRE. Agent will be expected to take commercial classes or lectures given by GRE to ensure Agent is competent to work in commercial real estate. Agent must take two online commercial classes and provide the certificate of completion to the corporate office. Classes to take and where to sign up for them will be provided upon signing with GRE. Agent must remain in good standing with the Board of Realtors they are associated with, have no pending complaints, violations, ethic charges and have no claims against their E&O insurance upon joining GRE.
BENEFITS
No sign-up fee
No desk fees
No copier fees unless creating large productions or booklets, we may offer to have it sent out.
No franchise fee on each commission.
No charges for one on one mentoring in Commercial
Small monthly fee of $60 to cover agent’s dotloop account and other Broker expenses for being an associate with GRE, residential or commercial.
GENERAL TERMS
1. Agent understands they are working for GRE as an Independent Contractor. Agent shall hold GRE harmless from any and all costs and obligations incurred by Agent during the course of conducting business while holding their license with GRE. Agent will be responsible for payment of all of their expenses, association dues, licensing renewals, any dues that Agent is responsible for, including memberships with other related clubs, groups, any custom signage, custom business cards, and media of any kind. None of these items are to be billed to GRE. GRE maintains relationships with certain printing companies and GRE rates will be passed on to Agent as needed.
2. Agent is and will remain licensed and in good standing with the Florida Department of Business and Professional Regulation, throughout their employment with GRE. Within 10 days of the date of this contract, Agent will become and shall remain a dues-paying member of either the Orlando Regional Realtors Association, the Osceola County Association of Realtors, Lake and Sumter County board of realtors or the Dade County board of realtors.
3. At no time will Agent lend out any of their licensed, owned or leased electronic equipment necessary for gaining access to residents or commercial properties.
4. When dealing with commercial real estate listings of any kind, Agent must always attend those showings. The company insists that this policy never be broken for any reason. Agent can ask for another agent to represent their listing and to appear on their behalf. No commercial listing that holds an active business can utilize a lock box of any kind, Agent must always be at every showing.
5. Agent will use their own automobile, and will maintain a liability and property damage insurance policy for their vehicle and policy must subordinate to GRE.
6. Agent understands that there is a $450 Transaction Fee charged to clients on any and all transactions through GRE as stated in the Disclosure forms. Agent must include a disclosure with each of their transactions. If, in the event a client does not pay the transaction fee, then it will be deducted from the Agent’s commission. If Agent is working with both buyer and seller, only one transaction fee of $450 will be charged. If the commission is under $4,500.00 the transaction fee will be calculated at 10% of the commission amount. This will be the case for both residential and commercial.
7. TERMINATION. In the event Agent decides to leave glasBridge, LLC, before the Closing Date of any Pending Listings/Sales, Agent acknowledges that a Director of Operations will be assigned to the file, to oversee the closing of the contract. A Transaction Fee of $450, and an additional 10% of the commission might be charged, but each situation will be decided individually. The amount decided if any will be withheld from final commissions. GRE will work to take the closing to completion collectively with you.
8. In the event GRE does not have a credit card on file for the agent to have their dues paid for on a monthly basis or if the credit card declines, GRE has the authority to exercise the right to collect dues owed through the next available agent’s closing.
9. Regarding Errors and Omissions Insurance maintained by GRE the Agent understands they are responsible for a payment of the deductible amount (as high as $5,000.00) upon request, for each Errors and Omissions claim. Agent shall immediately notify GRE of any circumstances regarding a claim or complaint against Agent and/or GRE. In the event of a claim, lawsuit, License complaint or Arbitration demand, which is not in its entirety covered by insurance, GRE may/will withhold from Agent’s commissions payable, in an amount adequate to satisfy charges not covered. Agent agrees to reimburse and indemnify GRE for any Attorney fees reasonably incurred by GRE to obtain legal advice concerning such transaction(s).
10. For purposes of this Agreement, the term “transaction” shall be defined as but not limited to the recording of a deed following the sale of residential or commercial real estate, or the execution by all parties of a residential or commercial lease, where a commission is paid to GRE as a result of the efforts of the Agent. Agent agrees that GRE 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.
11. Agent understands and agrees that, because Agent is an independent contractor and not an employee of GRE, GRE will not withhold any Federal or State Income Tax, Social Security (FICA) or Unemployment (FUTA) taxes from Agent’s commissions paid. Agent is personally responsible for paying any and all Federal and State Income, Social Security and other taxes.
12. This Agreement may be terminated immediately, by Broker or by written notice by Agent to Broker.
13. In the event of a dispute involving two or more agents, all of whom are licensed with Broker; Agent authorizes the Designated Broker Director of Operations of GRE, to have sole and absolute discretion in resolving said dispute. Agent agrees to abide by the decision of the Designated Broker. Agent also agrees to hold harmless and indemnify GRE, and it’s Designated Broker against any claim, action or lawsuit of any kind, and from any loss, judgment, or expense, including attorney fees, arising from or relating in any way to the resolution of said dispute.
14. Agent acknowledges and agrees to abide by the advertising rules of Section 61J2-10.025(3)(a) of the Florida Administrative Code, which requires that Internet ads display the brokerage company’s licensed name above, below or adjacent to the brokerage or individual licensee’s point of contact information. The Code further defines point of contact information as mailing and/or physical addresses, email addresses, and telephone or fax numbers.
15. For Trademark Use of REALTOR®, Agent must visit http://www.realtor.org/LetterLw.nsf/pages/ Trademark Logo Rules. Agent acknowledges the Use and Restrictions of REALTOR® and understands, if Agent is currently using “Realtor” in any form that is not compliant with NAR’s Trademark Logo Rules, they will immediately change/remove/rename all non-compliant upon signing of this Agreement.
ADVERTISING REQUIREMENTS
1. Advertisements must be put forth in such a manner that a responsible person would know that he/she is dealing with a real estate licensee or brokerage. The Florida Real Estate Commission (FREC) has indicated in the past that this requirement is satisfied when one of the following criteria is included in the advertisement: The words “realty” or “real estate” form a part of the brokerage firm name; the advertisement includes the licensee’s Realtor designation (i.e. Realtor or Realtor Associate); and/or the brokerage firm name is virtually synonymous with real estate.
2. Advertisements must not be fraudulent, false, deceptive, or misleading.
3. Advertisements must include the licensed name of the brokerage firm. Florida Administrative Code 10.025 states that when advertising on websites the brokerage firm name must be placed adjacent to or immediately above or below the point of contact information. Point of contact information, as outlined in the rule, refers to any means by which to contact the brokerage firm or individual licensee including mailing address(s), physical street address(s), email address(s), telephone number(s) or facsimile telephone number(s).
FILE SUBMISSION NOTIFICATION PROCEDURE
All GRE Agent Associates and Broker Associates must stay in compliance with FREC, DBPR, MLS Rules and Regulations, and the Local Board. All files must be submitted with 48 hours of execution. This requirement applies to all GRE agents for all executed documents and files. The forms and form packets listed within your assigned GRE Dotloop account includes all the mandatory forms required for each type of transaction/listing and all forms must be filled out and submitted for review prior to the transaction being completed.
HOW TO SUBMIT FILES TO THE OFFICE
- AGENT must submit files through their Dotloop Account which will be assigned to Agent prior to their first GRE transaction. - Agent must complete the basic Dotloop training online within the first 2 weeks of opening a Dotloop account. Do not email your transaction documents to the office.
To request funding at a closing, files must be complete and approved at least 48 hours prior to closing (Excluding Holidays/ Weekends and the day of closing). Your account with GRE must be current with no past due balances owed in order to obtain approval for table funding.
Any questions please contact the office for assistance or call directly any Director of Operations at the office. (407) 704-6848. glasBridge, LLC office address: 1412 East Robinson Street, Orlando, Florida 32801
The minimum required forms listed above are subject to change at any time. Agents/Broker Associates are required to stay in compliance with the Law and maintain their files accordingly. Reference office Policy Manual and GRE Independent Contractor Agreement. (glasBridge, LLC referred to as GRE or glasBridge Real Estate)
I have read and agree to the Brokers terms and conditions set forth above and acknowledge receipt of a copy hereof. Furthermore, I agree to abide by glasBridge, LLC Minimum Standards, Rules and Regulations. GRE reserves the right to modify this agreement, This is a living document, subject to periodic changes. Agents/broker associates will be notified of any changes by email.
