LONDON FOSTER, LLC and its affiliated company LondonFoster.com LLC (“Broker”) are licensed as a real estate broker in the State of Florida and perform acts designated within Chapter 475, Florida Statutes, enjoy goodwill and a reputation for dealing with the public, and maintain an office for the purpose of serving the public as a real estate broker.
(“Associate”) is licensed as a sales associate with license number SL stated above or (“Broker associate”) with license number BK/BL stated above in the State of Florida and is properly qualified to deal with the public as such.
Effective upon your acceptance of this agreement and all necessary documents and/or information has been received by London Foster Realty, you as the “Sales Associate” become an Independent Contractor for London Foster Realty, If you elect to have no Realtor Board or Realtor Association affiliation you will automatically be an associate of LondonFoster.com LLC and will not be required to have any Realtor board or Association affiliation.
1. Employment Status: Broker retains Associate as an independent contractor to assist Broker in the performance of real estate-related activities. With respect to the clients and customers for whom service is performed within the scope of this Agreement,Associate will be construed to be an agent of Broker; otherwise, Associate will not be deemed a servant, employee, joint venturer, or partner of Broker for any purpose. Associate will not be treated as an employee for federal tax purposes with respect to the services performed for Broker under this Agreement. Associate is responsible for paying her/his own estimated income tax payments, self-employment taxes, occupational taxes, and other taxes, if any, to the appropriate governmental entities. Broker will not withhold any taxes from compensation due to Associate, nor will Broker provide worker’s compensation insurance for Associate.
2. Associate Responsibilities: Associate will use her/his best efforts to procure real estate-related business for Broker and will conduct her/his business in a reputable manner and in conformance with all laws, rules, regulations, and codes of ethics that are binding upon or applicable to real estate licensees, and with Broker’s office policy manual, if any.
Compliance: Associate recognizes and acknowledges the obligation to keep abreast of all legal and other issues that affect the real estate industry as they may change from time to time. Associate will not commit any act that violates Florida real estate license law.
(1)Fair Housing: Broker and Broker’s company support and practice Fair Housing principles. Associate has been advised that failure to comply with Fair Housing principles will result in appropriate disciplinary action and possible termination of this Agreement.Associate warrants and represents that it is Associate’s intent to attend Fair Housing instructional programs, keep current on developments in Fair Housing as it affects real estate marketing and sales, and comply with the Fair Housing laws and regulations.Associate understands this acknowledgment, warranty, and representation and agrees to it voluntarily.
(2) Office Policy Manual: Broker maintains an office policy manual. Associate will receive a copy and agrees to comply with the manual and such modifications, addenda, and changes as may be incorporated therein from time to time.
B.License Renewal; Continuing Education; Dues: Associate will be responsible for timely renewing Associate’s real estate license and for completing all legally required continuing education in a timely manner and maintaining the records that evidence such completion as required by the Florida Real Estate Commission. Associate will be responsible for paying all license fees, membership dues, and fines.
C.Broker Supervision: Associate will be deemed to be working under Broker’s supervision only to the extent required by Chapter 475, Florida Statutes. Associate will perform all activities, including those activities Broker requires Associate to perform, independently without Broker’s supervision or control.
D.Broker Property: Associate acknowledges that all pending sales and listings taken during the term of this Agreement are Broker’s property. All programs, forms, data, keys, manuals, signs, and other paraphernalia relative to the business of Broker are Broker’s property, as are all documents and other items pertaining to transactions.
E.Property of Others: In accordance with Florida law, Associate will deliver to Broker, by the end of the next business day following receipt, any funds or other items that a consumer has entrusted to Associate in connection with a real estate transaction.
F.Responsibility: Broker will not be liable to Associate for any expenses incurred by Associate nor for any of Associate’s acts. Associate will have no authority to bind Broker by any promise or representation, oral or otherwise, unless specifically authorized in writing in a particular transaction. Suits, whether for fees or otherwise, against clients, customers, and others in the real estate business will be maintained only in Broker’s name. Associate is responsible for providing all tools necessary to perform the duties outlined. Associate will also be insurance in the minimum coverage amount of $10,000.00 for personal injury protection liability and insurance in the minimum coverage amount of $10,000.00 for bodily injury liability and insurance in the minimum coverage amount of $10,000.00 for property damage liability and other expenses incidental to performing Associate’s duties without receiving any reimbursement from Broker. Broker will be named as an additional insured in all such policies.
G. Indemnification: Associate will indemnify and hold Broker, its officers, directors, and employees harmless from all claims, demands, suits, costs, and expenses, including reasonable attorneys’ fees at all levels, of whatever nature and description to the extent based on Associate’s representations, acts, omissions, negligence, willful misconduct, or violation of laws, rules, regulations, codes of ethics, this Agreement, or office policy manual.
3. Broker Responsibilities:
A.Access to Listings: Broker will provide Associate with access to all current listings of Broker and listings made available to Broker through offers of cooperation, except those listings that Broker, in her/his/its discretion places exclusively in the possession of another associate.
B. Access to Facilities: Associate may use Broker’s then existing office facilities for the performance of Associate’s duties as described above.
C.Compensation: Broker will negotiate all terms and conditions of fees charged clients, including but not limited to the amount and payment date. Broker will compensate Associate in proportion to Associate’s output with regard to real estate-related activities and not to hours worked by Associate. Such compensation will be solely through commissions as described below or in Broker’s office policy manual, if any. In the event of conflict between Broker’s office policy manual and this Agreement, the terms of the office policy manual will prevail. Broker may deduct from Associate’s compensation any amounts due from Associate to Broker.
(1) Amount; Payment: When Associate performs any brokerage service for Broker and Broker earns and collects a fee for such service, Broker will pay Associate within 2 days after the funds are collected and have cleared:
100% of the fee as commission for Single Property Sales Less $199.00 Transaction Fee. No Sales Caps!!
80% of the fee as commission for Leads (Customer/Prospects) that Broker provides provides. No other fees.
90% of the fee as commission for Single Property Leases, Referral Agreements, or Business Brokering (Non-Real Property) No other fees.
(2) Dividing Compensation with Other Licensees: If two or more associates participate in rendering a brokerage service to the public, or claim to have done so, Broker will determine, in Broker’s sole and absolute discretion, the amount of the fee due to Associate.
(3)Incentives: If a seller or listing office offers a premium, bonus, or other incentive, if such premium, incentive, or bonus is in the form of money, then If such incentive is other than money (i.e., a cruise, trip, or other matter having economic value but not delivered in money), then such premium, bonus, or incentive will go to Broker Associate. If a nonmonetary incentive goes to Associate, Broker will report the fair market value of the incentive as income to Associate, as Broker must collect and deliver the incentive to Associate to preserve the respective legal positions of the parties.
(4) Benefits: Associate will be provided no minimum salary, vacation pay, sick leave, or any other fringe benefit.
(5)Collection of Fees: Broker will not be required to prosecute or sue any party in order to collect any fee for services performed by Associate. However, if Broker incurs attorney’s fees and costs in the collection of or attempt to collect a fee, such amounts will be deducted from Associate’s commission in the same proportion as provided for herein in the division of the fee.
(6)Compensation after Termination of Agreement: After termination of this Agreement, Broker will pay Associate any amount earned before termination less amounts owed to Broker and amounts Broker must pay another licensee to complete pending transactions for which Associate was responsible before termination.
4. Errors and Omissions Insurance: Broker maintains Errors and Omissions insurance which coverage includes Associate. Associate will pay a portion of Errors and Omissions coverage as follows:
$100.00/per purchase/sale transaction. (This that not apply to residential leases).
5. Term; Termination. This Agreement will be in effect for 1 year from effective date. Either party may terminate this agreement by 3 days’ advance by written notice to the other party. Broker may terminate this Agreement without notice for wrongful conduct by Associate. Failure by either party to maintain active licensure status pursuant to Chapter 475, Florida Statutes, will be deemed automatic termination. Associate will not, after termination of this Agreement, use to her/his own advantage, or to the advantage of any other person or entity, any information gained from the business of the Broker relating to property for sale, lease, or rental, or Broker’s customers or clients. Upon termination of this Agreement, Associate will return all Broker’s property to Broker with no copies made or retained by Associate.
6. Confidentiality: Associate acknowledges that Broker may disclose confidential information to Associate during the course of this Agreement. Any such information that is or should be reasonably understood to be confidential or proprietary to Broker, including mailing lists, customer and client lists, sales, costs, unpublished financial information, product and business plans, projections, marketing data, computer data, computer programs and supporting documentation, and Broker’s office policy manual, if any, are considered confidential property of Broker. Associate will take reasonable steps and use due care during the term of this Agreement and after its termination to prevent the duplication or disclosure of confidential information, other than by or to Broker’s employees or agents who must have access to the information to perform their duties for Broker.
7. Dispute Resolution: This Agreement will be construed under Florida law. All disputes between Associate and another associate in Broker’s firm will be resolved by Broker. All disputes between Broker and Associate will be mediated under the rules of the American Arbitration Association or other mediator agreed upon by the parties. The parties will equally divide the mediation fee, if any. In any litigation between Broker and Associate, the prevailing party will be entitled to recover reasonable attorneys’ fees and costs at all levels, unless the following box is checked: I__I Arbitration: Any dispute not resolved by mediation will be settled by neutral binding arbitration in accordance with the rules of the American Arbitration Association or other arbitrator agreed upon by the parties. Each party to any arbitration or litigation (including appeals and interpleaders) will pay its own fees, costs, and expenses, including attorneys’ fees at all levels, and will equally split the arbitrator’s’ fees and administrative fees of arbitration.
8. Additional Terms: Associates Sellers/Buyers must pay a standard “ADDITIONAL/NEGOTIATION FEE” of $495 to London Foster Realty and/or LondonFoster.com at closing.
This following language must be stated in the listing or purchase contract otherwise it will be deducted from Associate (purchase & sale only; not applied to lease)
This fee shall be for negotiating and finding properties for Associates seller/buyer (not storage, administrative, or processing fees). Anything in excess of $495 shall be paid to the Associate at closing (must be in writing and disclosed)! IF Associate represents both sides this fee MUST be charged to both seller and buyer. Also:
1. Broker does have an Escrow Account
2. Broker does not conduct property management
3. Associate may have the privilege to enter their own listings into MLS as long as Broker receives: (All agents MUST be a member of Miami TRE & have MLS)
Disclosures, Listing Contract, and ADDENDUM e-mailed or faxed within 24 hours of listing being entered.
If Broker does not receive these three (3)items, then Broker will withdraw listing entered into MLS and may revoke Associates privilege to enter own listings. Send all documents via email or fax:
Email: Bobby@LondonFoster.com / Fax #: 305-570-2220
4. Broker shall pay Associate SAME DAY upon receiving cleared funds via direct deposit / ACH as long as Associate has provide Broker with:
Disclosures, 2) Purchase/sale Contract, 3)Listing Agreements 4) ADDENDUMS 5) HUD & any other related docs prior to closing.
5. IF ASSOCIATE USES BROKER’S PREFERRED TITLE OR MORTGAGE COMPANY THEIR $199 FEE WILL BE WAIVED!!!!!
6. Empowered Agents Trademarked name/slogan and Empowered Associates name may be used ONLY while working with London Foster Realty and/or www.LondonFoster.com LLC
By accepting this agreement online during the registration process and signing electronically, you indicate you have read, understand and agree to be bound by this agreement. You also agree to the terms and conditions of the entire agreement with no modifications.
Please print a copy of this agreement for your records.
London Foster Realty