Independent Contractor Agreement (“Agreement”)(“ICA”
This agreement dated today is made between Virtuoso International and or VI (“Broker”) and YOU (“Licensee”). In consideration of the covenants and representations contained in this Agreement, Broker and Licensee agree as follows,
- BROKER: Broker(s) are duly licensed in multiple states, under the DBA name of “Virtuoso International or VI”. Broker(s) shall keep license current during the term of this Agreement.
- LICENSEE: Licensee represents that he or she is duly licensed by the State of Florida and as a real estate broker or salespersons license number, and has not used any other names within the past five years. Licensee shall keep his/her real estate license current and active during the terms of this Agreement, including satisfying all applicable continuing education and provisional license requirements for the state in which they are licensed in.
- BROKER AND LICENSEE RELATIONSHIP: Broker and licensee are independent contracting parties and this agreement does not constitute an employment agreement by either party and shall not be construed as a partnership and Broker shall not be liable for any obligation, injury, disability or liability incurred by licensee.
- Licensee assumes and agrees to perform no other activities in association with Broker, except to solicit and obtain listings and sales of property for the parties mutual benefit, and to do so in accordance with law and with the ethical and professional standards as required so that licensee commits no act of any type for which the Real Estate Commission of the state of Florida is authorized to suspend or to revoke a license
- Broker shall not limit licensee’s activities to geographical areas, manner in which services are to be performed, with regard to hours, schedule, inventory, vacation or similar activities, except to the extent required by all applicable laws, policies, and procedures.
- All listings of property, and all agreements, acts or actions for performance of licensed acts, which are taken or performed in connection with this Agreement, shall be taken and performed in the name of Broker. Licensee agrees and does hereby contribute all right and title to such listings to Broker for the benefit and use of Broker, licensee and other licensees of Broker. Licensee agrees to provide Broker a complete copy package of each closed transaction with all necessary documentation. Upon termination of Licensee, as long as Licensee is in good standing with Broker and has no open escrows or closings, Licensee may take their listings with them*.
- Licensee shall have no authority to bind Broker by any promises or representations and Broker shall not be liable for any obligation or liability incurred by licensee unless Broker specifically authorized it in writing. Licensee is considered to be an Independent Contractor for tax purposes and will be responsible for all tax issues at the end of each calendar year. Broker will not issue an IRS 1099 to licensee unless Broker was issued one on behalf of a transaction licensee was involved in. Broker does not withhold taxes or Social Security from Licensee’s compensation. Payment of taxes and Social Security contributions are Licensee’s responsibility. Licensee is considered an independent contractor and company does not provide unemployment insurance.
- BUSINESS EXPENSES: Broker shall not be liable to licensee for any expenses incurred by licensee or for any of its acts. Licensee agrees to provide and pay for all necessary professional licenses and dues. Licensee understands and agrees that Broker shall not pay for any office(s), place of business, supplies, advertisements, marketing materials and that licensee is responsible for conducting business at its own costs, if any. Broker shall not be liable to reimburse licensee for any expenses unless specifically agreed to in writing.
- LICENSED ACTIVITY: Licensee shall be familiar with, and comply with all applicable laws, policies, and procedures, including, but not limited to anti-discrimination laws and restrictions against the giving or accepting a fee, or other things of value, for the referral of business to title companies, escrow companies, home inspection companies, pest control companies and other settlement service providers pursuant to the state in which they are licensed in and the Real Estate Settlement Procedures Acts (RESPA)
- COMPENSATION / COMMISSION:
- Compensation shall be charged to the parties who enter into listing or other agreements for services requiring a real estate license. Licensee may use its own discretion regarding what commission fee to charge its clients for these services. In no event shall Broker be personally liable to licensee for licensee’s share of commissions not collected, nor shall licensee be entitled to any advance or payment from Broker upon future commissions, Licensee’s only remuneration being a licensee’s share of the commission paid by the party or parties for whom the service was performed. Nor shall licensee be personally liable to Broker for any commission not collected. Licensee shall be responsible for any previously earned sales commission reimbursement, rebate, or refund that may be ordered by a Court of Law or by a professional Arbitration or Mediation Panel, for any reason.
- COMMISSION SCHEDULE / PROGRAMS: Any deal where licensee has 2 sides of a single transaction is counted as 2 separate transactions with Virtuoso Real Estate International collecting fees for 2 transactions based on the appropriate commission plan the licensee has chosen, however the second side will be charged at $250.00. A licensee may change commission plans once during the calendar year
- Flat Fee plan or 100% plan has a fixed amount due of $50 per month and $495 per sales transaction and $50 for all rentals payable to Virtuoso International.
- New Agent plan is a 75%-25% split with 25% going to Virtuoso International. An agent must perform 5 transactions on the 75%-25% split with 3 of those 5 being a standard sale or listing) before moving on to another plan.
- New Agent Plan with Mentor commission plan in all areas, is a 75% split to you and a 20% split to your mentor. Once you have completed 5 transactions you have the right to move to the Flat Fee Plan if you choose.
- Referral commission plan: A Flat fee of $50.00 on any referral on a sale under $100,000 and a flat fee of $100.00 on any sale over $100,000.
- Any commission plan a Licensee enters a closing with, must close that transaction with the same commission plan as entered. At no time is a licensee with Virtuoso International to request, receive, ask or authorize any closing company to release a commission check on a transaction they may be involved in. All transaction files must be completed in the online transaction management system and have been certified by the manager or broker before a licensee can be paid directly from closing. Signing commission instructions by a licensee or unauthorized release of a commission check to a licensee is grounds for immediate termination
- COMMISSIONS ON RENTALS / LEASES & REFERRALS: A Licensee of Virtuoso International can list a rental property on the MLS, market it, and show it to potential tenants. A Licensee of Virtuoso International must never accept a rental / lease payment or deposit in Cash. Any commissions to be paid to a Licensee of Virtuoso International will be paid once all the appropriate documents are uploaded into the transaction coordinator for that transaction and certified by the broker or manager or other arrangements are made. Referral fees shall only be paid to the Broker of any state licensed salesperson / broker in accordance with a written agreement between salespersons / broker, approved by Virtuoso International broker prior to close of any deals. All referral fees are to be paid out of the Licensee’s gross share of the referral fee. A social security number of the referring broker or EIN number is required, along with a signature of the referring broker, in order to process the referral fee.
- COMMISSION PAYMENT DELAYS: If a particular escrow/closing company will not pay at closing then you could potentially experience a delay in receiving your check, while we wait to receive the check from the escrow/closing company and HUD and for the funds to clear our bank. In the event this happens, the only choices available to you, once the funds clear our bank, is for us to PayPal you the money which may be subjected to a PayPal service charge, for us to mail you a check via regular mail or for us to wire you the funds which will be subjected to a wire service charge.
- COLLECTION OF FEES: Broker will not be required to prosecute or sue any party in order to collect any fee for services preformed 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 commission schedule.
- 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 Associate.
- INCENTIVES: If a seller or Listing office offers a premium bonus or other incentive, then that incentive shall be deemed as earned by the Associate. If a non monetary incentive goes to the Associate, Broker will report the fair market value of the incentive as income to Associate, as Broker much collect and deliver the incentive to associate to preserve the respective legal positions of the parties.
- PAYPAL PAYMENTS: The monthly fee is paid through our online system. Any payments that are “skipped” (Virtuoso’s word for insufficient funds or bad credit card) more than 2 times and the account suspended by the online system, will result in a $75 fee owed to VI, or licensee being put on inactive status. It is the responsibility of the licensee upon termination from Virtuoso International to cancel any or all recurring Paypal payment(s) they may have initially set up and agreed to, that are associated with Virtuoso International. VI will make no refunds to licensee after termination.
- COMPENSATION UPON HIRE OR AFTER TERMINATION: Upon termination of this agreement, payments under this section shall cease; provided, however, that so long as licensee is not in default of any provision of this Agreement, licensee shall be entitled to payments for periods or partial periods that occurred prior to the date of termination and for which licensee has not yet been paid. Licensee authorizes Broker to deduct from any commissions due at termination of this Agreement all financial obligations owed to Broker that are imposed by terms of this Agreement. Furthermore, in the event licensee leaves and has transactions pending that require further work normally rendered by the licensee, Broker shall make arrangements for Broker or another licensee in the company to perform the required work, and the broker or licensee assigned shall be compensated for completing the details of pending transactions and such compensation shall be deducted from the terminated share of the commission. Any transaction(s) already in closing and brought over to Virtuoso International upon hire, or released from Virtuoso International upon termination are subject to a 10% charge of gross commissions earned by the licensee who is hiring on or terminating.
- DOCUMENTS AND FILES: All files and documents pertaining to listings, leads and transactions are the property of Broker and shall be delivered to Broker by licensee according to the manner and term indicated in Broker’s Office Policy and Procedure Manual.
- AUTOMOBILE INSURANCE: Licensee shall maintain automobile insurance coverage for liability and property damage in the amounts of $100,000 / $300,000. Broker shall be indemnified and held harmless against any claims or demands resulting from any automobile accident of licensee or as a result of licensee’s default in this paragraph.
- EARNEST MONEY DEPOSITS: Licensee acknowledges and understands that Broker maintains a trust fund account and that any earnest money deposits shall be deposited and recorded in the transaction management system with a copy of the check and deposit slip within 24 hours. Licensee shall not ever receive ANY funds from clients as cash payments. All trust funds shall be handled in compliance with the Business and Professions Code, and other applicable laws.
- FICTITIOUS BUSINESS NAMES AND LOGOS: While affiliated with Broker, licensee shall use Broker’s name “Virtuoso International, VI Independent or Powered by VI” and distinctive logo on signage, stationary, websites, and/or any other marketing materials unless otherwise agreed to. Licensee agrees that Broker retains exclusive rights to the “Virtuoso International, VI Independent or Powered by VI” trademark logos and graphics. Licensee agrees to discontinue the use of any “Virtuoso International, VI Independent or Powered by VI” trademark logo and graphics immediately upon the termination of this Agreement.
- ADVERTISING AND SOLICITATIONS: All advertising done by licensee must receive prior written approval of Broker. NO TELEPHONE SOLICITATION IS ALLOWED by licensee to people who have registered their telephone numbers on a national do-not-call registry. Broker is not liable or responsible for any advertising done by licensee on its behalf and licensee agrees to hold Broker harmless of any costs, damages, legal or otherwise, specifically arising as a result of licensee’s failure to comply with this.
- LIABILITY AND HOLD HARMLESS: In addition to all other legal or equitable remedies of Broker, licensee shall indemnify and hold Broker and its owner(s), managers, affiliates, shareholders, directors, officers, agents, employees, successors, and assigns harmless from and against and shall reimburse the same with respect to any and all losses, damages, demands, claims, liabilities, costs, and expenses, including reasonable attorney fees (collective “Losses”), incurred by reason of or arising out of or in connection with any fraud or misrepresentation of licensee, including, but not limited to, licensee’s misrepresentation of its relationship with Broker to any third party or any action by licensee taken or omitted pursuant to this Agreement. Any such claims or costs payable pursuant to this Agreement are due to paid in full by licensee, who hereby agrees to indemnify and hold harmless Broker or manager for all such sums.
- INJURIES TO LICENSEE: Licensee acknowledges and agrees that Broker does not provide worker’s compensation insurance for licensee as the licensee is an independent contractor. It is licensee’s obligation to obtain appropriate insurance coverage for the benefit of licensee and its employees, if any, for any injuries. Licensee and its employees waive any rights to recovery from Broker for any injuries that licensee and/or its employees may sustain while performing services under this Agreement.
- LICENSEE’S EMPLOYEES: Licensee’s employees, if any, who perform services for Broker under this Agreement shall also be bound by the provision of this Agreement. 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.
- WORKING PLACE: Broker does not provide an office space for the licensee. Licensee may work from home, personal office, vehicle or any other places of licensee’s choice. However, licensee is responsible to store all transaction documents in our transaction management system within 24 hours of receipt of a signed document as well as keeping their own copies in a safe place with a lock and be able to present them at the Broker’s request within 24 hours. Licensee must be accessible by phone, fax, e-mail and postal mail, and respond to voicemails within a maximum time frame of 24 hours.
- ACTIVITY REPORTING: Licensee is required to report all his/her real estate activities to the Broker within 24 hours of their occurrence. Real estate activities include listing agreements, newly opened escrows (accepted purchase agreements), earnest money deposits escrow or closing has handled, cancelled and expired agreements, renewed agreements, referral fee agreements and/or any other business contract or arrangement involving an licensee and his/her client.
- ENTIRE AGREEMENT: This Agreement contains the entire agreement of the parties and there are no promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable.
- APPLICABLE LAW: This Agreement is entered into the state in which the licensee is licensed, and shall be governed by the laws of that State. Any lawsuit filed which arises out of or relates to this Agreement must be filed in the state in which licensee is licensed.
- TERMINATION OF AGREEMENT: This Agreement may be terminated by either party, any time, with or without cause. Even after termination, this Agreement shall govern all disputes and claims between Broker and licensee connected with their relationship under this Agreement, including obligations and liabilities arising from existing and completed listings, transactions, and services.
- DISPUTE RESOLUTION:Mediation: Mediation is recommended as a method of resolving disputes arising out of this Agreement between Broker and licensee.Arbitration: All disputes or claims between licensee and other licensee(s) associated with Broker or manager, or between licensee and Broker or manager, arising from or connected in any way with this Agreement, which cannot be adjusted between the parties involved, shall be submitted to the Association of REALTORS® of which all such disputing parties are members for arbitration pursuant to the provisions of its Bylaws, as may be amended from time to time, which are incorporated as a part of this Agreement by reference. If the Bylaws of the Association do not cover arbitration of the dispute, or if the Association declines jurisdiction over the dispute, then arbitration shall be pursuant to the rules of law in the state in which the licensee is licensed in. The Federal Arbitration Act, Title 9, U.S. Code, Section 1, et seq., shall govern this Agreement.
- LICENSEE AGREES AND UNDERSTANDS THAT:
- Virtuoso International has an Office Policy and Procedure Manual which contains important information about the Company’s general office policies. Licensee is expected to read, understand, and adhere to Virtuoso International office policies. The Company may, in its sole and absolute discretion, change any policies, benefits, or practices in the manual, with or without prior notice.
- The Office Policy and Procedure Manual contains Broker’s Policy against Harassment. Licensee agrees to comply with all aspects of the policy against sexual harassment and other forms of harassment
By clicking below you affirm the statement: “I do hereby acknowledge that have read in its entirety Virtuoso International Independent Contractor Agreement and agree to abide by its provisions during my association with Virtuoso International.
Office Policy and Procedure Manual
Introduction: The Company is licensed in multiple states under the following DBA names: “Virtuoso International” or “VI”. Virtuoso International is a full-service real estate brokerage with its corporate headquarters located in Broward County, Florida. We are committed to the very highest level of professionalism to our local and national clients. Our main goal is to have complete customer satisfaction. This Policy and Procedure Manual is a reference guide on how to conduct business on a day to day basis. This is only a guide; Associate Licensee (agent) should always use their professional judgment. Associate Licensee (agent) understands they are not an employee of Virtuoso International, but an independent contractor. Associate Licensee (agent) is under the direction of the broker or manager as the results of the work, but not by the methods by which such results are accomplished and will execute an Independent Contractors Agreement that defines this relationship in detail.
Philosophy of Our Company: As our name implies we are “Specialists in the art of Real Estate”. This company is committed to providing the highest quality service to our clients and the professionals with whom we work. It is the policy of this company to conduct ourselves at all times in the highest ethical, professional and competent manner when dealing with our clients, associates and employees of this company, other companies, other professionals and members of the general public. Achieving a reputation for service and excellence above and beyond the standards of our competition is something we always strive for. Achieving that reputation comes from a dedication to consistent service, focused agency activities and ethical business practices.
Office Policy and Procedure Manual: The general purpose of this office policy and procedure manual is to establish a uniform system of daily conduct by and between us when dealing with each other, our clients, associates and employees of this company, other companies, other professionals and members of the public. We provide you with policies and guidelines to help better your quality of service to our clients and avoid disputes with and liability to others.
Incorporated Items: The following items are incorporated into this manual by reference whether or not the items are attached.
- Real Estate Law in the state you are licensed in.
- The Bylaws, Rules and Regulations of the National, State and Local Associations of any state we are licensed in.
- Realtors®, of which this Company is a member, including the Code of Ethics and Standards of Practice of the National Association of Realtors®.
- The Bylaws, Rules and Regulations of the various Multiple Listing Services (MLS’s) of which this company is a member.
Working Place: Broker does not provide an office space for the Licensee. Licensee may work from home, personal office or any other place of licensee’s choice. However, licensee is responsible to store any and all transaction documents within the required office cloud based system and keep their own files in a safe place with a lock and be able to present them at the Broker’s request within 24 hours. Licensee must be accessible by phone, fax, e-mail and postal mail, and respond to voice mails within a maximum time frame of 24 hours.
Relationship of Licensee and Term: Licensee is not an employee, but rather an independent contractor who must fill out an Independent Contractors Agreement. You do not have an employee employer relationship with this company. You are considered an independent contractor for all purposes. You are associated with the Company for an unspecified term on an at-will basis. Except where it is otherwise expressly agreed in writing with the company, either party may terminate their association at any time with or without cause or reason. This office maintains the absolute rights to transfer, demote, suspend and administer independent contractor discipline at any time, for any reason. You are advised, however, that any violation of the following could be cause for immediate termination of your association.
- The policies in this manual
- The terms of any Broker/Associate licensee contract
- The Real Estate License Law
- The REALTOR® Code of Ethics
- Any conviction of any illegal act or any dishonest or unethical act
This office is committed to Equal Opportunity in the workplace and maintains a policy to employ, retain, promote, terminate, and otherwise treat all associates and job applicants on the basis of merit, qualifications, and competence.
Licensees 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 Coordinator: All Licensees must use the company approved free online transaction management system on all real estate transactions or elect to pay Virtuoso an additional fee to manage the transactions at $199 per transaction. All transaction files must 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.
Commission Rebates, Discounts or Credits: Licensees with The Virtuoso International are free to negotiate their commissions in accordance with real estate law in the state in which you are licensed in. However, all fees owed to The Virtuoso International 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.
Compensation, Fees and Commissions, See Also ICA:
- All commissions earned by a licensee of Virtuoso International from a transaction in which you are the listing agent, selling agent or both, and for which you are the procuring cause, will be paid directly to you from the closing company in which that transaction is currently held. You will be paid based on the Commission Plan you have selected in the Independent Contractor Agreement (See ICA section 3c) unless a different schedule has been agreed to in or attached to an Agent contract. All payments due you are conditioned upon review and certification of your transaction file by the broker.
- Any fees owed to Virtuoso International from a non “transaction” commission payment will be made via the company online account. Any fees that The Virtuoso International may owe one of our licensee’s for revenue sharing, recruiting fees, referral fees, branch office fees, performance bonuses or any other fees will be paid to the licensee via the company PayPal account, company check or wire, at the discretion of Virtuoso International.
- Deductions- All expenses of any kind incurred by the broker on your behalf, including fees that you have agreed to pay the broker but have not been paid, will be deducted from payments due you.
- “Double Ending” a Deal- Any deal where you have 2 sides of a transaction (dual agency) will be treated as 2 separate transactions with Virtuoso International however the second side of the transaction will be collected at $250.00 instead of the full $495. Or based on the appropriate commission program you are on.
- Compensation Disputes- If a dispute of any kind involving the compensation including, among other things, payment of the compensation, the amount of the compensation, or the parties entitled to the compensation, exists between or among any of the following: broker, you and another broker, a principal, or any other party involved in a transaction, the compensation will be held by the broker or manager until the dispute is resolved. You agree the broker will incur no liability for withholding payment until all disputes are fully resolved.
- At no time is a licensee with Virtuoso International to request, receive, ask or authorize any escrow company to release a commission check on a transaction they may be involved in. All transaction files must be completed in the online system and have been certified by the manager or broker before a licensee can be paid directly from escrow. Unauthorized release of a commission check to a licensee is grounds for immediate termination and any and all legal action within Brokers means.
MLS Services: The broker is a member of various Multiple Listing Services (MLS’s). As an licensee with this office, you are encouraged to join an MLS. The MLS provides “on line” computer access to a variety of services and information, including listings contained in the MLS. You are encouraged to use the on line service to obtain the most current MLS information available. The broker has computers with access to the MLS. As a MLS member, you are required to adhere to the rules and regulations of the MLS. A copy of those rules and regulations are available for download from your Association of Realtors website. If you fail to comply with those rules and regulations, or fail to pay your MLS bill when due, you and/or the broker may be fined, suspended or expelled, and your listings may be removed from the MLS. You will be responsible for payment of any and all fines levied against you and/or the broker resulting from your noncompliance. Furthermore, your noncompliance could result in your termination from this office.
Tax Reporting: At the end of each calendar year or as soon after as possible, all licensee’s should provide the Internal Revenue Service accurate records of income earned and expenses incurred during the calendar year which may have significant tax consequences. All agents are encouraged to keep accurate records of earnings and expenses. Licensees are also encouraged to get tax advice regarding these matters.
Real Estate Forms: All forms must be accessed through the Transaction Management System, approved by the company broker/manager and the state in which you are licensed to comply with our E&O insurance.
Proprietary Information / Confidentiality: You agree that you will not furnish to any person, business, real estate brokerage or any other entity presently existing, or to be formed in the future, any information regarding the Broker’s clients, customers, properties, prices, or terms of negotiations including the broker’s policies and relationships with clients, customers or other business relations and/or the broker’s business along with the following: Any files, Maps, Books, Publications, Records, Prospect or client lists, Sales plans Programs, Materials, Manuals, Forms, Brochures, Training material, Listing, sales materials, any other material, files, records or data provided by Broker. Any such items in your possession will be returned to the broker within 24 hours after your termination from this office. You expressly agree that all such items are the property of the broker and you will not use these materials in connection with any real estate business carried on by you, either alone or with other individuals or entities. The broker agrees that you are entitled, at your own expense, to photocopies of any records and files in which you have a bona fide personal, legal, or economic interest; and you may access such files only for such purposes. You agree not to sell, market to, or otherwise solicit or encourage any clients of the broker, particularly sellers with whom the broker presently holds listing agreements, to terminate their relations or contracts with the broker.
Department of Real Estate- Licensing and Education: As a licensee with Virtuoso International, you are required to maintain a valid real estate license in the state in which you are licensed in and keep it in good standing while associated with this company. If your license expires, is suspended or revoked, you may not engage in any activities on behalf of this company for which a real estate license is required. The broker may designate another company licensee to handle your prospects, listings and transactions during any time your license lapses, and allocate such reasonable compensation to that licensee for work performed. Licensee is responsible to meet the education requirements of the state in which you are licensed in. If an licensees license status shows “expired” on the website of the state in which you are licensed in at any time, licensees appointment will be suspended with our company until the status is back to “active” or “good standing” status.
Property Management: An active real estate license is required in most states we are licensed in for anyone who manages real property for another person or entity and that the licensee is affiliated with a currently active broker. Call us for more details on how to engage in this service.
Error and Omissions Insurance: All real estate transactions are covered under our company E & O Policy through our insurance carrier. Licensee is responsible for the $5,000 deductible on any transactions brokered through Virtuoso International that results in a lawsuit. The limits of liability are $1.0M per claim and $1.0M aggregate.
Automobile Insurance: All licensees of Virtuoso International (if you own a car) must have current automobile insurance. You must maintain on file with this office proof of current insurance coverage with minimum liability coverage of $100,000 / $300,000 limits. Additionally, your policy must name Virtuoso International as an additional insured.
Trust Funds: Broker DOES have a trust fund account in the state of Florida The mishandling of trust funds is the number one reason real estate agents have their licenses suspended or revoked. Under NO circumstances is a licensee to accept earnest money deposit checks or funds without notifying the Broker. Do NOT handle any money in the form of cash or monies regarding appraisals, home inspections, repairs or for other service providers. Have your client deliver or send closing deposits directly to the closing company. Give clients closing information needed for them to mail or drop off deposits directly to the closing company within three business days after acceptance of an offer. Have the client pay for home inspections and/or appraisals at the time of inspection. Broker reserves the right to discontinue having a Trust Fund at any time.
Marketing and Advertising: All advertising and marketing materials must receive approval from the broker. All licensees must strictly adhere to any state or federal “do not call” list regulations. Failure to do so may result in immediate termination.
Lockboxes and Signs: Licensee is responsible for ordering, purchasing all signs and lockboxes from company approved vendors.
Discrimination: Virtuoso International does not discriminate, nor should agent, based on race, color, religion, sex, national origin, family status, sexual orientation or disability. It is the law. All licensees are expected to assist all customers to purchase, sell or obtain financing.
Maintaining Files: Your files are a record of every event, including conversations, texts etc relative to your dealings with your clients on a transaction. You must deliver copies of all listings, deposit receipts and other documents executed by anyone including you or obtained by you in connection with a real estate transaction, whether the transaction is closed or not. You must maintain a neat and orderly file on every transaction on which you work. All files are property of the company and we are to have a complete transaction file accessible at all times during the transaction.
Litigation and Claims Handling:
You are required to:
- Promptly notify your broker / manager of any claim or potential claim made against you and or the company, including any demand received by you for money or services alleging a negligent act or omission; any notification of the commencement of a Lawsuit, arbitration or mediation process; or any written or verbal notice or threat that anyone intends to hold you and/or the company responsible for any alleged wrong doing.
- Cooperate with the company in the defense of the claim.
- Promptly pay to the company any amounts due here under upon notice to you from the company.
- The Company has the right to make all decisions concerning the defense of the claim, including choice of counsel. In the event you object to any decision made by the company, you may obtain your own attorney at your own expense; however, you shall not be relieved from the obligation to pay your portion of the cost of the claim as set forth herein.
- Except as provided below, the cost of the defense of the claim, or to defend or protect against any potential or possible claim where the company or you are not involved as a party. This includes attorney’s fees, and the cost of any settlement or a judgment (collectively the “costs of defense”), shall be allocated between the company and you in the same percentages as per your Independent Contractor Agreement or prospective transaction that led to the claim, whether or not the transaction actually closed.
- You will be responsible for all costs of a claim if you fail to follow any law, regulation or company policy as set forth in this policy manual, and that failure results in a judgment or other final adjudication based on that failure.
- You will be solely responsible, and shall reimburse the company, for all the company’s costs of defense if a judgment or other final adjudication on any claim adverse to the company and/or you establishes that dishonest, fraudulent, criminal, or malicious acts, errors or omissions were committed or results in a finding of intentional tort, slander, defamation or any conduct which leads to the imposition of punitive, exemplary or multiple damages, or fines or penalties, or establishes discrimination on the basis of race, creed, religion, ethnic background, national origin, age, sex, handicap, familial status, physical disability, sexual preference, or any other unlawful classification.
Disputes During Closing or Escrow: If a dispute arises during closing between buyer and seller, the cooperating broker and/or the company, which cannot be resolved by negotiations between the parties and the agent(s) involved, and the company determines that it is in the best interest of the company to resolve the matter during closing rather than risk a potential claim or litigation after closing; then company broker has the right to negotiate a resolution of the dispute which may involve a reduction in the commission to be received, or a credit given to one of the parties. In that event, and regardless of actual company or agent liability or responsibility in the dispute, the agent(s) and the company will participate in the commission reduction or credit pro rata.
Sexual Harassment Policy: Virtuoso International disapproves of and does not tolerate Sexual harassment of any kind. All licensees must avoid offensive or inappropriate sexual behavior and are responsible for assuring that their workplace is free from sexual harassment at all times. Virtual prohibits: unwelcome sexual advances, requests for sexual acts or favors, with or without accompanying promises, threats or reciprocal favors or actions, or other verbal or physical conduct of a sexual nature which creates a hostile or offensive working environment. Complaints of sexual harassment will be promptly and carefully investigated, and all licensees are assured that they will be free from any reprisal or retaliation from filing such complaints. Any licensee who has a complaint of sexual harassment by anyone should immediately bring the complaint to the attention of the broker. Office investigations will include interviews with all relevant persons, including the complainant, the accused, and other potential witnesses. Licensees are assured that the privacy of the complainant and the person accused of sexual harassment will be kept strictly confidential. The broker will review findings with the complainant at the conclusion of the investigation. If the investigation reveals that the complaint appears to be valid, immediate and appropriate corrective action, up to an including termination will be taken to stop the harassment and prevent its recurrence. If the validity of the complaint cannot be determined, immediate and appropriate action will be taken to assure that all parties are acquainted with this sexual harassment policy and to avoid sexual harassment in the future. The above policy also applies to harassment of any kind.
Selling Your Own Home:You can sell your own personal residence(s) in accordance with our E&O policy provided:
- An accredited written home inspection report was issued in connection with the Transaction or a written waiver of such.
- A seller’s disclosure form was signed and acknowledged by the buyer prior to the close
- An approved state “Purchase Contract” was used in the transaction.
- A licensee of Virtuoso International was not the buyer’s agent*
- You agree to indemnify and hold harmless the broker from any and all claims against you and/or the broker or manager arising out of your personal transactions.
- You must disclose that you are a real estate licensee.
- The sale of your home is treated as a normal transaction in regards to the commission program you have chosen in the independent contractor agreement (See ICA section 3c) and Virtuoso International will collect the appropriate commission fee based on that program.
Offers To Purchase: Remember, you must present all offers to the seller, unless the seller has given you written instructions to the contrary. Upon receiving offers from buyers or the selling agent, review it thoroughly for completeness, accuracy and clarity. It’s important to pay close attention to time limits set out in the offer, ESPECIALLY the time within which the seller must respond. You are encouraged to call/contact the Broker/manager or legal hotline for assistance. Next, you may want to call the selling agent, obtain any relevant background information about the buyer and clarify any ambiguities in the offer. Notify the selling agent that you have received the offer. Then make an appointment as soon as possible to present the offer to the seller. Refer to the MLS Rules and Regulations for Selling Agent’s right to present in person. As with all contracts, you must obtain all parties’ signatures and initials. If a party signs on behalf of another, you must have evidence of that person’s authority to do so in writing and a copy must accompany the documents. If you must present an offer missing a signature, you must disclose this fact to the seller. Be sure to condition the offer on the obtaining of any missing signature(s). If your clients receive a counter offer, be sure the terms are clear and complete. Be sure to review it against the original offer to purchase. Remember, if there is no meeting of the minds, there is no contract.
NOTE: You must adhere to all time requirements stated in the purchase agreement and closing instructions unless all parties agree in writing to the contrary. Never use outdated forms.
Loan Modifications: We do not allow loan modifications as a licensee of our company. We do not carry E&O insurance for this type of activity. Performing loan modification(s) could be grounds for termination from our company.
Short Sale Negotiating: We allow the negotiating of short sales by a licensee of Virtuoso International only after approval is given by the manager or broker.
Termination: Your association with the company can be terminated by either party, with or without cause, at any time upon written notice given to the other party. If this agreement is terminated, by the Broker or manager while you have listings or pending transactions that require further work normally rendered by you, the broker will make arrangements with another salesperson in the company to perform the required work. The licensee performing the work shall be reasonably compensated for completing the work, and such reasonable compensation shall be deducted from your share of the commission. At no time will commission plan payment refunds be given to an agent or broker associate upon termination unless otherwise agreed to in writing, in advance.
Listings: Any listing(s) taken by an agent must be uploaded to the Transaction Management system with a copy of the MLS “print out” within 24 hours of taking listing(s). Listing(s) are the property of the agent, even upon your termination. Within 24 hours after notice of termination by either party, you must provide your broker or manager with a list of all active listing(s) taken by you, and all pending transactions in which, if completed, you will be entitled to compensation from the company in accordance with the terms of your Independent Contractor agreement, or other written agreement.
Office Meetings and Email: Virtuoso International does not hold weekly office meetings. In lieu of such meetings, broker or manager will communicate important announcements via e-mail, phone or text. You are required to have a working e-mail address and to check e-mail on a regular basis.
Acknowledgement of Office Policy and Procedure Manual: I the undersigned associate licensee do hereby acknowledge that I have read Virtuoso International Office Policy and Procedure Manual in its entirety and agree to abide by its provisions during my association with Virtuoso International.
Associates will receive 100% of the earned commission minus any brokerage commissions due and/or any other past due invoice or expenses. In order to receive 100% of an earned commission, associate agrees to pay $50.00 per month, every month beginning the day the Associate joined. The recurring payments will be debited on the same day the following month until the broker or associate cancels this agreement. All monthly fees are due the same day of the month the associate joined and are considered past due 5 days after such date if payment hasn’t been received by broker. It is the associate’s sole responsibility to ensure that all payments are made in a timely manner and immediately report to the broker if a problem exists with the Associates monthly payment obligation. There is no late fee or charge for the associate’s first late payment however if there is an additional time there will be a $50.00 charge for each occurrence thereafter. In addition, the broker can request a deposit in advance or the Associate’s license may be placed as inactive. Licensee acknowledges they will receive a copy of the Billing agreement for signature.