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Agent and Loan Officer Contract

THIS AGREEMENT made in the State of California and entered into this date

at San Diego, California, between Pacific Home Brokers Inc. (hereinafter referred to as the “Broker”) and

(hereinafter referred to as the “Contractor” or “Independent Contractor”).
The Broker and Independent Contractor agree Broker is a licensed real estate broker and has a mortgage loan originator license in the State of California. Contractor agrees all DBAs that Broker owns under Pacific Home Brokers Inc. are incorporated into this agreement for which Contractor uses with Broker approval.

INDEPENDENT CONTRACTOR: Independent Contractor represents that they are a duly licensed real estate salesperson or broker in the state of California and will maintain their real estate license in good standing with the California Department of Real Estate during the term of this agreement.

Contractor will do business as Pacific Home Brokers a DBA of Pacific Home Brokers Inc. unless Broker approves another DBA. Contractor will always conduct him/herself in full compliance with the Statutes of California and the Rules and Regulations of the Department of Real Estate in a way which reflects the high standards of the Broker.

INDEPENDENT CONTRACTOR STATUS: Contractor agrees to work with Broker as an Independent Contractor and not as a w2 employee.

All costs and obligations incurred by Contractor in conducting their independent business shall be paid solely by Contractor, who will hold Broker harmless from any and all costs and obligations. Contractor will act independently as to the management of their time and efforts, and will be responsible for timely payment of all of their own expenses under Broker supervision, such as industry association dues, licensing renewals, cellular telephones, automobile insurance etc., as they are incurred. Broker will not withhold any Federal or State Income Tax, Social Security (FICA) or Unemployment (FUTA) taxes from Contractor’s commissions paid. Contractor is personally responsible for paying any and all Federal and State Income, Social Security and other taxes, for maintaining all expense records as required by law, and represents to Broker that all such amounts will be withheld and paid when due. Contractor shall indemnify and hold Broker harmless from any liability or costs thereof. Broker will provide Contractor with an IRS Form 1099 NEC at the end of each calendar year. Contractor agrees to receive their 1099 NEC form via email from Broker. Contractor is considered an independent contractor for purposes of unemployment. Broker and Contractor acknowledge that this agreement does not constitute a w2 employment agreement by either party, shall not be construed as a partnership, and Broker shall not be liable for any obligation, injury, disability or liability incurred by Contractor.

REAL ESTATE COMMISSIONS AND FEES: Compensation and commission splits paid to Contractor are as follows: Contractor will receive all commissions paid to Broker minus a $165.00 fee for their contribution to the Broker's errors and omissions insurance policy premium per transaction as long as the Contractor does not violate the provisions of the agent contract and the company policy and procedures located at https://pacifichomebrokers.org/agentresources. Said compensation is to be paid to Contractor out of funds actually collected by Broker. Dual representation by Contractor will have a fee of $265.00 for Broker's errors and omissions insurance policy premium per transaction. Contractor can pay an annual one time fee of $389 for their contribution to the Broker's errors and omissions insurance policy premium instead of $165 per transaction for real estate transactions only.

LEASE AGREEMENTS: The Broker’s fees for residential leases are 7% with a minimum fee of $399.00. Contractor must have a full file in accordance with the company lease transaction checklist.

REFERRALS TO OTHER BROKERS: The Broker’s fees for residential referrals are 7% with a minimum fee of $399.00. Referral fees earned by Contractor must be paid to Broker. Contractor cannot directly receive a referral fee.

COMMERCIAL TRANSACTIONS: If Contractor represents either a buyer or a seller in a commercial transaction, the Contractor will receive 90% of all commission received by the Broker as long as the Contractor does not violate the provisions of the agent contract and the company policy and procedures located at https://pacifichomebrokers.org/agentresources. Contractor must pay $165 towards the Broker's errors and omissions insurance policy premium per transaction. Dual representation by Contractor will have a fee of $265.00 towards the Broker's errors and omissions insurance policy premium per transaction. The Broker portion of the commission split or 10% will be calculated based off the total commission offered to Broker prior to any rebates, credits, or commission that is negotiated down from the original commission offered. The following are considered commercial transactions for commission and errors and insurance purposes and is not limited to the following: 5 or more unit properties, mixed use properties, vacant land or residential properties with land over 5 acres and industrial properties.

Contractor will receive 90% of all commission received by the Broker on commercial leases with a minimum Broker fee of $595.00.

The Broker's fees for commercial referrals to other Brokers are 7% with a minimum fee of $595.00.

Contractor is responsible for any outstanding Broker fees not paid by their client if any.

LOAN ORIGINATION COMMISSIONS AND FEES: The Broker and Independent Contractor agree as follows: Broker is doing business as Pacific Home Brokers Inc. DBA Pacific Property Loans in the State of California.

For closed loans, a Contractor with a Mortgage Loan Originator license will receive the balance of the loan compensation they are entitled to minus a $165.00 fee for their contribution to the Broker's errors and omissions insurance policy premium and a company fee of $599.00 as long as the Contractor does not violate the provisions of the agent contract and the company policy and procedures located at https://pacifichomebrokers.org/mloresources. The total gross compensation figure the Contractor is entitled to is the listed percentage which is posted in the loan officer resources lender page on https://pacifichomebrokers.org/mloresources under brokered loans on the lender list.

Contractors who choose to use borrower paid compensation instead of lender paid compensation must account for the flat fee we obtain from the lender that is part of our lender paid compensation plan with Broker in your origination fee to the client in addition to your Broker fees. Lenders who do not offer us a flat fee in their compensation plans have an additional fee specified on the lender list page of https://pacifichomebrokers.org/mloresources that the Contractor must account for in their origination charge as a fee that will come to Broker.

Contractor with Mortgage Loan Originator license will be paid directly from escrow with escrow approval on closed loans.

RISK MANAGEMENT: To cover the increased liability for unique and high sales priced properties and loans the Broker can use his discretion to assess a risk management fee to Contractor in addition to the Contractor's contribution to the Broker's errors and omissions insurance policy premium after Broker review of the file prior to closing per the Company Policies and Procedures Manual.

INDEPENDENT CONTRACTOR ACTIVITIES AND DUTIES: Independent Contractor agrees to limit his or her real estate activity to the solicitation of listings and/or buyers and facilitating the sale or purchase of real estate.

Contractor shall not engage in activity that is illegal, unethical or that could lead to their real estate license being suspended or revoked. Any issues that are progressing to threats of legal action arising from your transaction need to be conveyed to the Broker within 24 hours. All acts must happen in escrow before close unless Broker has approved otherwise.

Contractor cannot directly receive any compensation for performing real estate activities or loan activities without Broker’s signed approval to escrow.

All property listings, agreements, acts or actions for performance of licensed acts, which are taken or performed in connections with this Agreement, shall be taken and performed in the name of the Broker. Contractor agrees and hereby grants all right and title of these listings to Broker.

Independent Contractor shall have no authority to bind broker to any agreement, representation or promise and Broker will not be liable for any liability or obligation incurred by Independent Contractor unless Broker specifically authorizes it in writing.

Independent Contractor shall be familiar and comply with all applicable laws, policies and procedures including, but not limited to, anti-discrimination laws and restrictions against giving or receiving referral fees to title companies, inspection companies etc.

Independent Contractor is not to personally use or disclose or furnish, directly or indirectly, to any person, firm, company or Broker engaged in the real estate business, any confidential information or property rights of Broker, as acquired by Independent Contractor as a result of the relationship hereby established.

Contractor must be accessible to Broker via phone or email and respond to Broker within 24 hours.

COMPANY POLICY AND PROCEDURES: All of the following company polices and procedures will be incorporated into this contract:

Contractor will be responsible for adhering to the company policies and procedures to include the four step Transaction Process located on the company resources page online, the contents of the Company website located at https://pacifichomebrokers.org/agentresources and the Company website located at https://pacifichomebrokers.org/mloresources.

Contractor will be responsible for adhering to the contents of the Company Policy and Procedures Manual located within the websites at https://pacifichomebrokers.org/agentresources and https://pacifichomebrokers.org/mloresources and the contents of the Company Policy and Procedures Manual will incorporated into this agreement.

Contractors conducting a loan must adhere to the company policies and procedures to include our online Loan Preapproval Process located on the company resources page online and the online policies and procedures are incorporated into this agreement.

Contractor is responsible for returning any loan commissions in the event of an early payoff where a lender is asking for the return of commission.

Contractor is responsible for any funds to include the loan amount in the event of a repurchase of a loan that a lender or other party is asking the Broker to repurchase.

Failure to follow company procedures will be considered negligence by the Broker.

TRUST FUNDS: Contractor will not handle trust funds. Trust funds include buyer deposit checks and lease checks. Broker does not maintain a trust account for client escrow deposits for other outside escrow companies or for property management.

DOCUMENTS: All documents and files related to transactions, listings and leads are the property of the Broker. Contractor is responsible to store all documents in a secure place. Contractor must provide the Broker with a completed file with all necessary documents on each closed transaction. Commissions earned by Contractor shall not be released to contractor until a completed file is delivered to and approved by Broker. Any document or in house form that is asked for via email from the Broker or the Broker's support staff prior to recording becomes part of the necessary items for a complete file. All contracts must be on CAR zipForm® contracts unless approved by Broker.

ADVERTISING: All advertising done by Contractor needs to be approved by the Broker, shall not violate any state or federal laws and shall fall within the guidelines set by the California Department of Real Estate. Contractor is expected to be familiar with these rules, laws and guidelines. No telephone solicitations shall be made by Contractor to people who have registered their telephone numbers on a national do not call registry. Broker is not responsible or liable for any advertising done by Contractor and Contractor agrees to hold broker harmless for any costs or damages, legal or otherwise, that may occur from such advertising.

FICTITIOUS BUSINESS NAMES AND LOGOS: All marketing material which includes but is not limited to signage, stationary and websites, the Contractor shall use the name “Pacific Home Brokers” or "Pacific Property Loans" and corresponding logo, unless Contractor has made an agreement with Broker to use a DBA of their own that is filed by the Broker with the California Department of Real Estate. Broker retains exclusive rights to the Pacific Home Brokers and Pacific Property Loans name and logos. Contractor agrees to discontinue all uses of the Pacific Home Brokers and Pacific Property Loans name and logos upon termination of this agreement.

AUTOMOBILE INSURANCE: Contractor to maintain in force and effect personal automobile liability insurance. If Contractor has an automobile accident, Contractor indemnifies and holds Broker harmless from any claims or demands and is liable for any suit brought by the client.

HOLD HARMLESS: Contractor agrees that, for all actions that Contractor does during their contractual relationship with Broker, Contractor will forever indemnify and hold harmless Broker, their heirs, successors, spouses and assigns, from any and all claims, complaints, causes of action, Realtor arbitration demands, damages and liabilities of every kind whatsoever, whether known or unknown, including without limitation of any action, omission, negligence or any other basis of liability or complaint, in any forum, brought by and third party against Broker. No action or complaint arising out of a real estate transaction in which Broker was involved may be brought by Contractor before anybody, against any third party, without prior written consent of Broker.

DISPUTE RESOLUTION: Mediation is recommended as a method of resolving disputes arising out of this agreement between Broker and Contractor. If mediation is not mutually agreed upon then arbitration is mandatory. All disputes or claims between Contractor and other licensee(s) associated with Broker, or between Contractor and 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, are incorporated as 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 California law. The Federal Arbitration Act, Title 9, U.S. Code, Section 1, et seq., shall govern this Agreement. In the event of a lawsuit or arbitration between Broker and Contractor, Contractor agrees that the venue will be in a San Diego County court or with a San Diego County arbitrator.

WORKING PLACE: Contractor may work from any place of Contractor’s choice. The Broker’s office is available by appointment only.

AGREEMENT TERMINATION: Either party may terminate this Agreement at any time. This agreement shall govern all disputes and claims even after its termination. Upon termination of this Agreement by Broker or Contractor, all financial obligations owed to Broker that are imposed by terms of this Agreement shall be paid. Any pending transaction will be refereed to Contractor's new broker of record. All Broker fees for all pending transactions shall be paid in full by Contractor to include client fees owed to Broker and shall be paid from the commission received by Broker on any of Contractor's current closed or pending transactions upon termination regardless if the transaction has closed.

FAILURE TO COMPLETE PENDING TRANSACTION: In the event Contractor, due to early termination of this agreement by Contractor or Broker, health related issues, negligence identified by Broker, or any other reason Contractor fails to complete a pending transaction, broker shall make arrangements for the completion of the transaction. Broker and/or another Contractor assigned to complete the transaction shall receive fair compensation for their duties performed. This compensation is to be deducted from the Contractor’s portion of the commission who failed to complete the transaction or was removed from the transaction by Broker. Contractor agrees that the Broker will decide the commission disbursement.

ACTIVITY REPORTING AND DUTIES: Contractor is required to submit all listing agreements, purchase contracts, Transfer Disclosure Statements, Seller Property Questionnaires, counter offers or any contracts where you are writing custom terms for review by Support prior to execution by their client.

Contractor is required to notify the Broker within 72 hours of any fully executed listing agreement, purchase agreement, lease listing, lease agreement or referral by the use of an online form located on the Pacific Home Brokers company website under the agent login tab on the following page: www.pacifichomebrokers.org/agentresources. Failure to do so can result in the provisions in the Company Policy and Procedures manual to be enforced.

Contractor is responsible for ensuring all acts are complete prior to recording to include agent credits to their clients and needed signatures on documents.

Contractor may receive their commission directly from escrow on a real estate transaction if Contractor notified the Broker’s support through support@pacifichomebrokers.net within 72 hours of a fully executed contract and support verifies the Contractor turned in a complete file 72 hours before close of escrow. A complete file includes all documents outlined in the company transaction checklist and all documents must be fully executed and complete. Failure to do so can result in the provisions in the Company Policy and Procedures manual to be enforced.

All acts must happen in escrow before close of escrow unless Broker has approved otherwise.

TRANSACTION COORDINATION: Contractor can coordinate their own file or use a transaction coordinator of their choice. Contractor’s transaction coordinator may liaison with Broker support. If Contractor would like to use the Broker’s transaction coordinator, a $395.00 fee will be charged payable from the Contractor’s commissions. An additional $150.00 fee will be added for dual sided transactions. Contractor must turn in required paperwork outlined on the Broker checklist via support at support@pacifichomebrokers.net for all transactions.

NOTICES: Any notice required to be given under the provisions of this agreement other than Activity Reporting shall be given in writing. The following shall be acceptable forms of delivery: 1) By registered or certified mail enclosing to the address set forth under the respective signatures herein below, or to such other address as either party hereto shall designate by such notice. Any such notice given hereunder shall be effective as of the time it is deposited in the United States Mails. 2) Via Email. Email notice shall only be valid if the receiver acknowledges receipt of such email with a reply email. The effective time shall be the time the receiver sends the reply acknowledgment.

WAIVER: Waiver of, or failure to strictly enforce, by the parties hereto any of the provisions of this agreement or any default hereunder shall not constitute or operate as a waiver of such parties’ right to demand strict performance of this or any other provision hereof or any other default hereunder.

AGREEMENTS AND AMENDMENTS: This agreement along with the terms in the Company Policy and
Procedures Manual, the contents of https://pacifichomebrokers.org/agentresources and the contents of https://pacifichomebrokers.org/mloresources embodies the entire agreement between the parties hereto with relation to the subject matter hereof and supersedes any previous agreement or understanding, whether verbal or otherwise, with relation hereto. The Broker's Company Policy and Procedures Manual and the agent and the loan officer resources located at https://pacifichomebrokers.org/agentresources and https://pacifichomebrokers.org/mloresources can be amended, changed, revised, or altered by Broker. Notification of the changes will be sent by email to Contractor. Contractor is responsible for checking their email and notifying Broker if their email account has changed. The Broker's act of email delivery serves as notification to Contractor.

This agreement hereby notifies Contractor and the Contractor agrees to read the contents of the Company Policy and Procedures Manual and review the contents of https://pacifichomebrokers.org/agentresources and https://pacifichomebrokers.org/mloresources PRIOR to starting a loan or real estate transaction so Contractor is aware of Broker policies and procedures that are part of Contractor's agreement with Broker.

SEVERABILTY
Each paragraph of this agreement shall be and remain separate from and independent of and severable from all and any other paragraphs herein except where otherwise indicated by the context of the agreement. The decision or declaration that one or more of the paragraphs are null and void shall have no effect on the remaining paragraphs of this agreement.

AGENT INFORMATION

Agent Full Name:
Phone Number:
Home Address:
City, State, Zip:
Social Security #:
DRE License #:
NMLS Loan License # or N/A:
Name of REALTOR Association or N/A:
Driver’s License #:
Date of Birth:
Email:

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Your legal name

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June 19, 2015 12:18 am +00

Agent and Loan Officer Contract Uploaded by Mike King - admin@true100commission.com IP 68.7.228.53