ICA Alabama - Silver
LoKation Real Estate, LLC, herein referred to as “Broker”, is licensed as real estate brokers in the State of Alabama and perform acts designated within the Laws of the State of Alabama, enjoys goodwill and a reputation for dealing with the public, and maintains an office for the purpose of serving the public as a real estate broker. Effective upon your acceptance of this agreement and all necessary documents and/or information has been received by Broker; you as the “Associate” become an Independent Contractor for Broker.
- Employment Status. Broker (Lokation®) 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 venture 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 his/her own estimated income tax payments, self-employment taxes, occupational taxes and other taxes, if any, to the appropriate governmental entities. Associate is responsible for all of their own business expenses including but not limited to licensing fees, Realtor association dues, Broker will not withhold any taxes from compensation due to Associate, nor will Broker provide worker’s compensation insurance for Associate.
- Associate Responsibilities. Associate will use his/ her best efforts to procure real estate-related business for Broker and will conduct his/her 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 and Independent contractor agreement herein. 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 Alabama real estate license law. Associate agrees to not market real estate services and/or recruiting of other Associate's in the State of Hawaii.
- Fair Housing. Broker and Broker’s companies 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 Associate warrants and represents that it is Associate’s intent to attend Fair Housing instructional programs, keep current on developments in Fair Housing on National, State, County and City levels 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. Associate holds Broker harmless and fully indemnifies Broker, its officers, and other associates of any and all claims that arise out of an Associate’s actions that violate any Fair Housing Rules. This would include but not be limited to websites, advertisements, conversations and communications.
- Policy and Procedures Manual. In addition to this document, upon activation, Associate will receive a manual containing standard policies and procedure guidelines that associate agrees to comply with. Associate shall read and is encouraged to print a copy and agrees to comply with the manual and such modifications, addenda and changes as may be incorporated therein from time to An updated version of this manual is always made available to all agents through the Agent Dashboard on Broker’s website. Periodic updates are made to this manual, and while Broker works to notify Associate of such updates, Associate agrees to review, adhere to and accept responsibility of such Policies and Procedures on an ongoing basis and accepts responsibility for adherence to all updates to the Policy and Procedures Manual. *if in review you decide you’re unable to comply, a full cancellation will be allowed within 7 days of joining.
- 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 Alabama Real Estate Commission. Associate will be responsible for paying all license fees, membership dues and fines.
- Broker Supervision. Associate will be deemed to be working under Broker’s supervision only to the extent required by applicable Alabama Statutes. Associate will perform all activities, including those activities Broker requires Associate to perform, independently without Broker’s supervision or control. Associate agrees to perform duties only in which they are licensed for within the scope as permitted in the State in which they are licensed. Further, Associate understands that providing any tax, mortgage/lending, and/or legal advice etc. would be considered outside of the scope of licensure and would be subject to termination of this Agreement.
- 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. Upon effective cancellation of this agreement, Associate may request to transfer his/her listings to another Broker and the request will be granted if the seller agrees and permits the transfer in writing using appropriate documentation.
- Property of Others. In accordance with Alabama 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. Associates should not be accepting entrusted funds from customers as Broker does not maintain an Escrow account for these purposes.
- 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 responsible for providing Associate’s own automobile and is responsible for transportation expenses including insurance in the minimum coverage amount of what is required by the state of Alabama. Broker will be named as an additional insured in all such policies.
- Indemnification. Associate will indemnify and hold LoKation®, 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. All costs and obligations incurred by associate conducting his/her independent business shall be paid solely by the associate, who will hold Broker harmless from any and all costs and obligations throughout the term of this agreement and beyond termination should any claim, demand, suit, cost, or expense arise from the period of time associate was affiliated with Broker.
- Broker Responsibilities. Broker will negotiate all terms and conditions of fees charged to clients including but not limited to, the amount and payment date of commissions and fees. 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. 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. When Associate performs any Brokerage service for Broker and Broker earns and collects a fee for such service, Broker will pay Associate no later than 3 days after the funds are collected and have cleared the companies banking institution if a Disbursement Authorization is not provided prior to.
- Commissions and Fees. Associate will receive 100% of the earned commission minus Transaction fee, based on the type of Commission Earnings, per commission per side and/or any past due invoices or expenses. On all Sale, Commercial Lease, and Commercial Sale Transactions, the Transaction Fee shall be $499. On all Residential Leases, the Transaction Fee will be $50. On Incoming Referrals from outside Brokerages, the fee will be 10% of the earned commission with a maximum charged to the Brokerage of $499. In order to receive 100% of an earned commission, agrees to pay by credit card or ACH debit $99.00 per year, every year beginning the day the associate joined. The recurring payments will be debited on the same date each year until the broker or associate terminates this agreement. If a party to the transaction or Listing Broker offers a premium, bonus, additional commission or other incentive, if such premium, incentive or bonus is in the form of money over $499, the bonus will be considered a separate commission and will be split 50/50 between Broker and Associate with a maximum to the Broker of an additional $499. If the Associate is not current on their dues or fees, the past due amount will be subtracted from any earned commission. It is the associate’s sole responsibility to ensure all payments are made in a timely manner and immediately report to the broker if a problem exists with the associate’s monthly payment method. There is no late fee or charge for the associate’s first late payment, however if it becomes habitual or occurs more than once broker will charge an additional $99 for late fees and charges for each late payment to cover administrative expenses.
- Compliance There is a quarterly Compliance Fee of $35 automatically billed to the Credit Card on file each quarter on the 15th of January, April, July, and October.
- Terms of Termination. Associates may cancel this agreement at any time by providing a notice via email. A Manager of the company must acknowledge receipt of such cancellation and your automatic billing will be canceled after your next payment has been deducted (making the contract a 30-day term. Failure by either party to maintain active licensure status pursuant to Alabama Statutes, will be deemed automatic termination. Additionally, Broker may terminate this Agreement without notice at its sole discretion or for wrongful conduct by Associate. Associate will not, after termination of this Agreement, use to his/her 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 Brokers’ property to Broker with no copies made or retained by Associate.
- 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. 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 Associate. If a non-monetary 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
- Benefits. Associate will be provided no minimum salary, vacation pay, sick leave or any other fringe benefit.
- Abandoned Commissions. All commissions must be deposited or turned into the office immediately after closing (<72 hrs.). Any commission that has been received and goes unclaimed or is left as an incomplete file for a period of more than 30 days will be subject to a 10% administrative fee in addition to the standard transaction fee. If the commission remains unclaimed after 60 days, Broker will retain 50% of the value of the commission for administrative costs. If the commission remains unclaimed for more than 90 days, Broker may retain all of the commission. Associates subject to this provision will be given an opportunity for a one-time waiver and sign an acknowledgement form understanding this policy will be enforced for any violation thereon.
- 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
- Commission Disputes. Broker may retain up to fifty percent (50%) of any disputed commission that requires corporate, Managing Broker, or management intervention to receive such commission. This includes but is not limited to disputes with other brokerages, buyers, sellers, developers, boards, etc. Agent agrees to reimburse Broker up to $250 per hour to reimburse for any and all legal fees incurred or requested in regards to the agent’s disputed matter for legal counseling or advice review at the discretion of LoKation® Partners, Managing Broker or staff.
- Compensation after Termination of Agreement. After termination of this Agreement, Broker will pay Associate any amount earned prior to termination less amounts owed to Broker and amounts Broker must pay another licensee to complete pending transactions for which Associate was responsible prior to termination.
- Errors and Omissions Insurance. Broker maintains Errors & Omissions insurance. We suggest that each Agent would secure their own E&O policy to protect their actions that do not pertain to the Broker's involvement. In the event a claim is filed with the Broker's policy, Associate understands that he/she is responsible for payment of the deductible amount for each claim on their behalf. The current deductible is $5,000.00 and is subject to change without notice to Associates. Should any insurance claim arise as a result of Associate’s actions after the termination of this agreement, Associate understands they are responsible for any deductible and/or expense related to such claim. Each and every claim submitted by Agent, shall first be submitted to Broker. Broker in their sole and absolute discretion shall review the claim for merit prior to submitting any claim to its insurance underwriter. It is understood by Agent that not all claims submitted guarantee coverage for any losses that Agent may incur.
- Confidentiality. Associate acknowledges that Broker may disclose confidential information to associate during the course of this 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 are considered confidential property of Broker. Internet practices, marketing, online workplace, every feature, practice and function of www.joinloklation.com (and subdomains thereof) and www.lokationre.com and The Sphere, and any and all company websites are considered confidential information and practices of the broker. Associate will take reasonable steps and use due care during the term of this Agreement and for 60 months after its termination to prevent the duplication or disclosure of confidential information and practices.
- Dispute Resolution. This Agreement will be construed under Alabama 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.
- Office Use and Keys. Our physical offices are available for use by all associates that have expressed consent from the Keys and/or passwords to gain access to our offices may be granted upon request.
- Company computers are for work related use ONLY! No personal emails allowed. If you do not use a company email address you must open your emails from your own personal computer. Broker reserves the right to open, observe and research all email and Internet activity on company computers or emails. ABSOLUTELY NO BROWSING RANDOM WEBSITES OR OPENING PERSONAL EMAILS. In the event a virus infects the computer the responsible party will be required to resolve the problem.
- Conference Room Usage. The conference rooms are available on a first come first serve basis. You must contact an office staff member if you wish to reserve a conference room for a specific
- Escrow. LoKation® does NOT maintain an escrow Associate will utilize an entrusted Attorney and/or Title Company to hold Escrow for all transactions.
- Modifications. Broker hereby retains the right, in its sole discretion, to adjust rules, requirements, dues & other fees or charges associated with this agreement with 30-days written or electronic
- Wire and Money Transfer: Associate is prohibited from providing, sharing, exchanging, instructing any form of wire transfer, money transfer, exchange of account information, or exchange of funds in any capacity for any and all transactions. All communication should be done directly between parties sending and/or receiving funds/information. Any Associate who is found to be providing such information will be in violation of this Agreement and hereby indemnifies Broker, its associates and its officers from any claim or dispute arising from such actions.
- Copyright: Associate is responsible for the content of all marketing, websites, print marketing, MLS Listings, etc. for the intellectual property and copyright protection of such images and content. Associates are forbidden from sourcing images and/or other content from Google, prior MLS Listings, or any other website or search engine that is not licensed, paid for, or approved to use in commercial marketing materials.
- BROKER PRICE OPINIONS (BPOs): By accepting this agreement and conducting Broker Price Opinions, Associate acknowledges the below clause labeled, BROKER PRICE OPINIONS (BPOs). Associate agrees to turn any and all paperwork originated from conducting BPOs and the BPOs themselves into the office the day they are completed.
BROKER PRICE OPINIONS (BPOs): Associate agrees they are conducting BPOs at their own risk and it is not encouraged by LoKation® unless the Associate has been certified or trained by a state recognized institution for conducting Broker Price Opinions. Associate will indemnify and hold LoKation®, 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, any and all claims from Associate conducting Broker Price Opinions (BPOs). All costs and obligations incurred by associate conducting his/her independent business and/or the practice of Broker Price Opinions shall be paid solely by the associate, who will hold Broker harmless from any and all costs and obligations.
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.
By accepting and signing this agreement electronically, I (Associate) hereby authorize LoKation® to charge the listed in your registration according to the terms outlined in this agreement. If the payment due falls on a weekend or a holiday, I understand that the payments may be executed on the following business day. I understand that this authorization will remain in effect until I provide a 30-day written cancellation request with acknowledged receipt from LoKation® and/or Manager for dba LoKation®. I understand my membership will be canceled after my last payment is due. I certify that I am an authorized user of this credit card and that I will not dispute the scheduled payments with my credit card company provided the transactions correspond to the terms indicated in this authorization form and independent contractor agreement document herein.
Agency Disclosure - Brokerage Office Policy
The Real Estate Consumers Agency and Disclosure Act (RECAD) requires the qualifying broker to adopt and maintain an agency disclosure office policy which sets out the types of brokerage services which his or her company and licensees may offer or accept.
Lokation Real Estate LLC is currently offering the following services:
- Single Agency
- Limited Consensual Dual Agency
- Transactional Brokerage
Lokation Real Estate LLC does NOT allow or offer: Sub-Agency
With my electronic signature below, I hereby confirm that I received a copy and a satisfactory explanation of the services offered under Lokation Real Estate LLC’s Agency Disclosure Office Policy.