14.1 Transfer and/or Termination of Associate
- 14.1.2 Agent Voluntarily leaves Key
- 14.1.3 Agent Involuntarily leaves Key
- 14.1.4 Compensation upon Termination
- 14.1.5 Listing Escrowed on Termination
- 14.1.6 Data Responsibilities of Agent Leaving Key Realty
- 14.1.7 Departing Agent Brokerage Cap Plan
14.2 Returning Associate
14.1 Transfer and/or Termination of Associate
This agreement, and the relationship created hereby, may be terminated by either party hereto, with or without cause, at any time upon three (3) days written notice given to the other, but the rights of the parties to any commissions which accrued prior to said notice shall not be divested by the termination of this agreement, except as stipulated herein.
14.1.2 Agent Voluntarily leaves Key
All transactions must be assigned to an existing Key Agent.
Definition of voluntary:
- Agent transfers Brokerages
- The agent chooses to become inactive for any reason
- The agent is sanctioned by NAR, local board or state and cannot perform fiduciary duties
- Agent retires
- Agent relocates
Options:
A departing agent assigns open transactions to an agent of their choosing and negotiates fees for assignment service between the departing agent and the assigned agent.
The agent leaves and does not assign an agent, RP must then do one of two options.
RP can choose themselves to be the assigning agent and elect to charge a 10% fee
This does not supersede the previously established policy of agent abandonment.
RP can assign the existing transactions to an existing agent of their choosing and the assigned agent will receive a 10% referral fee for transactions upon closing.
Once an agent leaves, their compensation program is prohibited from changing.
14.1.3 Agent Involuntarily leaves Key
All transactions must be assigned to an existing Key Agent.
Definition of involuntary: RP or other management terminate the relationship with the agent.
Agent Transfer/Termination Procedures:
- RP takes over transactions and becomes the assignee or assigns to another agent.
- Assignee to receive a 10% referral fee.
- Complete the Transfer/Termination Form
- Dotloop access will be removed
- The agent cannot have contact with clients
- The agent cannot go to closing
14.1.4 Compensation upon Termination
Upon termination, Salesperson shall be compensated per their commission agreement in respect to any sale or lease option contained in any existing sale or lease agreements, or in any sale or lease agreements consummated under the terms of a termination agreement, and Broker shall perform all standard Broker services in connection with the foregoing unless compensation shall be specifically agreed upon between the Broker and Salesperson. Salesperson shall continue to comply with all company and state policies and procedures regarding file processing and client care.
Upon termination of associate affiliation with the Company, whether voluntary or involuntary and for whatever cause, any active listings the associate may have will be released to a new company of the associate’s choosing upon receipt of a listing release signed by the seller(s) within seven days of the associate’s departure date.
14.1.5 Listing Escrowed on Termination
Additionally, any listing escrowed for closing will be considered as if the salesperson were still affiliated with the Company and 100% of all monies due to the agent, per the terms of their annual brokerage program, will be paid to the agent with the following exceptions:
Should the departing associate fail to provide a written release for any active listings within 7 days of departure or fail to maintain listing, sales or closing files in accordance with all state requirements and company policies or provide proper and continuous service and support to their client, the company may assign any listings or pending transactions at the company's sole discretion and pay the departing associate a referral, to be determined at the sole discretion of the company.
14.1.6 Data Responsibilities of Agent Leaving Key Realty
Agent understands upon leaving Key Realty, all access to all offices, Dotloop, CRM’s, MoveEasy or any other systems or facilities provided by Key Realty will be removed. Agents are encouraged to download a copy of their data as Key Realty is not liable for any lost contacts or materials once the agent has been transferred or terminated.
14.1.7 Departing Agent Brokerage Cap Plan
When an agent leaves the company any commissions payable to the agent will be disbursed according to the agents compensation plan at the time of departure. If the agent is on the monthly payment program and cancels their monthly payment, they will be immediately moved to the 50/50 plan for all pending transactions. If the agents anniversary date is reached after departing from the company, their annual cap will reset and be applied to any commission payable to the agent at that time.
If an agent leaves prior to the end of their anniversary year and has paid any or all of the Key Realty brokerage fee, no refund or reimbursement shall be provided to the departing agent.
No switching between programs mid-year will be permitted and there will no exceptions to this policy. The agent also is responsible if they choose to change programs to notify management in writing within 30 days prior to their rollover date.
14.2 Returning Associate
Should an agent rejoin Key Realty, within 90 days of being out processed, they will be reinstated with their original anniversary date and will not be required to pay the New Agent Processing Fee but will be required to pay the Annual Agent Renewal & Administration Fee if not paid prior to departing.