Cap Date

Maximum One has a maximum cap on transaction fees paid to the Brokerage of $6,000.  This is a non-guaranteed cap meaning you do not have to guarantee those funds to the Broker.  The cap date is based on YOUR anniversary year with Maximum One and goes from the 1^st of the month to the last day of the previous month 11 months later.  Your cap date is determined by when you initially joined Maximum One.

• ·         If you join Maximum One from the 1^st through the 20^th of a month, your initial cap period will begin the 1^st of the following month.
• ·         If you join Maximum One from the 21^st of the month through the 31^st of the month, your cap period will initially begin the 1^st  of the month proceeding the following month.
• ·         For Example, if you join MX1 August 9^th your Cap Period is: September 1^st  - August 31^st   If you join MX1 August 29^th, your Cap Period is: October 1^st – September 30^th
• ·         After that, your Cap period is a 12 month cycle

Buyer Rebate Disclosure

If you are giving a rebate to your Buyer, this must be disclosed in writing AND be included on the HUD-1 Settlement Statement.  Please use the following disclosure in your contract:

·         Pursuant to the official Georgia annotated chapter 43-40-25 (B) (6), Maximum One Realty hereby discloses to all parties that they may reduce a portion of their commission from this transaction to the buyer.

Annual Contracts Class

Beginning 2014, all Maximum One agents are required to take at least one Continuing Education (CE) class on contracts.

Agent Billing

Timing of Agent Bills

Agent Bills are issued on our about the 10^th of each month; they are due on the 20^th of each month; they are late after 5pm on the 1^st of each month.  Agent bills are sent out for the upcoming month – so a bill you receive in January is for the month of February

Payment of Agent Bills

You may pay your monthly bill by check or Credit Card.  There is a nominal processing fee for paying by card.  A Late Fee of $75 will be added to your monthly bill if the funds are not received prior to 5pm on the 1^st of the month.  Paying your monthly bill with a deduction from your commission is not an acceptable method to pay your monthly fee.

Outstanding Balance

If you have an outstanding balance on your Agent Bill and you have a closing, Maximum One will deduct your outstanding balance amount and any additional late fees from your commission check.

Monthly Bills Accrue Despite Your Transactions

You still owe Maximum One your monthly fee regardless of the amount of real estate you sell or lease.  This is a monthly obligation despite your business.

Exiting from MX1

If you choose to leave Maximum One between the 1^st – 19^th you will not be responsible for  the monthly bill you will have just received on the 10^th . If you leave between the 20^th – 31^st, you are responsible for the monthly bill you have just received on the 10^th .  If you leave Maximum One and have an outstanding balance, you are responsible for that payment regardless of your Brokerage affiliation.

Working with the Public: Client or Customer

At Maximum One, you may work with the Buying & Selling public as either a CLIENT or a CUSTOMER… your choice!  The Maximum One Requirement is that you turn in (upload to Paperless Pipeline)  the appropriate paperwork which corresponds with your relationship with the public.  BRETTA requires that if you are working with the public as a CLIENT, you are required to sign an Agency Agreement with that person.

So if you are working with the Buyer as a CLIENT then you must have a Buyer Brokerage Agreement signed; if you are working with the Buyer as a CUSTOMER, then you must have a Customer Acknowledgment signed.

This is true for any public with whom you work:

Seller Client – Listing Agreement

Seller Customer – Authorization to Show Unlisted Property

Landlord Client – Lease Listing Agreement

Landlord Customer – Authorization to Show Unlisted Property

Tenant Client – Tenant Brokerage Agreement

Tenant Customer – Customer Acknowledgement

Property Management at Maximum One

Maximum One – Agent as Property Manager 

• Maximum One no longer engages in Property Management.  Agents are prohibited from managing property for the any properties that are not owned 100% by the agent.

Errors & Omissions Insurance

Errors and Omissions Insurance

Having your Real Estate license without Errors and Omissions Insurance is like driving a car without auto insurance.  The cost of this is $187/year.  To ease the burden, we have established several different payment options for Agents; however, paying in full is most economical.  Your options are:

• Option 1: Pay in full on your first monthly bill (total paid will be $187)
• Option 2:  Three monthly installments of $69 (total paid will be $207)
• Option 3:  Twelve monthly payments of $19 (total paid will be $228)

By signing below, I acknowledge that these fees will be added to my monthly bill according to which option I have chosen.  I authorize Maximum One to charge my credit card on file, if deemed appropriate, and in accordance with the terms of the “Credit Card Authorization Form”.  I understand that the option I am choosing shall become recurring every anniversary unless I make a change in writing. E&O Insurance is non-refundable.

This form supersedes any other documents pertaining to the payment of E&O Insurance.