Sample Broker of Record Agreement
SAMPLE BROKER OPERATING AGREEMENT
SECTION I REAL ESTATE COMPANY AND DESIGNATED BROKER AGREEMENT
Agreement made on the 4th day of February 2019 between Mark B. Webb, Licensed Real Estate Broker referred herein as “Broker” and DVCSales, LLC herein referred to as “Principal” for the purpose of establishing a Real Estate Brokerage firm. DVCSales, LLC , organized under the laws of the state of Florida on April 1, 2016 under document #L16000033708 . Whereas, the Company agrees that Broker shall act as a designated broker for the Company.
Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other and good consideration, the parties agree as follows:
Real Estate Company and Designated Broker Agreement whereas, the Principal desires to retain the services of Broker in order to comply with requirements of its customers. The Broker desires to be retained by the Principal for such purposes upon the terms and conditions set forth in this Agreement.
NOW THEREFORE, in consideration of the foregoing and of the promises and mutual covenants set forth in this Agreement, the Principal and the Broker agree, and contract as follows:
BROKER SERVICES. Broker has other full-time interests besides those involved with Principal. The Principal does not have any title, interest, or right to any of the Brokers other interests. The Principal hereby engages Broker, as an independent contractor, to serve in the office of Company Broker of Record. The Broker hereby accepts such engagement and in good faith shall perform, for and on behalf and in the best interests of the Principal, the services during the term of this Agreement.
SECTION II DUTIES OF BROKER AND PRINCIPAL DUTIES TO THE PRINCIPAL:
Broker shall perform all the necessary requirements to keep his (as well as the Principal’s Company) State of Florida Broker’s License active and in good standing, in accordance with the applicable Florida law. Broker agrees to keep such services defined in Section I separate and distinct from Brokers other interests. Broker shall inform the Principal of any notice from any governmental agency in accordance with performing the Services:
- Broker shall be responsible for maintaining his license as a real estate broker for the duration of the term of this agreement.
- Broker may at any time use the offices maintained by the Company and go through all books, records, and documents.
- Broker will make every reasonable effort to be available when requested by the Principal(s)
The Principal has the following duties to Broker: The Principal shall keep active licenses with the state of Florida and any local jurisdiction in which the Principal is domiciled. The Principal will comply with any and all recordkeeping, disclosure, or other requirements in accordance with the state of Florida, and cooperate with any investigation or forms required. The Principal shall inform Broker of any notice from any governmental agency.
Principal(s) agrees to pay Broker a monthly rate of $200 during this agreement for his management duties.
Principal(s) also agree to pay the last month in advance.
- Principal(s) agrees to pay the fees to set up the Corporation and for the Real Estate Brokerage License
- Principal(s) shall be responsible for all expenses of the Company, fees to join the MLS, E & O or a professional liability Insurance policy appropriate for his business, and maintaining an office space in accordance with Florida Real Estate Commission rules.
- Principal(s) shall be responsible for hiring staff and Sales Associates to be approved by Broker prior to such persons commencing work.
- Principal(s) agree to only hire licensed real estate associates that will perform real estate duties under the laws of the State of Florida
- Principal(s) agree to keep and provide copies of all agreements and contract for any and all transactions for Broker review and or approval.
- Principal(s) agree to not violate Florida Real Estate Commission or Department of Business Professional Regulation (DBPR) rules or the Laws of the State of Florida or any other State
- All fees and commissions due to Company shall be paid to the Company only.
SECTION III TERMS OF AGREEMENT
This agreement will become effective on the date that the Broker receives a License from the DBPR. The effective date is when payment becomes due. Either party can terminate this operating agreement by giving 60 days written notice to the other. Further, the Principal(s) agree upon termination of this agreement to be responsible for all fees for removing Broker of Record from the Company charter at the Florida Secretary of State.
The Principal(s) shall indemnify Broker, whether or not then in service as such (and his or her executor, administrator, or heirs) against all reasonable expenses actually and reasonably incurred by him or her in connection with the defense of any litigation to which the Broker may have been made a party because of his activities with the Principal(s). The foregoing right of indemnification shall be in addition to, and not exclusive of, all other rights Principal, including shareholders, directors, and officers, may be entitled.
MODIFICATIONS, ENFORCEABILITY, SERVERABILITY AND GOVERNING LAW
This agreement supersedes all prior agreements and understandings between the parties relating to the subject matter herein. If any term of this Agreement is adjudicated to be void, voidable, invalid, or unenforceable for any reason, such term shall be automatically severed from all other terms of this Agreement, which will continue in full force and effect. In the event any term is adjudicated to be overbroad as written, such term shall be automatically amended to narrow its application to the extent necessary to make such term enforceable. This Agreement and all remedies at law or in equity shall be construed and in force in accordance with the laws of the State of Florida (without giving effect to its choice of law principles). Both the Broker and the Principal agree that any dispute under this agreement shall have venue and jurisdiction in the state or federal courts of Orange Country, Orlando, Florida.
Any notice or other communication required or permitted under this Agreement shall, in order to be effective, be in writing and be given by personal service or by prepaid, certified United States Mail, return receipt requested, addressed to the applicable party at the address for such party set forth on the signature page of this Agreement. Notice by service is effective upon service and notice by mail is effective upon mailing. Either party may change the address to which notices for such party are to be sent by so notifying the other party in the manner set forth above.
SUCCESSORS AND ASSIGNED
This agreement shall be binding upon the Principal, its successors, and assigns, and any corporation or entity with which the Principal may be merged or by which its assets, stock, operations, business, ownership or control are acquired, and any such corporation or entity, as a condition to the completion of such transaction with the Principal, shall absolutely, unconditionally and expressly in writing assume all of the Principal’s obligations to faithfully perform this Agreement, and the Broker shall be provided with a copy of such written assumption agreement.
The Captions and headings contained in this Agreement are for convenience only and do not define, limit, construe, or give full notice of the contents of the provisions of this Agreement.
The prevailing party in any suit, proceeding, hearing or arbitration shall be entitled to recover from the non-prevailing party all costs that the prevailing party has incurred as a result of the suit, proceeding, hearing, or arbitration, including without limitation, reasonable legal fee, filing fees, expert witness fees, travel costs, and all other reasonable costs and expenses incurred in the enforcement of this Agreement. In the event that neither party shall prevail on all of its defenses, then such costs and expenses shall be allocated and awarded between the parties as determined by the arbitrator or the court.
Print Name: Mark B. Webb Signature____________________
Address: 1219 Belleaire Cir,
Orlando, FL 32804
(407) 205 1435
Print Name Owner name Signature___________________