Independent Contractor Agreement
1. Contractor Status. Accel Realty Partners (“Company”) is licensed as a real estate company in the State of Idaho. The Independent Contractor (“Contractor”) signing this agreement agrees to perform the duties of a real estate agent in a 1099 IRS status for the Company. Effective upon the acceptance of this agreement and execution of all necessary documents, the signer will become a Contractor for the Company. This is not the formation of an employer/employee relationship. The Contractor understands the Company can be legally liable for their activities and unless otherwise stated in this agreement all costs incurred by the Contractor in conducting their business shall be their sole responsibility. The Contractor is completely free to act independently as to the management of their time and
responsibilities. The Contractor agrees to use their best efforts to procure real estate related business and will conduct themselves in a reputable manner in conformance with all laws, rules, regulations, code of ethics, and other requirements that are binding upon or required by Idaho real estate licensees who are members of the Idaho Association of REALTORS.
2. Responsibilities. Contractor agrees to maintain a proficiency and working knowledge of the rules and regulations of the Idaho Real Estate Commission (“IREC”). Contractor shall remain licensed and in good standing with IREC through the term of this agreement. Contractor agrees to become an active member of their local Board of REALTORS, if not already, within seven (7) business days of signing this agreement as well as comply with all MLS regulations as they pertain to forms, listings, date changes, lock boxes, e-keys, etc. Contractor shall be bound by the
way to deny equal professional services to any person by reason of race, color, religion, sex, handicap, familial status, or national origin as defined in the “Equal Housing Opportunity Act.” The Company may provide other policy manuals or written standards that the Contractor agrees to comply with, of which are made available on the Company’s agent dashboard. Contractor shall use their personal vehicles for all real estate purposes and shall maintain a minimum $100,000 vehicle liability insurance policy naming Company as a co-insured, covering any vehicles used to transport people for the purposes of real estate related activities. Contractor shall furnish a copy of their auto insurance policy to Company upon request.
3. E&O. Contractor is required to maintain errors and omissions insurance as required by IREC. Company shall provide Contractor with $1,000,000 of errors and omissions insurance coverage through a master policy. Contractor shall reimburse Company for said coverage with the current quarterly assessment being $48.00. Contractor shall immediately notify Company of any circumstances likely to give rise to a claim against Contractor and/or Company. In the event of a claim, lawsuit or arbitration which is not completely covered by Contractor’s insurance, Company may withhold from any commissions due the amounts Contractor owes to adequately satisfy any deficiency, pending settlement, or other resolution of the matter. In the event of a claim the Contractors shall pay a $10,000 deductible. Contractor agrees to indemnify and hold Company harmless from any claims, demands, complaints or actions made against Contractor where Company was not directly responsible.
4. Trust Account. The Company does not maintain a trust or escrow account. All escrow services in the course of day-to-day real estate transactions are to be provided by an outside title or escrow company.
party may terminate), or because of any action which the other party reasonably believes their action has affected licensing status with the IREC or business
reputation in general. In the event of a breach of this agreement, in addition to the non-breaching party’s right to terminate this Agreement, the non-breaching party shall also have all rights and remedies available under Idaho law.
6. Reporting. Contractor understands and agrees that because they are an
independent contractor in the State of Idaho, the Company will not withhold any federal or state income tax, social security, or unemployment taxes. Contractor is personally responsible for paying any and all federal and state income taxes, social security deposits and all other taxes, and for maintaining all expense records as required by law. Contractor further understands and acknowledges that Company provides no workman’s compensation coverage. Contractor specifically waives such coverage and represents to Company that if such coverage is desired, Contractor must personally obtain such coverage directly from the state of Idaho or through an insurance carrier.
7. Agreement. In the event it becomes necessary for either party to retain legal counsel to enforce any term, condition, or covenant of this agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and costs, including any attorney fees and costs incurred in any bankruptcy or appellate proceeding. This agreement shall be binding upon and shall inure to the benefit of the parties, their respective heirs, personal representatives, successors and assigns. This agreement may not be assigned without the prior written consent of the non-assigning party. All parties to this agreement have been, or have had the opportunity to be,
represented by legal counsel in the review and execution of this agreement.
Accordingly, in all cases, the language of this agreement shall be construed simply, according to its fair meaning, and not strictly for or against either party regardless of which party caused the preparation of this agreement. This agreement may only be modified or amended in writing signed by both parties and shall be governed by the laws of the State of Idaho. The failure of a party to insist, in any one or more
hereby constitute the entire agreement between the parties concerning the subject matter of this agreement; there are no oral agreements existing between the parties relative to the subject matter hereof which are not expressly set forth herein or in the instruments or documents referred to herein or contemplated hereby. This
agreement shall be governed by the laws of the State of Idaho.
8. Indemnification. Contractor will indemnify and hold Company, its officers and staff harmless from all claims, demands, suits, costs and expenses, including reasonable attorney’s fees of whatever nature and description to the extend based on
Contractors representations, acts, omissions, negligence, willful misconduct, or violation of laws, rules, regulations, codes of ethics, this agreement, or other written policies.
9. New Agents. New licensees and “Mentees” are defined as those who have recently been licensed or have not yet completed a real estate transaction in Idaho. These Contractors shall be on a 70/30 split (70% to Contractor, 30% to Company) for their first three (3) transactions. Upon successful completion of the first three transactions the Contractor will be subject one of the Company commission plans. As part of this commission arrangement the Contractor shall have access to the Company’s new agent training programs and Certified Mentor Programs. In cases where the Contractor elects to charge a commission of less than 3% of the sales price of the property, the Company will use 3% of the total sales price of the property as the basis of calculating the 70/30 split.
10. Commission Plans. For the duration of this Agreement and for all real estate
transactions closed by Contractor, regardless of commissions earned by Contractor, Contractor shall pay to Company one of the following [CHECK BOX AND INITIAL ONE]:
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Silver Plan
– 80/20 Commission Split (80% to Contractor, 20% to Company) and a $39/month fee. Referrals are 80/20 or $299, whichever is greater. Technology and productivity software included. (100black/white copies month Free, 10 cents, color; 7 cents b&w)
□
Gold Plan
- $499 per transaction and a $65/month Tech Fee ($12,000 Yearly Cap), after 24 transactions then $125 per file; Referrals are flat $299. Technology and productivity software included. (100 black/white copies month Free, 10 cents, color; 7 cents b&w)INITIAL _____
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Platinum Plan
- $299 per transaction and a $349/month Tech Fee ($12,000 Yearly Cap), after 24 transactions then $125 per file; Referrals are flat $299. Technology and productivity software included. (100black/white copies month Free, 10 cents, color; 7 cents b&w)
INITIAL _____
As a Contractor you will be allowed to change your commission plan twice per
calendar year with the only requirement being a fifteen (15) day written notice via the web form on The Zone. E&O insurance is provided by the Company at $48/quarter. Sign-up fee is $160 and the Annual Tech Fee is $125/year.
OPTIONAL FEES:
____Personal Premium IDX Site ($20/month) www.Placester.com
____Company Promoted IDX Site ($35/month) www.IdahoRealEstateSearch.com
I acknowledge I have received, read, and understand all sections of this Independent Contractor Agreement.
Designated/Managing Broker Contractor
Print: ________________ Print: __________________
Sign:_________________ Sign:___________________
