REAL ESTATE SALESPERSON ADDENDUM

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1 This addendum is part of and incorporated to the most recent Independent Contractors agreement between Windsor Capital Mortgage Corporation (WCMC) and (Contractor). RECITALS It is recognized that (PREN) is a DBA of Windsor Capital Mortgage Corporation (WCMC). The use of either PREN or WCMC in this agreement shall be deemed to be interchangeable as it is the same entity. Whereas Contractors desires to sell Real Estate as well as sell loan products under the license of PREN, and : Whereas there are substantial differences in the governing laws, and liabilities between the two industries, the parties agree as follows: AGREEMENT 1. ASSOCIATION OF REALTORS: Contractor shall join an Association of Realtors within 30 days of signing this agreement. Contractor may join any Association of Realtors that PREN (Broker) is a member. Contractor shall operate as a Real Estate agent with his own lock box and lock box key obtain for an the Association of Realtors with which he is a member. Under no circumstances shall the Contractor use the lock box or lock box key of any other Contractor or Real Estate agent. All fees pursuant to joining and maintaining membership in the Association of Realtor shall be the sole responsibility of the Contractor. 2. PACIFIC REAL ESTATE NETWORK: shall be used by Contractor in all advertising including: business cards, signs, flyers, and display ads. Signs may be purchased through Champion Sign or any other designated sign company. 3. TRANSACTION COORDINATOR: Contractor shall submit all documentation associated and required for the transactions to the PREN transaction coordination department. Submission of all documentation will be done as per the direction and within the time frames dictated by executed Listing Agreement and/or Residential Purchase Contract. Contractor shall be responsible to submit any documentation required by PREN as directed by Transaction Coordinator. Any delay in delivery or lack of any documentation will result in delay in release of any commission due to contractor until the required documentation is received by PREN.

2 4. FILE DOCUMENTATION /DISCLOSURES: Contractor shall be required to submit all fully executed contracts, amendments, addendums and disclosures; as well as copies of reports, inspections, and any other document that pertain to any Real Estate transaction that is originated with PREN as the Broker. Contractor may direct the assigned PREN Transaction Coordinator to help in acquiring this documentation, but Contractor will be ultimately be responsible for acquiring the appropriate signatures of all parties involved in the transaction and returning the documentation to the assigned PREN Transaction Coordinator. 5. ERRORS AND OMMISSIONS INSURANCE: Contractor shall pay out of each transaction an errors and omissions fee of $150. It shall be the responsibility of PREN to maintain this insurance policy current, which may require an adjustment to the fee from time to time. Contractor agrees to pay for any charges required for PREN to maintain the policy current. Contractor also agrees to pay any deductible if applicable. 6. TRUST ACCOUNT: Company Policy Handling Earnest Money Deposits Earnest Money Deposits - Purchase Agreements PREN does not maintain a trust fund bank account for earnest money deposits received in connection with the purchase of property. All checks received from the offeror will be made payable to the escrow holder, if known. If an escrow company has not been identified, the check should be made payable to. It is extremely important that the agent obtaining the offer receive a deposit check from the offeror if that is the representation made in the Purchase Agreement. If paragraph 2(A) of the Purchase Agreement states that a deposit was received, the agent must have possession of the deposit check before the offer is presented. The Purchase Agreement is also a Receipt for Deposit. When the offer is presented to the seller and/or the seller s agent, it represents that a deposit check is in hand. If the offer is presented without possession of the deposit check, it is a substantial misrepresentation and a violation of the Real Estate Law. The date on the deposit check and receipt of the deposit check should be the same date as the Purchase Agreement. An exception to this rule is when the same check is being used for a subsequent offer. A deposit check may only be used for a subsequent offer after the initial offer is rescinded, canceled, or expired, and if authorization has been obtained from the offeror to use the same check. Under no circumstance will the deposit check be dated after the date of the Purchase Agreement. Occasionally the initial deposit check will be replaced by a new check (increased deposit) or cashiers check. In this situation, the seller and seller s agent must acknowledge and approve, in writing, that the initial check is being replaced. This is typically done on a Counter Offer. Copies of the initial deposit check and new check must be retained in the transaction file.

3 After the offer is accepted, the broker or agent must forward the deposit check to escrow within three business days after acceptance. Acceptance means when the final counter offer is signed by both parties. Therefore, it is possible that the deposit check will be held un-cashed for one or more weeks during the negotiation process. An exception to the requirement of forwarding the deposit check to escrow within three business days after acceptance is when the agent has obtained written authorization to hold the check from the offeree. Holding the check for longer than three business days (even if written authorization has been obtained from the offeree) is not a good business practice and should be discouraged. Obtaining written authorization and holding the check for longer than three business days should only be done in unusual situations and should be discussed with a Manager. If the deposit check is made payable to, the check must be endorsed by a Manager, a copy made for the file and then forwarded to escrow within three business days after acceptance. 7. AUTOMOBILE INSURANCE: Contractor shall maintain at Contractors expense, general liability insurance (which coverage may be, at the Contractor s election, added to existing automobile insurance policy) in the face amount of One Hundred Thousand Dollars ($100,000) for any one person, Three Hundred Thousand Dollars ($300,000) for more than one person arising out of a single accident or transaction, and Fifty Thousand Dollars ($50,000) for property insurance. Said insurance shall protect the Contractor against any liability which may arise in connection with the operation of his/her business as a Real Estate Agent. All policies of insurance to be maintained by the Contractor shall have a separate endorsement naming PREN as an additional insured and shall not be subject to cancellation, except on ten (10) days written notice to PREN. Contractor shall cause a certificate of insurance with copy of the original policy attached, showing compliance with the above requirements to be deposited at PREN on or before the effective date and each renewal date of the Agreement. 8. OFFICE FILES: In order to comply with DRE guidelines, all office files pertaining to any beginning, ongoing or closed transactions are to be kept at PREN s corporate office. All files shall be stored by PREN and shall be available to Contractor upon request. Contractor shall be responsible for any expense involved in obtaining any file from long term storage. Any file requested by Contractor shall be available for contractor to copy only at PREN s corporate office and shall not be taken out of PREN s corporate office.

4 9. MENTOR PROGRAM: PREN s Mentor Program is required unless exempt. This program is designed for less experienced Real Estate Agents. Exemption: Agents that have closed three or more transactions within the past two years are exempt from this program. To qualify for this exemption please complete the following: Property Address Date Closed MLS # Broker Term: After the completion of three closed transactions with a Mentor, the agents can then work independently or choose to continue working with a Mentor at an 85% split. Mentored Commission Splits Below: # of Closed Mentored Transactions Agent PREN First 75% 25% Second 75% 25% Third 80% 20% Fourth and on (Optional) 85% 15% If two transactions are closed within a 90 day period the agent s splits will be increased by 5% on the second transaction. 10. COMMISSIONS: PREN shall receive 10% of total fees or $295 which ever is greater. In addition PREN will deduct from total fees $ for E&O insurance, $ Transaction Coordination fee and $100 Administrative Fee. This fee shall be deducted after the PREN fee/split is calculated. When representing a Seller: If a PREN agent chooses to charge a seller less than a 2% commission, PREN s split will still be calculated based on 2%. If the PREN agent agrees upon a commission higher than 2%, PREN s split will be calculated based on the higher commission percentage.

5 When Representing the Buyer: PREN s split will be calculated based on the commission amount posted on the MLS with no maximum. If not posted on the MLS, the split will be taken from initial commission amount agreed to on the Cooperating Broker Agreement. If the PREN agent chooses to credit a portion of his/her commission back to their client, PREN s split will still be calculated based upon either the amount posted on the MLS or amount agreed to on Cooperating Broker Agreement. When Representing both Buyer and Seller: PREN s split will be calculated based on the original commission amount agreed upon. However, if the PREN agent agrees upon a commission amount lower than 3% of the Purchase Price, PREN s split will still be calculated based on 3%. (Minimum 3%) Referrals: PREN shall receive 10% of total fees or $295 which ever is greater. In addition PREN will deduct from total fees $150 Admin Fee. This fee shall be deducted after the PREN fee/split is calculated. 11. ACTIVITIES EXCLUDED: Under no condition shall any agent of act as a leasing agent or property manager. Any leasing or property management business is to be declined or referred to a licensed Real Estate Brokerage that conducts leasing and/or property management as their primary business. 12. ADVERTISING: All advertising done by Contractor must receive written approval from Company, prior to use of advertising. Items include but are not limited to; business cards, fliers, signs and websites. The above terms have been read and agreed by on the parties below: Contractor Date Windsor Capital Mortgage Corp. Date

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