Pinnacle Award Rules. [Type the document subtitle] 2018 Event. Pinnacle Award Rules. DeKalb Association of REALTORS

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1 [Type the dcument subtitle] 2018 Event Pinnacle Award Rules DeKalb Assciatin f REALTORS

2 1. ELIGIBILITY Any emplyee r independent cntractr (fficer r therwise) f any real estate brker (individual r firm) that is bth licensed under the Gergia Real Estate Cmmissin and a REALTOR member in gd standing f the DeKalb Assciatin f REALTORS (DAR) is eligible fr membership. Bth salaried and cmmissined persnnel are eligible. Dues must have been paid fr qualifying year and current year. 2. QUALIFYING YEAR A qualifying year shall be defined as a full calendar year beginning January 1, 2017 and ending December 31, QUALIFICATIONS T qualify fr 2017 Pinnacle recgnitin, an applicant must fulfill the fllwing requirements: A. Clse NEW BUSINESS * fr a minimum f either $45,000 Grss Clsed Cmmissins (GCI) paid t the applicant s brkerage cmpany r 25 clsed transactin sides fr which a cmmissin was paid t the applicant s brkerage cmpany during 2017 fr business generated by the applicant. If a member f a team, the GCI wuld be the amunt credited t the individual, nt t the team ttal. It will be the respnsibility f the brker t verify claimed GCI. *Fr leases, new business is cunted tward units fr the first term f the lease transactin. Lease incme shuld be claimed fr the year it is received. B. Fr applicants wh were nt members f DeKalb REALTORS n January 1, 2017, nly thse transactins clsed subsequent t the date f DeKalb REALTORS dues being paid shall be cunted tward criteria fr the Pinnacle Award, prvided that rientatin is cmpleted and membership apprved within 90 days f that date. This prvisin als applies t transferees wh have had mre than a 30 day lapse in applicatin and fees fr DAR membership. C. Applicants wh change ffices during the calendar year must ntify DeKalb REALTORS within 30 days f changing ffices. Only credits earned while a member f DeKalb REALTORS and having that Assciatin s membership apprval will be cnsidered tward the Pinnacle Award. D. Transferring credits will be cnsidered frm applicants wh transfer frm ther REALTOR bards with previus brkers and current Bards verificatin prvided there is n mre than a 30 day lapse in applicatin and payment f dues fr DAR membership. E. Must be apprved by the Bard f Directrs f DeKalb REALTORS. F. Must nt have had license suspended during qualificatin year r be currently under suspensin during calendar year. G. Applicant may be an individual r a member f a team. 4. APPLICATION SUBMISSION A. All applicants must submit an award applicatin t the Pinnacle Award Cmmittee, which includes: (1) Applicatin Frm (2) Applicatin Fee D e K a l b A s s c i a t i n f R E A L T O R S Page 2

3 (3) Pinnacle Award Transactin Excel Spreadsheet r a cmputer-printed reprt that cntains the infrmatin required n the Pinnacle Award Transactin Spreadsheet as lng as it includes the fllwing infrmatin: Prperty Address Clsing Date Grss Cmmissin (paid t the cmpany befre any cmpany fees are deducted) Sides f transactin claimed (Listing/Selling r Leasing Agent*) Percent claimed by the applicant f the Grss Cmmissin *Fr Example, if yu c-list and received ne-half f the listing side, yur side claimed wuld be.5. Transactin detail sheets n lnger require an adding machine tape ttaling the transactins. The Pinnacle spreadsheet aut-calculates. If the applicant changed cmpanies during the calendar year, a separate transactin detail sheet(s) must be prvided fr each brkerage cmpany. Each such statement must be signed by the applicant and als certified by his/her Managing REALTOR Brker that the applicant has qualified fr the Pinnacle Award under these rules and regulatins. B. DEADLINES: (1) Online applicatin: signed applicatin, transactin spreadsheet, and payment must be received n later than 5 pm n the Wednesday prir t the Martin Luther King hliday Mnday. The Assciatin will cnfirm receipt f nline applicatins, but is nt respnsible fr applicatins that are nt received. Check yur inbx and spam flders fr applicatin receipt. If receipt is nt received, it is yur respnsibility t immediately cntact the Assciatin at (2) In persn r mail applicatin: signed applicatin, transactin spreadsheet, and payment must be received in the Assciatin ffice n later than 5 pm n the Friday befre Martin Luther King hliday Mnday. N applicatin may be faxed. Pstmark dates are nt accepted. Receipt will be sent t the address that sent the submitted frms. (3) A cmplete applicatin includes payment, applicatin frm, and transactin spreadsheet. All items must be received by the apprpriate deadline. Applicatins received after the deadline will be returned t the applicant and will nt be cnsidered. C. Phtgraphs: A pht must be electrnically transmitted t the DeKalb REALTORS by the applicatin deadline if the applicant wishes his/her picture t be included in publicity. Phts deemed inapprpriate by the Cmmittee will nt be used. Phts must be in print-ready jpg frmat and ed t pinnacle@dekalbrealtrs.cm with subject Pinnacle Pht. Once submitted, applicatins and all supprting dcumentatin becme the sle prperty f the DeKalb Assciatin f REALTORS. Materials submitted will be shredded and will nt be retained by the Assciatin D e K a l b A s s c i a t i n f R E A L T O R S Page 3

4 D. The Pinnacle Award: The apprved applicant will be recgnized as fllws: Pinnacle Award Recipient: All apprved applicants wh clse NEW BUSINESS fr a minimum f either $45,000 Grss Clsed Cmmissins (GCI) paid t the applicant s brkerage cmpany r 25 clsed transactin sides fr which a cmmissin was paid t the applicant s brkerage cmpany during 2017 fr business generated by the applicant. All applicants will be identified with their names and brkerage names, as well as team affiliatin, if any. Fr leases, new business is cunted tward units fr the first term f the lease transactin. Lease incme may be claimed fr the year it is received. E. Tp Prducer Awards After the submissin deadline, all applicants, including ptential Tp Prducers, will be subject t an audit. (See F, Applicatin Review/Audit fr details.) 1. The Tp Twenty-Five based n GCI fr all sales and leases 2. The Tp Three based n Units (Listing/Sales sides f transactins, n Leases) 3. The Tp Three based n Units (Leases nly, n Listing/Sales transactins) 4. Tp New REALTOR (1 year r less during qualifying year) GCI 5. Tp New REALTOR (1 year r less during qualifying year) Units F. Applicatin Review/Audit: Each applicatin will be reviewed by the Pinnacle Award Cmmittee. The applicant is nt required t submit dcumentatin beynd the Applicatin and Transactin Frm (spreadsheet) with the applicatin. Hwever, at the discretin f the Pinnacle Award Cmmittee, the applicant may be required t prvide dcumentatin in rder fr the applicatin t be reviewed r audited. All applicants must be prepared t shw the clsing dcument (clsing verificatin page that shws cmmissin paid) and the cmplete and fully executed sales cntract, signed by the applicant, r relevant lease infrmatin, fr up t five transactins selected fr audit. Brkers f all candidates t be cnsidered fr a Tp Prducer Award and audited applicants will be required t prvide requested additinal dcumentatin t be received at the Assciatin ffice n later than the audit deadline f January 31, 2018 by 5:00 p.m. Failure t submit dcumentatin fr audit by the deadline will disqualify the applicant frm cnsideratin fr Tp Prducer status and may result in the applicatin being denied fr that year. Required audit infrmatin might include, at the discretin f the Pinnacle Award Cmmittee: Cntract prperty legal descriptin page/address page and fully executed signature page; Rental/lease page with prperty address, terms f lease and signature page, Rental/lease cpy f check pertinent t the year s payment; Clsing verificatin dcument (frmerly HUD-1) shwing cmmissin paid; Cpy f check r transactin referral frm shwing amunt paid t applicant fr referral, etc.; Brkerage cmmissin printut t verify claimed cmmissins, r if the applicant prefers, the applicant s 1099 with scial security number redacted. G. Failure t cmply with the rules shall result in the disqualificatin f sme r all transactins at the discretin f the Pinnacle Award cmmittee. If a brker r agent submits a fraudulent applicatin, he/she will be autmatically disqualified. 5. CREDITS Credits shall be allwed fr applicant s prductin f sales, listings, leases, management fees, and referral incme as fllws: D e K a l b A s s c i a t i n f R E A L T O R S Page 4

5 A. Credit shall be 100% f the cmmissins and fees paid t the agent s brkerage cmpany fr that agent s prductin during the qualifying year. D nt subtract brkerage desk fees, MLS fees, etc. B. Mre Than One Participant: If mre than ne individual within the same cmpany participates as the selling agent, the listing agent r the leasing agent, the credit allwed shall be in the same prprtins as the divisin f cmmissin (r credits fr cmmissin) between the individuals. If a referral, credit shall be the amunt/percentage earned by the applicant. C. Installment Cmmissins: Credit will be allwed fr the amunt f cmmissin cllected in the year f clsing f a sales transactin. D. C-Agents: Ttal credit amunts claimed by c-agents fr purpses f qualifying fr the Pinnacle Award may nt exceed a cmbined amunt f 100% f the cmmissin paid n that side f the transactin. E. N credits shall be allwed fr the fllwing: Incme frm Appraisals Incme frm Evaluatins and cnsultatins f any kind, regardless f purpse 6. USE OF DESIGNATION A. Pinnacle Award recipients shall be authrized t use the Pinnacle Award designatin apprved by the Bard f Directrs f DeKalb REALTORS nly during the year in which they are recipients f the Pinnacle Award. Life recipients f the Pinnacle Award shall be eligible t use such designatin and insignia as lng as they live and are members f the Assciatin. B. REALTOR Member cmpanies, lcal Bards, and REALTORS shall nt use the wrds Pinnacle Award r wrds similar theret, in its awards r advertising except where this plicy is used t dente receipt f the Pinnacle Award. The spirit f this rule is imprtant t maintain the prestige f the recipients f the DeKalb Assciatin f REALTORS Pinnacle Award. C. Tp Prducer award recipients advertising r marketing their Tp Prducer award must prminently display the year the award was received in any advertisement r marketing. Vilatin f this rule will result in the applicant s ineligibility fr the Pinnacle Award fr the subsequent qualifying year. 7. FEE The applicatin fee f $65.00 must accmpany the applicatin. (It des nt cnfirm the award lunchen reservatin, which is a separate registratin.) An applicatin fee enables the applicant t be cnsidered fr the Pinnacle Award. Prir t the reservatin deadline, availability t attend the Pinnacle Award event is n a first cme, first served basis until we reach facility capacity. The applicatin fee is nt transferable t a nn-applicant and is nt refundable. All attendees wh are nt spnsrs r applicants must pay a guest fee t attend, if space is available. Checks returned by the bank must be replaced by certified payment within ne week f ntificatin r applicant will be disqualified. Applicant must pay returned fee assessed per DeKalb REALTORS plicy. 8. EFFECTIVE DATES OF CREDIT A. Fr sales and listings, the date n the settlement statement shall be the date f credit. B. Fr leases, credit shall be granted fr cmmissin and fees cllected during qualifying year D e K a l b A s s c i a t i n f R E A L T O R S Page 5

6 9. CLASSES OF MEMBERSHIP A. Member ne wh has been accepted fr the qualifying year. B. Life ne wh has been accepted fr the qualifying year and fr 3 cnsecutive years r any five years. C. Phenix ne wh has been accepted fr the qualifying year and fr years. D. Silver Phenix ne wh has been accepted fr the qualifying year and fr years. E. Gld Phenix ne wh has been accepted fr the qualifying year and fr years. F. Platinum Phenix ne wh has been accepted fr the qualifying year and fr years. G. Diamnd Phenix ne wh has been accepted fr the qualifying year and fr years. H. Diamnd Plus Phenix ne wh has been accepted fr the qualifying year and fr mre than 50+ years. 10. PREVIOUSLY EARNED AWARDS A. If credit frm anther Bard is used tward qualifying fr any categry f the Pinnacle Award, it will be necessary fr applicant t submit written cnfirmatin frm the Executive Officer f said Bard and must accmpany applicatin. B. Previusly earned credits frm the DeKalb Millin Dllar Club will be hnred at the same level in the Pinnacle Award. Fr example, 29 years in the Millin Dllar Club will be recgnized in Pinnacle Award as Gld Phenix. 11. ADMISSIONS COMMITTEE The President f DeKalb REALTORS shall, each year n r befre the last day f the qualifying year, appint an Admissins Cmmittee which shall be cmpsed f at least ne member f the DeKalb Bard f Directrs and tw DeKalb Life Members in the Pinnacle Award. It shall be the duty f this Cmmittee t audit all applicatins after the applicatin receipt deadline and submit a reprt t the Bard f Directrs f the DeKalb REALTORS, n later than the next Bard f Directrs meeting, giving their recmmendatin with regard t each applicatin. 12. MEMBERSHIP TERMINATION As is the case f all rganizatins spnsred by DeKalb REALTORS, receipt f the Pinnacle Award shall be cntingent upn membership in gd standing in DeKalb REALTORS fr the qualifying year. If, fr any reasn, a recipient f the Pinnacle Award ceases t be a member f the Assciatin, his Membership in the Pinnacle Award is autmatically terminated. 13. APPROVAL OF DISSOLUTION The Pinnacle Award f DeKalb REALTORS has been established and is spnsred by the Assciatin, and all actins assciated with the Pinnacle Award shall be subject t the apprval f the Bard f Directrs f the Assciatin. DeKalb REALTORS reserves the right t disslve the Pinnacle Award at its discretin. 14. THESE AMENDED RULES AND REGULATIONS OF THE PINNACLE AWARD SHALL APPLY UNTIL MODIFIED BY THE BOARD OF DIRECTORS OF DEKALB REALTORS. Revised June 21, D e K a l b A s s c i a t i n f R E A L T O R S Page 6