7.0 PURCHASE AND SALE OF PROPERTY FOR PERSONAL ACCOUNT
7.1 GENERAL INFORMATION
a) For the purpose of commission divisions on all in-house transactions, 50% of the commission shall be considered generated by the listing function and 50% by the sale function.
b) Commissions received when the company negates all or a portion of the commission shall not be included in calculating commission brackets.
c) All commissions shall be figured and collected on the adjusted payout, with the Company portion being added to any associate portion and shown as commission income. The Company shall then disburse to the associate that portion of the commission that it has agreed to pay and retain the adjusted amount.
d) If you enlisted the assistance of another associate with your purchase or sale, that associate will have a claim on a portion of the commission, unless the assisting associate, in writing, waives their claim.
e) Insert the following clause in your purchase agreements:
(Insert name) is a licensed associate of McCraw Real Estate purchasing (or selling) for his own account. The purchase price may or may not reflect market value.
7.2 SALE OF PERSONALLY OWNED REAL ESTATE
a) Any associate wishing to sell properties they own will list those properties with McCraw Real Estate. It looks bad for an agent to be trying to sell his or her own property without it being listed with the Firm.
b) Associates purchasing any type of listed property will share with the company at their commission percentage any commissions earned on the purchase.
c) After one year with the company, associates wishing to sell listed properties they own will be allowed one personal residence annually without owing a commission to the company.