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Real Estate Broker Of Record Agreement Template for Canada

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Key Requirements PROMPT example:

Real Estate Broker Of Record Agreement

"I need a Real Estate Broker of Record Agreement for our expanding Toronto-based brokerage firm that includes comprehensive supervision responsibilities over 50+ agents and a performance-based compensation structure with quarterly bonuses."

Document background
The Real Estate Broker of Record Agreement is a crucial document required by Canadian real estate regulations that formalizes the appointment of a qualified, licensed broker to oversee a brokerage's operations. This agreement is mandatory for real estate brokerages operating in Canadian provinces, as each brokerage must have a designated broker of record to comply with provincial regulations. The document establishes the broker's authority to supervise other agents, ensure regulatory compliance, and manage the brokerage's real estate transactions. It includes comprehensive details about responsibilities, compensation, compliance requirements, and professional standards, serving as both a regulatory compliance document and an employment agreement. This agreement is particularly important during leadership transitions, new brokerage establishments, or when regulatory requirements necessitate a change in broker of record.
Suggested Sections

1. Parties: Identification of the real estate company and the licensed broker who will serve as broker of record

2. Background: Context of the agreement, including the company's need for a broker of record and the broker's qualifications

3. Definitions: Key terms used throughout the agreement, including regulatory terminology

4. Appointment and Term: Formal appointment of the broker of record and duration of the agreement

5. Broker's Duties and Responsibilities: Comprehensive list of the broker's obligations, including regulatory compliance oversight and supervision of other brokers

6. Company's Duties and Responsibilities: Company's obligations to support the broker and maintain proper business operations

7. Compensation: Details of the broker's compensation package, including salary, bonuses, and benefits

8. Regulatory Compliance: Specific requirements for maintaining regulatory compliance and handling regulatory communications

9. Professional Standards: Standards of performance and professional conduct expected from the broker

10. Confidentiality: Protection of confidential information and trade secrets

11. Termination: Conditions and procedures for terminating the agreement

12. Post-Termination Obligations: Obligations that survive termination of the agreement

13. General Provisions: Standard legal provisions including governing law, notices, and amendment procedures

Optional Sections

1. Non-Competition: Restrictions on the broker's ability to compete with the company, used when protecting market position is crucial

2. Non-Solicitation: Restrictions on soliciting company employees or clients, used when protecting relationships is important

3. Insurance Requirements: Specific insurance coverage requirements, used when additional protection is needed

4. Dispute Resolution: Specific procedures for resolving disputes, used when parties prefer alternative dispute resolution

5. Performance Metrics: Specific performance standards and evaluation criteria, used when quantifiable metrics are desired

6. Training and Development: Requirements for ongoing professional development, used when specific qualifications must be maintained

7. Technology and Systems: Requirements for using company systems and technology, used when specific tools are essential to the role

Suggested Schedules

1. Schedule A - Compensation Details: Detailed breakdown of compensation structure, including commission splits and bonus calculations

2. Schedule B - Duties and Responsibilities: Comprehensive list of specific duties and responsibilities of the broker of record

3. Schedule C - Company Policies: Key company policies that the broker must enforce and comply with

4. Schedule D - Required Licenses and Certifications: List of required professional licenses and certifications

5. Appendix 1 - Regulatory Requirements: Summary of relevant regulatory requirements and compliance obligations

6. Appendix 2 - Reporting Requirements: Templates and procedures for required regulatory and company reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

































Clauses






























Relevant Industries

Real Estate

Property Management

Commercial Property

Residential Property

Real Estate Development

Property Investment

Real Estate Services

Relevant Teams

Legal

Compliance

Human Resources

Executive Leadership

Risk Management

Operations

Real Estate Sales

Administration

Finance

Training and Development

Relevant Roles

Broker of Record

Managing Broker

Real Estate Broker

Chief Executive Officer

Chief Operating Officer

Compliance Officer

Real Estate Agency Owner

Director of Operations

Legal Counsel

Human Resources Director

Risk Management Officer

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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