DPR Realty LLC · DPR REALTY maintains a NON-SMOKING, DRUG & ALCOHOL FREE environment inside its...

DPR Realty LLC

Office Policy Manual

for Independent Contractors

DPR Realty Office Policy & Procedure Manual - 2019

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Table of Contents Page

Section 1 About the Company 3

Section 2 Policy Manual 3

Section 3 General Office Procedures 4

Section 4 Independent Contractor Relationship 12

Section 5 Transactions, Commissions & Fees, Commercial Options 13

Section 6 Handling Clients 16

Section 7 Maintaining Files 20

Section 8 Personal Assistants 31

Section 9 Advertising Guidelines 32

Section 10 Policy Against Harassment 38

Section 11 Litigation & Claims Handling 39

Section 12 Dispute Resolution 43

Section 13 Severance/Termination 44

Section 14 Professional Associations 45

Section 15 Definitions 46

Section 16 REALTORS Pledge of Performance & Service 48


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1. ABOUT THE COMPANY

1.1 General

The Company is licensed by the Department of Real Estate under the following name: DPR REALTY, LLC. (the “Company” or “Brokerage”) and doing business as DPR Commercial. Additionally, the brokerage is a member of the National, Arizona, Scottsdale and other local Associations of REALTORS®.

2. POLICY MANUAL

2.1 General Purpose

The purposes of this policy and procedure manual are: 1) to establish a uniform system of daily conduct by and between us when dealing with each other, other members of the Company, our clients and members of the public;

2) to establish procedural guidelines; and 3) to assist in simplifying the conduct of business at DPR REALTY, LLC. This policy manual shall be considered attached to, incorporated by this reference and made an integral part of the INDEPENDENT CONTRACTOR AGREEMENT (ICA) freely entered into by both Broker and Licensee (the “Contractor Agreement”). This manual cannot possibly cover every conceivable situation that will confront the Licensee during his or her affiliation with Broker, so if it becomes necessary for the Broker to address an issue not covered herein, the Broker’s decision, whether oral or written, will be final. A current and complete copy of this manual shall be kept in the office and will be available for inspection by Licensee during regular business hours.

2.2 Parties

DPR REALTY, LLC (hereinafter, “Brokerage”, “Company” or “DPR REALTY”) and Each Individual real estate agent licensed to sell real estate in the state of Arizona that has entered into an Independent Contractor Agreement with Broker (hereinafter, “Agent”, “Contractor” or “Licensee”)

2.3 Responsibilities

You are responsible to work in accordance with Company policies and procedures. Your failure to comply with the policies and procedures within this manual may result in your termination from this Company. If, at any time, you do not understand a policy or a procedure, contact the Broker or a member of his management team for assistance.

2.4 Changes in Manual

Effective Date: August 1, 2003 Revision Date: September 20, 2017


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This Policy manual may be changed from time to time by the Company. Changes can be made at any time and will be distributed periodically through the company’s e-mail roster. A copy of the current policy manual is always available in each branch.

Each Licensee is responsible for remaining current with office policy, including all policies detailed herein, and as amended.

2.5 Exclusions from the Manual

This Manual applies only to salespersons and does not apply to Company staff employees.

2.6 Conflict with Salesperson/Broker Independent Contractor Agreement

In the event of a conflict between this Policy Manual and your Salesperson/Broker Independent Contractor Agreement, the terms of this Policy Manual shall prevail.

3. GENERAL OFFICE PROCEDURES

3.1 Broker Support

The Designated Broker and the Associate Brokers are always available should the need arise. Contact any DPR REALTY office and the applicable member of the Broker’s management team will be called.

On nights & weekends – Members of the Broker’s management team will alternate being on call.

3.2 Company Business Hours

DPR REALTY maintains office hours of 8:30 a.m. to 5:00 p.m., Monday through Friday, Arizona Time. Offices are closed on certain selected federal holidays and neither management nor staff is in the office on those days. Broker shall post the federal holidays it shall be closed in its office(s) on an annual basis.

A. After Hours Access

DPR Agents may access the Phoenix and Scottsdale offices after hours with a key. An electronic door access card (Key Card) is required to access the Southeast and West Valley offices after hours and may be obtained from the appropriate Office for a $25.00 fee. When you are the last one to leave the office at the end of any given day, it is your responsibility to make sure the lights are off and the doors are locked. (Management reserves the right to restrict access for certain events such as remodeling or emergencies.) Replacement keys can be obtained from Broker at a cost of $25.00 per key and key card.


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3.3 Alcohol, Drugs and Tobacco

Possession, use, sale or being under the influence of alcohol or drugs on or off company premises while conducting Company business is prohibited. Use good judgment. NEVER DRINK AND DRIVE. DPR REALTY maintains a NON-SMOKING, DRUG & ALCOHOL FREE environment inside its facility(s). All smoking must take place outside of the building. Under no circumstances will DPR REALTY tolerate the use or possession of any controlled substance in the office or on any property that is listed, serviced or otherwise associated with DPR REALTY. In addition, DPR REALTY expects all licensees to adhere to a strict drug-free lifestyle in conjunction with all applicable federal, state and local laws.

3.4 Working Place

In consideration of others around you, please keep your voice to a conversational level at all times while you are in the office, including during all phone conversations. Phone conversations utilizing a raised voice or other antagonistic tones will not be tolerated under any circumstances.

DPR REALTY operates within a professional and courteous atmosphere. Licensees are responsible for their own conduct as well as that of their clients, customers, and other invitees while inside or within the general vicinity of the office. Please leave your working area in an orderly appearance for the next person who wishes to use it. In consideration of their safety, please watch children at all times. Children are not allowed to play on the computers.

3.5 Computers/Technology

Copy machines are for Licensees, Management and Staff use only. Use is governed by prudence and good sense. Flyers, mailing lists and other high-volume projects are not to be done on office copiers unless otherwise authorized and approved by DPR REALTY management staff. Licensees may use their designated codes for excess copies on the Licensee copy machine.

Abuse of DPR REALTY property in any manner whatsoever may result in revocation of your use, privileges, assessment of repair or replacement costs and/or immediate termination of your Contractor Agreement.

Computer users are to treat the equipment with proper care and avoid the introduction of food, drink or any other foreign substance that may cause damage to the equipment.

3.6 Conference Rooms

At each office, a conference room is provided for use by DPR REALTY Licensees and one or more of their guests in the ordinary conduct of real estate transactions. Single users or those that are doing non-real estate related activities shall yield access to groups of two or


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more who are legitimately conducting real estate related activities for the Broker. There is a sign-up sheet to reserve the conference room to be assured of having that time for you and your client.

3.7 Office/Agent Computers

Because of the demand for use of computers, when others are waiting, users must limit their time to no more than fifteen (15) minutes at one sitting, regardless of their current workload or other client demands. In the event the Broker becomes aware of excessive and wasteful use of the Broker’s equipment by any individual Licensee, the Broker reserves the right to charge such user the reasonable cost of any unnecessary wear and tear caused to the applicable equipment.

3.8 General Use of Electronic Communications

A. Use of Brokerage Resources

1. Use should be generally limited to real estate brokerage business purposes 2. Any personal use should be limited to what is necessary 3. Prohibited Uses

a. Pornography b. Spam c. Chain letters of malicious mail d. Any business other than real estate brokerage e. Any third-party usage f. Any other illegal use

4. Use of Personal Resources (computer, laptops and other devices) for conducting and storing electronic communications.

5. Confidential information of brokerage may not be stored on agent’s personal resources

6. Unauthorized copying of downloading of brokerage files or confidential information.

7. Upon termination of relationship with brokerage, agent will delete all brokerage information

B. Data Protection

1. Reasonable measures will be taken to protect confidential brokerage and client date from unauthorized disclosures

2. Any loss of confidential information will be reported to broker immediately 3. When disposing of electronic resource, measures will be taken to protect

confidential information


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3.9 Fees/Expenses

Invoices are EMAILED by the first of each month. NO INVOICES ARE MAILED TO YOUR HOME. They are due on or before the 10th of each month. A late fee of $25.00 will be charged to any bill not received by the 10th. It is the Contractor’s responsibility to pay on time. THIS IS NON-NEGOTIABLE.

All fees and expenses are due and payable at the time service is rendered or expense is incurred. Anticipated commission checks are not to be treated as revolving credit accounts (i.e. Licensees may not “deduct it from the next commission check” when incurring an expense with the Broker), unless prior written authorization is given by a DPR REALTY managing partner. In addition to normal closing fees, DPR REALTY reserves the right to deduct any fees considered to be “due and payable” or otherwise owed to it, from Licensees’ commission checks, and Licensee hereby agrees to such offset rights.

Prepaid Office Fees will be accepted but will not be refunded by Broker under any circumstances.

3.10 Non-payment/Collection

Absent any written agreement with the Broker or its Office Manager to the contrary, any fees or expenses due the Broker remaining unpaid for thirty calendar days will be subject to interest at the rate of 1 percent (1%) per month and subject to collection activities. All additional expenses incurred in the collection process, including, but not limited to, the above-referenced monthly interest charge, attorney’s fees, and court costs, will be added to those amounts already outstanding. (Failure to pay monthly office fees may also result in restriction of access to the office, Broker’s equipment and the MLS.)

3.11 The Law

It is DPR REALTY policy to abide by all Federal, State and Local laws (collectively, the “Laws”). Some of these include, but are not limited to: Civil Rights Acts, Fair Housing, Anti-Trust, Copyright, Trust-In-Lending, RESPA, NAR Code of Ethics, Arizona Administrative Code (unofficially, the Commissioner's Rules), ADRE Substantive Policy Statement and the Arizona Revised Statutes (A.R.S.). Licensees are responsible for knowledge and compliance with all municipal ordinances, the Laws, and observance of Regulation Z in their advertising efforts. All Licensees who are REALTOR® members or have non-member Salesperson status shall comply with all rules and regulations, codes of ethics and by-laws of the local Board or Realtors to which they pay dues. The NAR Code of Ethics summary is attached as the last page in this policy manual. You may download the current Code of Ethics in its entirety at http://www.realtor.org/code-of-ethics.

http://www.realtor.org/code-of-ethics


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3.12 Tax Reporting

At the beginning of each calendar year, or as soon thereafter as possible, the Company will provide you (to the mailing address on file), with an Internal Revenue Service Form 1099 reporting compensation paid to you. Your income earned and expenses incurred have significant tax consequences. Earnings that are paid out of escrow or assigned (credited to buyer or seller) will be included on the 1099 total. You are encouraged to get competent independent tax advice and keep accurate records of earnings and expenses. Please remember that the brokerage is not responsible for tax withholding. Each associate is responsible for maintaining the necessary personal financial records for purposes of reporting income for state and federal tax requirements. Please remember to update DPR with any mailing address changes to insure you receive your 1099.

3.13 Deductions

All expenses of any kind incurred by you with the Company; or incurred by the Company on your behalf, including unpaid draws and advances, expenses for advertising, supplies, signs, etc., and/or any such expenses that you have agreed to pay the Company but have not paid in accordance with Company policy, will be deducted from the next commission payments due you.

3.14 Assignment of Commissions

In the event a Licensee is a principal to a transaction, the Broker will lawfully assign commissions for the reduction of closing costs or a similar purpose upon request by the Licensee. Commissions will not be assigned to a Licensee merely as a matter of convenience to expedite payment. It is unlawful for the Broker to assign commissions or pay funds to an unlicensed individual or entity. If any payment is to be made to another Brokerage Firm through DPR REALTY’s business account, the Licensee must provide a copy of the recipient’s current Broker’s license and Federal Tax I.D. number of the payee.

A. The Broker must approve Commission Disbursement Authorizations (CDA) or Commission Instructions to the escrow company. Contractors are NOT authorized to sign as the Broker. Please email any CDAs/Commission Instructions to [email protected] for Broker approval and signature.

B. If two or more Licensees under contract with Broker are to share payment on a transaction (SPLIT), then written instructions as to the distribution on funds shall be submitted to Broker by the applicable Licensee(s) whose name appears on the contract (by making a notation of the distribution in the DPR Transaction Management System). Any subsequent or conflicting agreements among Licensees must bear the signatures of all parties involved to supersede the original agreement. If more than one Licensee’s name appears on a contract, and Broker

mailto:[email protected]


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receives no written instructions, the commission and fees will be divided equally according to the number of Licensees’ names. An Inside Referral Fee of $50.00 will be charged on all Splits between agents sharing one side of a commission, unless the two agents are on the Team Program.

1. Rental/Lease, Referral Closings and Forfeited Earnest Money shall be subject to a 10% share (90/10 split) of the total amount received to be paid to DPR REALTY as compensation for DPR REALTY. Risk Management fee (currently $60.00/sixty dollars per million dollars in sales price / add $60.00/sixty dollars for a personal transaction) will be assessed for all rentals (regardless of whether any compensation is received).

2. When you conduct a personal transaction, whether on the listing or buying side, your transaction fees are still due to DPR REALTY. We do not allow you to waive/credit all of your commissions; at a minimum, your fees must be sent to DPR at the time of closing from the Title Company. Closing fees for a transaction in which no commission is taken by the Licensee or received by DPR REALTY at closing are due and payable on the date of settlement.

NOTE: Licensee is responsible for delivery of all documents to the Broker. Outstanding closing fees shall increase for each 30-day calendar day period the fees remain unpaid. (This fee is assessed by Broker to cover the cost of servicing an open collection account and is not nor shall not ever be considered a penalty.)

3.15 Late Fees

Per the Arizona Department of Real Estate (ADRE), “A designated broker is required to review each listing agreement, purchase or lease agreement or similar instrument within ten (10) days of the date the parties executed the document.” [A.R.S. §32-2151.01(G)] Therefore, all executed contracts, listings or employment agreements and any other forms requiring the broker’s signature must be turned into the office within 48 (forty-eight) hours after execution. All files turned into the office past this time will incur a late penalty for noncompliance. All Licensees are encouraged to observe the limit and comply with its meaning. As a deterrent to Licensee’s neglect of this Commissioner’s Rule, the following commission processing schedule shall apply to those who turn in late paperwork:

A. A $50 penalty will be deducted from the commission for all late executed contracts, listings or employment agreements.

B. Failure to turn in any documents regarding a transaction prior to the close of escrow will result in a $250 penalty.


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C. All closed and cancelled files that are missing paperwork will incur penalties according to the following schedule:

1. 30 days after closing (or scheduled closing on a cancelled file), a $25.00 penalty will be charged on incomplete files;

2. 60 days after closing (or scheduled closing on a cancelled file), an additional $50.00 penalty will be charged on incomplete files;

3. 90 days after closing (or scheduled closing on a cancelled file), an additional $100.00 penalty will be charged on incomplete files and your commission check is now void; all commissions may be kept by the brokerage. Any unpaid balances owed by agents will be turned over to a collection agency.

Please remember that all executed documents requiring a broker signature must be turned in to the office within 48 (forty-eight) hours after execution.

DPR REALTY recognizes that there are some situations in which compliance is difficult, if not impossible. If circumstances beyond your control prevent you from turning in your paperwork on time, submit an explanation in writing with the file at the time it is turned in to Broker for its consideration in waiving any penalties.

3.16 Transaction Neglect

Any Licensee who will be unavailable or otherwise unable to serve their customer/client for any reason must make arrangements for another DPR Licensee to cover their business during their absence. If the Broker’s Office Manager or other member(s) of the Broker’s management staff are required to become directly involved in a transaction as a result of Licensee’s absence, neglect or other similar circumstance, the Broker will, in his sole discretion, determine the method of execution and/or disbursement of commissions. The minimum fee assessed for the Broker’s time in such a situation shall be $250. This fee shall be in addition to the normal closing fees detailed in the Independent Contractor Agreement.

3.17 Abandoned Transactions

Any Licensee who cannot be contacted within 24 hours and has not assigned their customers to another DPR Licensee or assistant when not in the service area will be considered in abandonment of their duties. At this time, the Broker will contact clients and reassign them to new Licensees as deemed necessary. Any commissions due the abandoning Licensee will be permanently forfeited. If Contractor severs or is severed from DPR REALTY and fails to transfer listings to a new Brokerage within 72 hours, DPR REALTY may reassign listings to another DPR agent at DPR REALTY’s sole discretion.


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3.18 Debts

If a third-party vendee submits a valid delinquent bill owed by a Licensee, the Licensee will have 15 days to correct this issue or make acceptable payment arrangements. If not corrected, the debt will be deducted by Broker on the Licensee’s next closing commission and a $250 deposit may be initiated for future transactions.

3.19 Assignment of Transactions

If a transaction is assigned by the broker to another Licensee due to licensee severing, the Licensee assuming the existing transaction will be compensated accordingly from the closing of the transaction. If the severed agent transfers any transactions 45 days or less prior to severance, that transaction will fall under section 9 of the contractors ICA.

3.20 Vacations/Out-of-Town

As an Independent Contractor, you are entitled to schedule vacations. However, if you have any pending transaction(s), you must advise the management staff of your vacation schedule and how any pending business will be handled in your absence. The notice should be in writing and detail the departure date, return date and who will take care of your business while gone. (Please use the DPR “Out-of-Town” form to notify the management staff of your impending vacation.) The DPR REALTY office will notify the answering service when necessary. (See Abandoned Transactions)

3.21 Personal Information Change

Please remember you MUST keep ALL your contact information current with DPR. Emails are the best way for us to keep in contact with you. Whether it’s for our newsletters, checklists or invoices, DPR MUST HAVE your current email address. Phone numbers are also important, as we give them out to clients and the answering service, etc. Your correct address is important so we know where to mail your 1099 tax form at the beginning of each year.

3.22 Anti-Trust Guidelines

Do not engage in any verbal or written conversations with agents or brokers with other companies regarding:

A. The setting of commissions, charges or other fees to the public;

B. Boycotting or not doing business with a particular competitor;

C. The setting of rates or percentages of shared commission compensation to cooperating brokers.


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3.23 Office Mail/Mailboxes

DPR provides every agent with a mailbox (legal-sized file folder with the agent’s name) at the office at which they are licensed. Agents may use these to receive real estate related mail only. Agents may NOT use this as personal mailbox.

4. INDEPENDENT CONTRACTOR RELATIONSHIP

4.1 Independent Contractor

You have signed an Independent Contractor Agreement (ICA) with the Company and are associated with this Company as an Independent Contractor. You do not have an employee-employer relationship with this Company. You are considered to be an Independent Contractor for tax purposes and will receive a 1099 at the end of each calendar year. The Company will NOT withhold taxes or Social Security from your compensation. Payment of taxes and Social Security contributions are your responsibility. You are also considered an independent contractor for purposes of Unemployment Insurance. You are not subject to the minimum wage laws. Upon affiliation with this Broker, the associate shall enter into a written Independent Contractor's agreement with the Broker setting forth the duties and responsibilities of both parties. This agreement shall include, but shall not be limited to, the following:

A. The terms of compensation for work performed during the time of affiliation with the Broker.

B. The terms of compensation for work in progress, but not completed, prior to termination of affiliation with the Broker.

C. The disposition after termination of affiliation of all active listings, buyer agency agreements, and pending sales the associate obtained during affiliation with the Broker.

D. A provision for the return to the Broker, at the time of termination of affiliation, all property of the Broker in associate’s possession or control, including, but not limited to: all property files, computerized files, keys, for sale signs, notebooks, lock boxes and records of any kind used in connection with the listing and sale or leasing of property.

4.2 At-Will Status

You are associated with the Company for an unspecified term on an at-will basis. Except where it is otherwise expressly agreed in writing with the Company, either party may terminate your association at any time with or without cause or reason.


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4.3 ADRE License and Requirements

You are required to maintain a valid Arizona Real Estate Broker or Salesperson license in good standing while associated with this Company. If your license expires, you may not engage in any activities on behalf of the Company for which a real estate license is required. The Broker may designate another Company salesperson to handle your prospects, listings and transactions during any time your license lapses, and allocate such reasonable compensation to that salesperson for work performed. Your Company’s Broker is charged by Arizona law to review, supervise and manage the activity of all salespersons. The Broker may rely on management and staff support to perform this function. You are expected to cooperate with Broker’s assistants in the handling of files, documents and procedures in accordance with this Policy Manual and Arizona law. It is your responsibility to keep current on changes in industry practices and to take advantage of available education and training programs to maintain your professionalism and your ability to properly represent your clients. It is also your responsibility to obtain all Continuing Education courses so as to renew your license in a timely manner.

4.4 Commissions Agreement

Each Licensee is at a 100% commission split or as contractually agreed to between Broker and Licensee. Licensee understands that fees and penalties, as detailed herein, will be deducted as applicable from commission payments to Licensee.

SHOULD A COMMISSION DISPUTE ARISE BETWEEN LICENSEES AND REQUIRE THE BROKER TO INTERCEDE, THE BROKER’S DECISION (TO INCLUDE PERCENTAGE SPLITS, IF COMMISSIONS WERE EARNED, ETC.) WILL PREVAIL AND BECOME FINAL.

5. COMMISSIONS AND FEES

5.1 General

All commissions and fees must be payable to the brokerage and are divided between Broker and Licensee as set forth in the Independent Contractor Agreement. This section is to clarify how funds will be processed in specific instances that may or may not be addressed in the ICA.

Definition of a Closing

A. Any event that leads to title or real property changing hands; or,

B. Consummation of any event for which a valid real estate license is necessary to legally “earn” the payment of a fee.


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5.2 Closing Fees Charged by Per Side Basis

Closing fees will be assessed on a per Licensee basis. If two or more Licensees share a commission, then one will be subject to the first closing fee, if applicable. Risk Management fees are assessed once per closed transaction. The Risk Management fee shall be divided according to the instructions in the DPR TRANSACTION MANAGEMENT SYSTEM.

5.3 Other Transaction & Fee Types

A. All Land Lot Transactions (both Residential & Commercial) shall be a split of 90% to the Contractor and 10% to the Broker with a $250 minimum fee and subject to Risk Management fees

B. All Transactions outside of Maricopa & Pinal County shall be a split of 90% to the Contractor and 10% to the Broker with a $250 minimum fee and subject to Risk Management fees.

C. All Residential Leases shall be a split of 90% to the Contractor and 10% to the Broker with a $95 minimum fee and subject to Risk Management fees.

D. Any Transaction that has a reduced or no commission fee will be calculated at the MLS offered commission or 2% of the purchase price, whichever is greater.

5.4 Commercial Splits & Options

A. Residential Agents that close a Commercial Transaction will be charged as a 60% / 40% split per the DPR Realty Independent Contractor Agreement (ICA)

B. Commercial Agents that work with a DPR sponsored and approved Commercial Team or Trainer AND belong to CoStar will receive the negotiated split with the Team Leader or Trainer

C. Commercial Agents that do NOT belong to CoStar will be charged as a 70% / 30% split

D. Commercial Agents that belong to CoStar will be charged as an 80% / 20% split. CoStar fees charged to Commercial Agents is $275 per month and requires a 12-month contract with an automatic renewal if not cancelled 60 days prior. No refunds are issued from CoStar. Monthly charges and length and terms of the CoStar contract are subject to change. Commercial Agents will be charged and held to the current terms of the CoStar agreement offered through DPR Realty.

5.5 Commission Checks

A. Referral Fees The Real Estate Settlement Procedures Act (RESPA) prohibits the payment of cash or anything of value from one settlement provider to another settlement provider


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(real estate agent, lender, title company, etc.). One exception is between real estate brokers for the referral of clients, in which case referral fees may be paid or received.

For purposes of these DPR REALTY Policy and Procedures, “Referral” is defined as a Closing where neither the Licensee’s name appeared on any contract (other than a bona fide referral agreement); nor was directly involved in negotiations with any principal to the transaction in any way; nor has established agency with the client either implied or in writing. DPR REALTY retains 10% of all outside agency referral fees. An Inside Referral Fee of $50.00, to be split between agents, will be charged to Contractors referring to another DPR agent.

B. Retainer Fees/Forfeited Earnest Money

Shall be subject to a 10% share (90/10 split) of the total amount received to be paid to DPR REALTY as compensation for DPR REALTY and will not be subject to Risk Management fees. Any refundable deposits (such as retainer fees) held by DPR REALTY will be refunded with a 30-day notice.

C. Personal/Out-of-State Checks

Commissions paid by personal in-state checks will be deposited and may be held a minimum of three (3) business days before DPR REALTY issues payment to Licensee. Out-of-state checks will be deposited and may be held for a minimum of ten business days before DPR REALTY issues payment to Licensee.

If any check deposited by DPR REALTY is returned unpaid for any reason, the Licensee will immediately reimburse DPR REALTY for any amounts received as payment based on that check and shall be assessed a $25.00 returned check charge per occurrence.

5.6 Uncollected Commission Checks

Any Licensee, who has not completed the necessary paperwork required for their file and picked up their commission check within 90 days after close of escrow, will be required to forfeit that check to DPR REALTY. A$100 monthly fee will be charged until the paperwork for that file is complete.

5.7 Personal Transactions:

Contractor may buy or sell property for their personal account, subject to the same Broker’s fee as in a regular transaction.

You must disclose in writing that you are a real estate Licensee whenever you buy or sell property in which you are a principal or member, or representing an immediate family


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member (“Immediate Family” means persons related to an individual by blood, marriage, or adoption, including spouse, siblings, parents, grandparents, children, and grandchildren) or any entity owned or controlled by Contractor or Contractor's immediate family. Contractor shall notify Broker beforehand and shall include such disclosure clause or clauses as Broker may deem necessary, in any contract or lease agreement. An additional $60.00 Errors & Omissions Insurance fee will be payable to Broker upon successful close of escrow of said transaction(s). In any event, Contractor agrees to indemnify and hold Broker harmless from any claims, demands, complaints, REALTOR® arbitrations or any other action made against Broker as a result of any transaction in which Contractor acts as a principal or represents an immediate family member in a Personal Transaction.

Owner/agent sales will have a deductible of $5,000 instead of the $2,500. This is still well under the $20,000 deductible other large valley firms have.

DPR REALTY does NOT allow dual representation when you are selling your own personal property or an immediate family member’s property. You can always refer the buyer to another DPR Agent and receive a referral fee or the buyer/tenant may be unrepresented. Call a Broker with questions or for more information.

Furthermore, ADRE (Article 1, R4-28-101 Definitions) requires disclosure of Immediate Family. “Immediate Family” means persons related to an individual by blood, marriage, or adoption, including spouse, siblings, parents, grandparents, children, and grandchildren.

Agents purchasing for their own portfolios, be advised that most banks and financial institutions will NOT compensate agents purchasing REO/Lender owned properties or Short Sales and may not compensate agents representing immediate family.

6. HANDLING CLIENTS

6.1 Proprietary Information

Treat all client information as confidential and proprietary. You have a fiduciary duty to your clients and must never use any information learned during the course of your representation of your clients in any manner adverse to their interests.

6.2 Fair Housing

The Company is committed to equal opportunity, fair housing and complying with all applicable local, state and federal fair housing laws. To that end, we do not discriminate on the basis of any arbitrary classification, including, but not limited to, the following: Race, Color, Religion, Sex, Handicap or Disability, Familial Status, National Origin, Sexual Orientation.


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6.3 Agency Relationships and Duties

A. Recognized Forms of Agency

The Company generally recognizes two forms of agency:

1. Single Agency (Seller’s Agent exclusively or Buyer’s Agent exclusively)

2. Dual Agency a. DPR REALTY does NOT allow dual representation when you

are selling your own personal property or an immediate family member’s property. You can always refer the buyer to another DPR Agent and receive a referral fee or the buyer/tenant may be unrepresented. Call a broker with questions or for more information.

b. If the Company has the listing, we represent the seller only, unless you or another Licensee working for the Company also brings in the buyer, in which case the broker represents both the buyer and the seller and is a dual agent.

c. If the Company is working with the buyer and does not have a listing agreement with the seller, we represent the buyer exclusively.

d. Remember, the agency relationship is created through the Broker. If you have listed the property and another salesperson from this Company brings an offer from a buyer, a dual agency will created.

B. Duties and Standards of Conduct

When you represent a principal in a transaction you have a fiduciary duty to that person. This means you have a duty of utmost care, integrity, honesty and loyalty in dealings with that principal. In addition, a listing agent owes the buyer, and a buyer’s agent owes the seller the following duties:

1. Honesty 2. Good faith and fair dealing 3. Disclosure of known facts materially affecting the value or

desirability of the property that are not within the diligent attention or observation of the parties

4. The exercise of reasonable skill and care in performance of your duties


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C. Agency Disclosure Requirements

You must provide a statutory disclosure form entitled “Real Estate Agency Disclosure and Election” (Arizona Association of REALTORS® form READAE-S or READAE-B or similar form) in every applicable transaction. If you represent the seller, you must provide the disclosure form to the seller BEFORE entering into the listing agreement. Inform the seller of our policy regarding agency as set forth above. If you represent the buyer, the law requires that you must provide the buyer with an agency disclosure as soon as practicable BEFORE executing an offer to purchase. When you present an offer and this office is not the listing agent, you must also provide a new agency disclosure to the seller as soon as practicable BEFORE presenting an offer. Delivery of the disclosure to the listing agent is generally sufficient.

6.4 Taking Listings

Arizona law requires that a compensation agreement be in writing and signed by the party to be charged in order to be enforceable. If someone signs on behalf of another, you must have written evidence of the authority to act, such as a power of attorney or letter of administration. If the property is in escrow, make sure the listing does not expire before close of escrow. Get all modifications or extensions in writing. All listings are taken in the name of the Company, which reserves the right to reassign the listing upon request of the seller, or if the listing has not been handled properly.

6.5 Negotiating Commissions

The commission paid by the principal is negotiable. You will receive your ICA commission minus the Company fees per your ICA, Risk Management fee and a flat transaction fee per closed transaction. The Company reserves the right to set any fees when it is necessary.

6.6 Conducting Open Houses

Open houses are a great way to expose your listing for sale and to meet prospective buyers. Plan your open houses in advance. Be sure they are advertised. In order to assure a successful open house, follow these guidelines:

A. Prepare and take sufficient property flyers and information about you and the Company.

B. Prepare and take a list of comparable sales and properties for sale in the immediate area of the open house.

C. Suggest that the sellers not be present and that they lock away all valuables that could be targets of theft.


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D. Place your Open House signs in strategic, but permissible, locations.

E. Open the house, turn on the lights, and make the house look fresh and inviting.

F. Have a sign-in sheet.

G. Greet visitors in a friendly manner.

H. Be aware of your personal safety. Let someone know where you are and have a plan if a visitor starts to make you feel uncomfortable or threatened.

I. Accompany the visitors through the property, especially in furnished properties.

J. When the open house is over, close up the home, making sure that all doors and windows are locked.

6.7 Showing Properties

Whenever possible, preview a property before showing it to prospective buyers. If you are familiar with the property you will be more effective when showing it to your client. Also, you may find that despite contrary representations, the property really is not suitable after all. Your time and your client's and the seller's time are valuable, don't waste it:

A. Whenever possible, call the listing agent to alert the seller before showing.

B. Give the seller reasonable time to make the property ready for you and your client.

C. Listing agents should give the seller an estimated time frame within which you expect to arrive. Be prompt. If you will be considerably late, call the seller.

D. If you have not heard from the seller before arriving, or if you are using the lockbox, go to the door first without your client.

E. If the seller is home, explain the situation and ask for access. Remember, be respectful.

F. When using a lockbox, always ring the doorbell and/or knock loudly several times and allow time to respond.

G. Enter the property first and verify no one is there.

H. Open curtains and turn on lights as necessary.


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I. Allow sufficient time for your clients to view each room and the property. Be mindful to look for any potential "red flags" about the property. (Disclosure)

J. Do not leave your clients unattended in or on the property. You don't want to be blamed if any items are missing from the property later.

K. When you are finished, leave your card inside the property in a conspicuous place, and return the property to its original state (turn off appropriate lights, reset any alarms and lock the doors). Remember to return key to lockbox.

L. If for some reason you don't show the property, call the listing agent as soon as possible to cancel.

6.8 Drafting and Negotiating Contracts

A. When preparing an offer to purchase on a purchase agreement form, or completing an addendum or counter-offer form:

1. Fill in all blanks or place a line through them.

2. Review any written sentences or paragraphs to see if they can be clearly understood by someone who is not familiar with the discussions you may have had with your client.

3. Review this document in light of all prior offer terms, addenda and/or counter-offers to make sure that there are no ambiguities or conflicts between the various terms.

4. Review the document to be sure it reflects your client’s wishes prior to asking them to sign.

B. Remember, as a listing agent, you must present all offers to the seller, even if the property is in escrow, unless the seller has given you written instructions to the contrary. Upon receiving the offer, review it thoroughly for completeness, accuracy and clarity. Pay close attention to time limits set out in the offer, ESPECIALLY the time within which the seller must respond. Make an appointment as soon as possible to present the offer.

C. As with all contracts, you must obtain all parties’ signatures. If a party signs on behalf of another, you must have evidence of that person's authority to do so in writing. If you must present an offer missing a signature, you must disclose this fact to the seller or listing agent. Be sure to condition the offer on obtaining any missing signature(s).


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D. If your clients receive a counter-offer, be sure the terms are clear and complete. Be sure to review it against the original offer to purchase and all previous counter-offers. Act expeditiously to present the counter-offer for consideration, signature and timely delivery to the other agent.

7. MAINTAINING FILES

7.1 General

Your files are a record of every event relative to your dealings with your client on a listing or sale transaction. You must retain copies of all listings, deposit receipts, cancelled checks, trust records, and other documents executed by you or obtained by you in connection with a real estate transaction, whether the sale is consummated or not. You must maintain a neat and orderly file on every listing and sale on which you work. All files are the property of the Company and are to remain in your possession and the Company's possession until the file is closed. All files will be held in storage a minimum of five (5) years in accordance with real estate law after which time they may be destroyed in accordance with the Company’s document storage policy.

7.2 Contracts and Employment Agreements

***Per A.R.S. § 32-2151.01 (G) of the Arizona State Statues, all contracts must be reviewed & signed by the Broker within 10 business days of final signature and/or initials or rejection. Additionally, DPR REALTY requires contracts and listings (or any document requiring a broker signature) to be uploaded to the DPR Transaction Management System within 48 (forty-eight) hours of execution by all agents in order to open a broker file to meet the Arizona State regulation. Late contracts will not only be in violation of the law but will cause delays and additional expenses or fines in the processing of your commissions. (See Section 3.15).

Article 26 of the Arizona Constitution grants the real estate Licensee the right to draft, without charge, purchase contracts, as well as any and all other documents incident to the real estate transaction. Along with that right comes the responsibility and duty to explain the implications of those documents to the applicable party(s). You should always recommend and encourage the advice of an attorney or an accountant when dealing with issues outside your knowledge or capacity to answer.

Rejected Offers

A. Rejected offers should be initialed and dated and include the notation REJECTED or VOID across the face of the contract.


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B. Rejected offers on Company listings should be uploaded to the DPR Transaction Management System and rejected contract offers must be turned in to the corporate office where they are retained for one year.

C. If a contract results, the rejected offers on Company listings must be kept in the transaction file for 5 (five) years

7.3 Broker Review

You must upload to the DPR Transaction Management System all required documents to the Broker or his/her designee within 48 hours after receipt by you. The Broker will review the document for completeness and accuracy. Remember, your file must be COMPLETE to receive compensation.

7.4 File Requirements

A. A list of the documents required for the Broker file can be found for each file created in the DPR Transaction Management System.

B. Be sure all documents contain signatures of all parties required to sign and are dated correctly.

C. If you are not sure how to maintain a proper file, get help from a Broker or a Company Transaction Coordinator.

7.5 Get It In Writing

As a general rule, all agreements must be in writing. In fact, if you don't have a written agreement with the principal, you may not receive your commission. If you discuss anything with any party or another broker/agent, always confirm your discussions and understanding with a written follow-up to that party or broker/agent. Never sign anything on behalf of your client, another agent, broker or anyone else.

7.6 Do Not Use Outdated Forms

Always use current forms. Keep your on-line forms database (such as ZipForm®) up to date with the most current forms. It is the policy of DPR REALTY that the most recent, standardized agreements published by the Arizona Association of REALTORS® be used by all Licensees. These are available for use by the entire real estate industry. DPR REALTY management reserves the right to approve, modify, edit or reject any document used by the Licensee, as it deems appropriate in its sole and absolute discretion.


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All pre-printed “fill-in” areas are to contain the appropriate information or, if not applicable, acknowledged with “N/A” or crossed out entirely. Each page of multi-page contracts should be initialed where indicated in the margins by the principals.

7.7 Transactions

For purposes of this agreement, the term "transaction" shall be defined as:

A. The recording of the deed following the sale of real estate, or

B. A property on which there is an offer (e.g. Short Sale) or

C. The execution by all parties of a lease, where a commission is paid per side (representing either party or both), to Broker as a result of the efforts of Contractor. Contractor agrees that Broker has the right to hold and/or apply any commissions owing to Contractor, as may be necessary to pay for or secure any obligations of Contractor hereunder.

D. A residential transaction is defined as a single lot with zoning that does not exceed the ADRE definition of a residential property. All transactions that do not meet these guidelines may be considered a commercial transaction.

E. All transactions are charged on a per side basis.

7.8 Types of Transactions

A. Property Management

Property Management is NOT permitted by Contractors of DPR REALTY. DPR REALTY does NOT have a Broker’s Management Trust Account and cannot accept any monies for earnest deposits, security deposits or rent of any kind.

B. Short Sale Transactions

Short Sale transactions are complicated transactions and the following requirements MUST be met before DPR will allow any agents to proceed with a short sale:

The Agent must meet with one of the brokers (on the phone or in person) to demonstrate to the broker that the agent has read AND possesses adequate knowledge and understanding of the following:

1. Short Sale Addendum to the Listing Contract (available on ZipForm)

2. Short Sale Addendum to the Purchase Contract (available on ZipForm)

3. Short Sale Seller Advisory (available on ZipForm)


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4. Agents negotiating a short sale with a lender on behalf of the seller, must comply with the Federal Trade Commission (“FTC”) Mortgage Assistance Relief Services (“MARS”) Rule.

5. Agents are required to always recommend to sellers to seek legal and tax advice prior to placing property on the market.

6. Agents may not receive additional compensation from any source (seller, buyer, lender or otherwise) for negotiating a short sale, unless the real estate licensee is also licensed as a loan originator by the Arizona Department of Financial Institutions (“DFI”) and the requirements of A.R.S § 32-2155(C) are met.

Once approved by the broker to do Short Sale Transactions, the Short Sale procedure is as follows:

Upload the SHORT SALE CONTRACT into the DPR Transaction Management System for broker approval within 48 hours of Seller acceptance of contract; do not wait for Lender approval or until escrow is opened. This is the procedure for every transaction.

When Lender Approval is received, agent must upload the Lender’s email verification of approval along with any other pertinent documents into the DPR Transaction Management System.

C. HUD/VA Bids

To protect DPR REALTY, LLC, as well as our DPR agents who are working HUD transactions, we have found it necessary to implement some control procedures, as there have been some instances with agents failing to comply with all HUD regulations.

Therefore, an “Authorization to Sell HUD Homes” form is required to be signed by the Broker before you may proceed with any HUD transactions. This form authorizes you to sell HUD properties, if this will be your first HUD transaction. (If you have closed previous HUD transactions with DPR, this form is not necessary.)

Failure to comply with all HUD regulations could affect DPR REALTY (and YOU) in the following 3 ways:

1. Removal from HUD’s Qualified Selling Broker List; 2. Prohibited from using HUD systems to participate in the sale of

HUD-owned single-family properties; and


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3. Deactivation of your Name/Address/Identifier (NAID) within HUD’s Single Family Acquired Asset Management System (SAMS)

D. Listing Contracts

It is the responsibility of Licensee to enter and maintain their listings on the MLS system. DPR REALTY offers an MLS entry service to its Licensees. (An MLS listing entry fee of $100.00 must accompany the submitted listing form to Broker and $25.00 for any changes or updates).

NOTE: DPR REALTY shall assume NO liability as a result of any delayed data entry caused by submission of an incomplete form or failure to include the $100.00 payment.

If any required information is missing, the listing form will be returned to the Licensee for completion prior to entry into the MLS computer.

1. Listing Requirements

a. DPR REALTY operates on Exclusive Right to Sell “ER” Agreements only and does not allow Exclusive Agency “EA” Agreements. Any deviations from this policy, such as “seller can sell his own home,” should be in writing on Paragraph 29 of the ER Listing Contract.

b. Residential listings on MLS shall offer a minimum of 2.5% Buyer Broker commission.

c. Licensees shall discuss the issue of “agency” and help the seller make an informed decision as to how agency shall be employed. (Sub-agency is NOT allowed.) FSBOs (For Sale by Owner) are covered by using the “Unrepresented Seller Compensation Agreement” form. A “Consent to Limited Representation” form (Dual Agency Agreement) must be used on the sales of DPR listings prior to writing the contract, along with prior agency forms. DPR REALTY does NOT allow Dual Representation when you are selling your own personal property or that of immediate family. (See Personal Transactions section) You can always refer the buyer to another DPR Agent & receive a referral fee, or the buyer/tenant may be unrepresented. Call a broker for more information or with any questions. The above-referenced for is available on ZipForms in the AAR Forms Library.


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d. Those Licensees listing properties for sale are required to have the sellers fill out the “Seller’s Property Disclosure Statement” (SPDS) form at the time of taking the listing. This form is available on ZipForm in the AAR Forms Library.

e. MLS Listings must have the seller’s signature or initials on each page of the ARMLS listing form and all required areas must be filled in with the correct information. (See “ARMLS Rules and Regulations” which are incorporated herein by reference).

f. Upon seller’s acceptance of an offer on a listing, Licensee shall upload to the DPR Transaction Management System a completed MLS change form (if applicable) reporting an “AWC,” “Sale Pending” or “Leased” status, along with the appropriate copies of the contract and other related documents.

g. MLS Sold/Change forms are required by the broker to report ANY change in the listing. In the event the Broker’s staff is required to prepare the change form or make any changes to the MLS listing (i.e. placing listing back to active, fixing COE date, updating sold price after close), the listing Licensee will be assessed $25.00 for the service. The listing Licensee hereby agrees that such fee can be deducted from any commission or other payments owed it by the Broker.

h. The Licensee is responsible for the accuracy of the information contained in the change form and should verify the data in the MLS computer at all times. Any penalty assessed through the MLS for failure to report a change shall be paid immediately by the Licensee.

i. It is the responsibility of the Licensee to ensure a copy of the MLS printout (PLANO) is uploaded to the DPR Transaction Management System.

E. Purchase Contracts

A receipt for earnest monies from the Title Company or legal representative shall accompany the contract if a DPR REALTY Licensee opens escrow.

CAUTION! Licensees shall NEVER accept earnest monies or any other form of deposit in CASH. It is DPR REALTY’s policy for its Licensees to NEVER accept cash.


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Large amounts of cash in your possession mark you as an easy target for those who have less to lose than you do.

1. DISCLOSURES

a. Affidavit of Disclosure

Transactions involving 5 (five) or fewer parcels located in an unincorporated area should include use of the Affidavit of Disclosure: www.azleg.state.az.us/FormatDocument.asp?inDoc=ars/33/00422.htm&Title=33&DocType=ARS (Effective 10/1/11)

b. Agency

Except as detailed above, DPR REALTY does not restrict the form of representation its Licensees may offer to the public. Each Licensee is responsible for knowing and explaining to the principal the benefits and consequences of the form of agency decided upon. In all cases, all parties to the transaction shall be made aware of the form of agency chosen. Where mandated by law or other applicable regulatory agency, written confirmation of the representation type shall be made available to all parties to the transaction PRIOR to execution of a binding document. The required Real Estate Agency Disclosure and Election form is available on ZipForm.

c. Airport Disclosure

i. The Seller is required to inform the buyer that a property is within the area of a military or other airport.

ii. The Sales Associate may obtain maps defining the areas affected, on the Arizona Department of Real Estate’s Web site: www.azre.gov

iii. Military airport disclosure requirements for property in the "territory in the vicinity of a military airport" (A.R.S. §§ 28-8483 and 28-8484) may be found at: www.azleg.state.az.us/ars/28/08483.htm and www.azleg.state.az.us/ars/28/08484.htm

http://www.azleg.state.az.us/FormatDocument.asp?inDoc=ars/33/00422.htm&Title=33&DocType=ARS

http://www.azleg.state.az.us/FormatDocument.asp?inDoc=ars/33/00422.htm&Title=33&DocType=ARS

http://www.azre.gov/

http://www.azleg.state.az.us/ars/28/08484.htm


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iv. Public airport disclosure requirements for property in the "territory in the vicinity of a public airport" (A.R.S. § 28-8486) may be found at: www.azleg.state.az.us/ars/28/08486.htm

v. Maps depicting noise level contours and airport traffic airspace may also be found at: www.azre.gov/AirportMaps/AirportMaps.aspx

d. Superfund & Water Quality Assurance Revolving Fund (WQARF)

Information or maps regarding these areas can be obtained from the Arizona Department of Environmental Quality web site, www.azdeq.gov.

Licensees are required to be familiar with these areas and shall consult these maps each time a contract is written to determine if the property may fall within a designated Superfund area. All MLS listings that fall within these areas shall make that fact known by disclosure in the MLS. If you are working with a buyer, or have a listing not in MLS, and it appears that the property is located within one of these sites, an “Environmental Disclosure Statement - Superfund Information” form (which is available from the Broker), or an acceptable alternate disclosure shall be given to the buyer for signature PRIOR TO PRESENTATION OF THE OFFER. A copy of this completed form shall be delivered to the buyer and to the Broker for the transaction file. Licensee is responsible for knowledge of the most current information regarding Superfund sites. This information can be obtained by contacting the Arizona Department of Environmental Quality at (602) 207-2217.

e. Lead-Based Paint

The pamphlet, “Protect Your Family from Lead in Your Home” MUST be given to any buyer purchasing or tenant renting a home built prior to 1978, regardless of what type of financing the buyer is obtaining. (See Purchase Contract)

When the buyer signs the AAR form (“Disclosure of Information on Lead-Based Paint and Lead- Based Paint

http://www.azleg.state.az.us/ars/28/08486.htm

http://www.azre.gov/AirportMaps/AirportMaps.aspx

http://www.azdeq.gov/


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Hazards”) and initials on Line 29, and when the agent signs this form on Line 44, both agent AND buyer acknowledge that the buyer HAS received the afore referenced pamphlet. The federal government will issue penalties and sanctions to DPR REALTY and the agent if it is found that the buyer has not received this pamphlet.

You may print this (in color) at: www.epa.gov/lead/pubs/leadpdfe.pdf.

Your DPR office has these booklets available in English & Spanish for (currently) $1.50.

Additionally, the U.S. Department of Housing and Urban Development requires the “Notice to Purchasers of Housing Constructed Before 1978” to be given to potential purchasers of properties who will use FHA financing to acquire the property. This form, which is available on ZipForm (called “Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards”), must bear the signature of the purchaser(s) and be dated on or before the purchase contract date. Failure to meet this requirement may cause the contract to be rejected by FHA lenders and/or DPR REALTY.

f. Swimming Pools

“An Important Notice About Pool Safety” form is available on ZipForm, for Licensees to give to prospective purchasers or tenants of properties that have swimming pools. All Licensees are required to distribute this notice to clients for all properties with private and/or community pools.

g. Buyer’s Inspection Notice and Seller’s Response (BIN/SR)

The BIN/SR or an addendum waiving the BIN/SR must be signed by the buyers and sellers on all residential purchase transactions. This form, available on ZipForm, is a requirement. A copy of this completed form shall be delivered to the buyer/seller and to the Broker for the transaction file.

h. Fissure Maps

http://www.epa.gov/lead/pubs/leadpdfe.pdf


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Information about Earth Fissures in Arizona (A.R.S. §32-2117) may be found at: www.azre.gov/PublicInfo/Fissures.aspx

i. Dangerous Drug Lab Disclosure

A licensee may not face criminal, civil or administrative sanctions for failing to disclose the property sold or leased was: the site of a death or a felony, occupied by a person exposed to a disease that is not known to be transmitted through common occupancy, or located near a sex offender, pursuant to A.R.S. § 32-2156; however,

A licensee MUST disclose if the property is or was the site of a Dangerous Drug Lab pursuant to A.R.S. § 12-1000: www.azleg.state.az.us/FormatDocument.asp?inDoc=/ars/12/01000.htm&Title=12&DocType=ARS

j. Miscellaneous Disclosures/Buyer Advisory

The potential number of material items requiring detection and disclosure is too great to be comprehensively listed here. All potential purchasers should be advised to employ professional inspection companies to detect any and all particular items that may be of concern to them. A real estate Licensee is not qualified to advise on matters outside the scope of his or her training. DPR REALTY requires its Licensees to use the current Arizona Association of REALTORS® “Buyer Advisory” disclosure form for each buyer the Licensee represents (with this form being available on ZipForm, the AAR website or from any DPR office).

k. Seller Property Disclosure Statement ("SPDS")

DPR requires all sellers complete a Seller Property Disclosure Statement ("SPDS") on every listing, including properties listed for sale “AS IS”; unless indicated in the purchase contract that the seller is not providing a SPDS.

l. Waiving the Seller Property Disclosure Statement

http://www.azre.gov/PublicInfo/Fissures.aspx

http://www.azleg.state.az.us/FormatDocument.asp?inDoc=/ars/12/01000.htm&Title=12&DocType=ARS

http://www.azleg.state.az.us/FormatDocument.asp?inDoc=/ars/12/01000.htm&Title=12&DocType=ARS


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i. According to the purchase contract, the SPDS must be delivered to the buyer within 5 days of contract acceptance. If the seller is NOT furnishing the SPDS, it MUST be written in the Purchase Contract on Page 7 OR in a Counter Offer or Addendum. The same thing is true of the Insurance Claims History; it must be delivered within 5 days of contract acceptance. (It is no longer called a CLUE report.) It must be disclosed in writing in the Purchase Contract or in the Counter Offer or Addendum if the seller is NOT furnishing the Insurance Claims History. Merely stating it in the MLS is NOT adequate.

ii. Write the following verbiage on Page 7 of the Purchase Contract: “Buyer hereby waives the right to a Seller Property Disclosure Statement (SPDS) and Insurance Claims History. “

iii. Then take a blank SPDS, line through Page 1 and write “AS-IS” along the line. Give it to your buyer to review, pointing out that these are all the items generally disclosed by a seller in a normal sale.

iv. Make sure to write the following verbiage at the bottom of Page 6 of the SPDS underneath the buyer’s signature: “By signing this blank SPDS, Buyer acknowledges that this information is not being supplied by Seller.”

v. Upload this signed form to the DPR Transaction Management System as it will fulfill the SPDS requirement for the broker file.

F. Commercial Transactions

Residential Agents who conduct a Commercial Transaction shall do so only under the direct supervision of a member of the broker management group.

The commission split shall be per the agents ICA or 60% to the agent and 40% to DPR. If an agent is registered as a certified commercial agent, the agent may renegotiate the split with management.

The Risk Management fee for commercial transactions is $60.00 per Million dollars of sale price.


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G. Business opportunity

Business opportunity sales are NOT part of the DPR transaction group. Therefore we recommend the agent to refer the client to a brokerage that is skilled in business opportunities.

H. Land Subdivision/Lot Splitting or Assignment

Land Subdivision, Lot Splitting or Assignment of properties is NOT allowed by DPR without prior written permission of the Broker. No exceptions will be made.

I. Lease and Purchase Options

Lease and Purchase Options of properties are NOT allowed by DPR without prior written permission of the Broker. No exceptions will be made.

8. PERSONAL ASSISTANTS

8.1 General

Generally, as your business increases, you may find hiring a personal assistant to be helpful. In hiring a personal assistant, you become an employer and have employer responsibility in that relationship. Interviewing, hiring and contracting with the assistant will be solely up to you. You agree that any assistant you hire will be required to abide by this Policy Manual. Any compensation due the assistant shall be arranged between you and your assistant and will be your sole responsibility.

8.2 Unlicensed Assistant

An unlicensed personal assistant MAY NOT engage in any activity which requires a real estate license. The Company shall never be obligated to pay your personal assistant.

8.3 Salesperson – Personal Assistant Contract

You are required to have a written agreement with your personal assistant that expresses the nature of the relationship and each party’s duties and responsibilities.

8.4 Worker’s Compensation

No Worker's Compensation insurance is provided by the Company for assistants hired by agents. Agents who hire assistants shall be responsible for providing Worker’s Compensation insurance for those assistants where required.

9. ADVERTISING GUIDELINES

9.1 General


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All advertising must be approved by the Company before your placement or use. To facilitate this, Licensees must

submit copies of all proposed ads, business cards, ad proofs and sign proofs for review by the Broker’s management team. A $50 fine per instance will be charged for any materials not approved.

9.2 Legal and Ethical Considerations

As an associate and Licensee, you have both a legal (A.A.C. R4-28-502) and ethical obligation to be truthful when advertising property or services. All advertising must comply with all state and federal advertising requirements as well as the NAR Code of Ethics. Any false or misleading advertisement will immediately be withdrawn by the Company. Legally, you may be held liable for fraud, intentional misrepresentation, or negligent misrepresentation if you make material false statements or material omissions in an advertisement. Additionally, you may face disciplinary action from the Arizona Department of Real Estate.

9.3 Company Name and Logos

The Company's name and/or logo must be included in all advertisings and conform to the Company's graphic standards regarding the style, color and uses of the name and logo. These standards are available on Company website.

9.4 REALTOR® Trademark

The use of the name REALTOR® must be used in compliance with the National Association of REALTORS® guidelines governing the use of that name and mark. Those guidelines are available on-line at: www.realtor.org.

9.5 Telephone: “Do-Not-Call” Compliance

You are required to comply with the do-not-call laws which generally prohibit “telephone solicitations” to residential and cell phone numbers registered on the National Do-Not-Call Registry.

A. You may not call anyone at their home or cell phone number if listed on that Registry unless an exemption applies. Exemptions include written permission or an established business relationship in the past 18 months.

B. Cold Calling: You are encouraged to explore cold calling as a method of business promotion, but you

http://www.realtor.org/


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MUST comply not only with the do-not-call rules, but with the following cold calling requirements as follows:

1. You may not call a residence before 8:00 AM or after 9:00 PM.

2. You must provide the called party with your identity and telephone number where you may be contacted.

3. You may not call any emergency lines, health care facilities, radio common carrier services (cellular or paging services) or any service for which the called party will be charged for the call.

C. It is your responsibility to adhere to this policy and you will be solely responsible for any violation, including any fines, penalties, damages recovered, settlements or attorney’s fees and costs.

9.6 Fax Advertising

There are state and federal laws prohibiting faxing to recipients with unsolicited commercial advertisements or solicitations. Exemptions include prior permission or an established business relationship.

9.7 Fair Housing

The Company is committed to equal opportunity and fair housing in all of its advertising. Be aware that the selective use of words, phrases, symbols, visual aids and media in the advertising of real estate may indicate preferences held by the advertiser and lead to allegations of discriminatory housing practices. Words in a real estate advertisement which indicate a particular race, color, sex, handicap, familial status or national origin are considered likely violations of the Federal Fair Housing Act and may not be used in Company advertisements.

9.8 INTERNET (WEB SITES)

A. Identification:

Any web site operated by an agent shall clearly identify those responsible for the site. The following information shall be included on each page of the web site:


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1. Name/Logo of brokerage – In conspicuous size using DPR REALTY artwork

2. Name of broker 3. Address of the brokerage office with which the agent is

affiliated 4. Phone/Fax/E-mail of the brokerage office 5. Name of the agent responsible for the web site 6. State of licensure 7. Agents affiliated with a team may also include the name of

that team 8. Phone/Fax/E-mail of agent or team responsible for the web

site 9. Any other requirements mandated by state law/regulation

B. Domain Names: Selection of Domain Names:

1. Must not be misleading 2. Don’t use names or firm names of competitors 3. Don’t use trademarks of others without authority 4. All Domain Names must be disclosed to broker 5. Do not use either visible or hidden deceptive content (i.e.

deceptive metatags) to mislead consumers or others 6. Follow NAR guideline concerning use of REALTOR® and

C. Collection of Consumer Information:

Any web site which solicits or otherwise collects consumer information shall disclose that fact to visitors to the web site. The disclosure shall include:

1. The information collected from the consumer 2. The intended use of the information collected from the

consumer 3. The identity of any third-party with whom the collected

information will be shared (including brokerage affiliates) 4. The rights of consumers to access the information

concerning themselves 5. Any site which targets or attracts children (under 13) must

meet additional requirements (see Children’s Online Privacy Protection Act for requirements)

6. The web site shall secure the content of the information collected from consumers using site security software.

D. Content of Web Sites:


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Agents are responsible for being aware of all content found at the agent’s web site:

1. Brokerage listings property information a. Two lists – required fields of information and

prohibited fields 2. Listings of other brokers’ property information

a. Display of information must comply with MLS IDX Policy/Subscriber agreement

b. Two lists – required fields of information and prohibited fields

3. Maintenance of Information – checked to assure accuracy, currency

a. Property information content should be reviewed and updated daily/weekly

b. Links to third party web sites should be reviewed monthly/quarterly

c. Additional content should be reviewed at least quarterly

4. Other Content a. Copyright – Any content not created by the

agent i. Public domain ii. Have secured permission

b. Trademark i. Use of company trademarks ii. Use of other’s trademarks –

securing permission c. Third party advertising

i. Not competitive with brokerage or brokerage affiliates

ii. Broker approval of advertisers and advertisements

iii. Cost of advertising within parameters of RESPA

iv. Offers of financing must comply with Regulation Z requirements

5. Review


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a. Design and Content of web sites is subject to broker’s approval

b. All new and redesigned web sites shall be approved by broker before their launch

c. Broker may review content of web sites at any time and may require changes to comply with this policy

9.9 E-MAIL

A. Identification 1. See Internet Section 9.8 A (1-9) above 2. Header information about sender may not be faked 3. All communication should be written in a professional style

avoiding inflammatory, obscene, derogatory or personally offensive language

B. Use in business communications 1. Regardless of electronic storage – hardcopies for file

required 2. Documents with electronic signatures are acceptable

C. Use in farming solicitations 1. Maintenance of an opt-out mechanism 2. Reporting of recipients who have opted-out to coordinate

with brokerage opt-out list. 3. Prohibit inclusion of pornographic/sexual content or links to

such content 4. Compliance with CAN-SPAM requirements

a. A legitimate return e-mail and physical postal address

b. A clear and conspicuous notice of the recipient’s opportunity to “opt-out” of future messages

c. A mechanism that may be used or an e-mail address (active for at least 30 days after message transmission) to which a recipient may send a message requesting not to receive any future email messages from the sender

d. A clear and conspicuous notice that the message is an advertisement or solicitation, and


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e. Clear notice in subject heading if messages include pornographic or sexual content

5. Distribution of property information

a. Scope of information that may be sent

6. Monitoring

a. Brokerage reserves the right to review any materials, including emails, stored on brokerage computers

b. The brokerage will, on at least an annual basis, back up all emails and retain them for risk management purposes only, or all emails and attachments will be retained or deleted as provided in the brokerage document retention policy

D. BLOGGING

1. All blogging must be monitored for demeaning, defamatory or degrading comments at least once per quarter

2. Anonymous blogging on topics relating to the brokerage or the real estate brokerage is prohibited

3. Content of blog shall conform to the principles of the Code of Ethics

4. Blogging sites shall clearly identify the site’s monitor and provide a physical address for that person

9.10 Advertisements (Newspapers, etc.)

All ads placed with the AZ Republic or any other media, must be placed on the Licensee’s personal credit card, or the Licensee will be required to place a $250 deposit with the Broker’s office prior to having the Broker pay for your ad.

9.11 Advertisements (Signs)

All Licensees using generic signs from the office must use a name rider with the Licensee’s direct phone number displayed, if applicable.


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All signs must be approved by the office or must have been purchased from an approved vendor.

Agents may NOT place signs on properties without the signed authorization of the owner per A.R.S. § 32- 2153(A)(12).

Agent must ensure that the sign is in conformance with A.A.C. § R4-28-502 (A) thru (J). Signs are to be removed within 72 hours of a listing cancelling or expiring.

10. POLICY AGAINST HARASSMENT

10.1 Company Policy

It is the policy of the Company that its employees, associates and visitors be free of harassment. Harassment is damaging to morale, serves no legitimate business purpose, is unlawful, and exposes the Company and the individuals involved to significant legal liability.

10.2 Enforcement

If you believe that you have been harassed, please bring the problem to the attention of the Broker. You do not have to put your complaint in writing, but it is helpful to provide details about dates, times, places, and witnesses to the harassment. All complaints will be investigated promptly by designated Company management. If your complaint of harassment is found to be totally and completely without basis, appropriate measures may be taken against you.

11. LITIGATION AND CLAIMS HANDLING

11.1 General

You are required to:

A. Promptly notify your Broker of any claim or potential claim made against you and/or the Company, including any demand received by you for money or services alleging a negligent act or omission; any notification of the commencement of a lawsuit, arbitration or mediation process; or any written or verbal notice or threat that anyone intends to hold you and/or the Company responsible for any alleged wrongdoing.

B. Cooperate with the Company in the defense of a claim.

C. Promptly pay to the Company any amounts due hereunder upon notice to you from the Company.

11.2 Errors & Omissions Insurance


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DPR REALTY maintains Errors & Omissions (E&O) Insurance for the coverage of all transactions allowable within the definitions of the policy. (A copy of the current policy is available for inspection during regular business hours

from DPR REALTY’s Management staff). Premiums are assessed on a “per side” basis dependent on whether Licensee was on the listing side, the selling side or both sides of the transaction.

A fee of (currently $60.00 / sixty dollars per million dollars in sales price per side) will be withheld from each agent transaction side for Risk Management, with an additional fee (currently $60 / sixty dollars) withheld for a personal transaction (See Personal Transaction). Risk Management fee on commercial transactions will be assessed at

$60.00 (sixty dollars) per million in sales prices. Starting January 1, 2018 all DPR agents will be subject to annual Risk Management premiums. With our prior policy, we could waive the annual premium only for new agents. Our new policy will have an annual premium of $250 for everyone. You can pay the premium prior to January 1 in full or break it into monthly payments.

Owner/agent sales will have a deductible of $5,000 instead of the $2,500. This is still well under the $20,000 deductible other large valley firms have

In any event that:

A. A Licensee is named as a party to a complaint or lawsuits as a result of his/her involvement in a real estate transaction, or

B. DPR REALTY is named as a defendant or co-defendant on the Licensee’s behalf. And or legal counsel is retained to respond, defend or otherwise become involved in the situation, or

C. Upon instruction of DPR REALTY’s E&O insurer/company that any amount of the applicable deductible becomes payable for any reason, then:

The Licensee shall immediately remit the required portion of the E&O policy’s deductible (which is currently $2,500, but subject to future changes), but not more than the full amount as set forth in the E&O policy, to be placed on deposit with DPR REALTY. The services of legal counsel or other applicable fees shall be billed against that deposit. The monies will be held in a non-interest bearing account until exhausted or the conflict is resolved, at which time any remaining balance shall be refunded to Licensee. The Licensee agrees to cooperate fully with DPR REALTY Management in the resolution of any complaint or litigation.


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1. The Licensee hereby grants DPR REALTY management permission, without any further notice to Licensee required, to withhold an amount, not to exceed the E&O deductible, from any commission or other income payable to Licensee through DPR REALTY upon notice to Licensee or DPR REALTY and the E&O carrier of pending dispute.

2. Deductible co-pay: Any Licensee can participate in a COOP plan with DPR REALTY to cover the E&O deductible (which is currently $2,500) by paying DPR REALTY a non-refundable COOP payment of

$500 per calendar year (This annual $500 nonrefundable COOP payment is in addition to Licensee’s transaction Risk Management fees paid to DPR REALTY). Those Licensees who pay DPR REALTY this $500 COOP payment on an annual basis will be covered for the E&O deductible should the need arise. Non-participants must sign a waiver declining this COOP plan and will be liable for the deductible if required.

11.3 Legal Defense

A. When a claim or demand is made, or a lawsuit or other action is filed, against either you or the Company by a third party which alleges any breach of any duty, error or omission, or negligence in the performance of “Professional Services,” as that term is defined in the Company’s Errors & Omissions Policy of Insurance, for activities covered by the Insurance Policy, then the Company shall defend the claim, and the cost of such defense shall be allocated as set forth herein.

B. The Company has the right to make all decisions concerning the defense of the claim, including choice of counsel. In the event you object to any decision made by the Company you may obtain your own attorney at your own expense; however, you shall not be relieved from the obligation to pay your portion of the cost of the claim as set forth herein.

11.4 Allocation of Costs of Defense


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A. Except as provided below, the cost of defense of the claim, or to defend or protect against any potential or possible Claim where the Company or you are not involved as a party, including attorney's fees, and the cost of any settlement or a judgment (collectively the "Costs of Defense"), shall be allocated between the Company and you in the same percentages as per your Independent Contractor Agreement or prospective transaction that led to the Claim, whether or not the transaction actually closed.

B. You shall be responsible for all Costs of a claim if you fail to follow any law, regulation or Company policy as set forth in this Policy Manual, and that failure results in a judgment or other final adjudication based on that failure.

C. You shall be solely responsible, and shall reimburse the Company, for all of the Company’s Costs of Defense if a judgment or other final adjudication on any claims adverse to the Company and/or you:

1. Establishes that dishonest, fraudulent, criminal, or malicious acts, errors or omissions were committed; or,

2. Results in a finding of intentional tort, slander, defamation or any conduct which leads to the imposition of punitive, exemplary or multiple damages, or fines or penalties; or,

3. Establishes discrimination on the basis of race, creed, religion, ethnic background, national origin, age, sex, handicap, familial status, physical disability, sexual preference, or any other unlawful classification; or,

4. Results in a finding of pollution or any wrongful act in connection with any such pollution, including the discharge release or escape of any hazardous materials as defined in the Insurance Policy; or,

5. Results in a finding of any liability for claims for damage to property or death or injury to persons arising out use, removal or exposure to goods or products, in any form, composed in whole or in part of lead, asbestos or asbestos related materials.

11.5 Disputes During Escrow

If a dispute arises during an escrow between seller, buyer, the cooperating broker and/or the Company:


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A. Which cannot be resolved by negotiations between the parties and the agent(s) involved; and

B. The Company determines that it is in the best interest of the Company to resolve the matter during escrow rather than risk a potential claim or litigation after close of escrow; then

C. Company Broker has the right to negotiate a resolution of the dispute which may involve a reduction in the commission to be received, or a credit given to one of the parties. In that event, and regardless of actual Company or agent liability or responsibility in the dispute, the agent(s) and the Company will participate in the commission reduction or credit pro rata.

11.6 Agent-Owned Property

DPR REALTY does NOT allow dual representation when you are selling your own personal property or an immediate family member’s property. You can always refer the buyer to another DPR Agent and receive a referral fee or the buyer/tenant may be unrepresented. Call a broker with questions or for more information.

Any property in which you have, or will acquire, an ownership, financial or other legal or other interest, is “Agent- Owned Property.” The Company’s E&O Insurance Policy governs coverage of the sale or purchase of any Agent- Owned Property. In any sale or purchase of Agent-Owned Property not covered by the E&O Insurance Policy, you shall be solely responsible for costs of defense, settlement or judgment on any claim, suit or action of any nature arising therefore. In the event you are selling or purchasing Agent-Owned Property, you must:

A. Notify the Broker in advance;

B. Obtain, in advance, your Broker’s approval of all marketing material and disclosure documents; any purchase contract provisions prior to their execution; and any correspondence or other writings that pertain to the purchase or sale;

C. Not represent buyers or prospective buyers in the sale of Agent-Owned Property;

D. Notify the Broker immediately in the event that any of the Company’s agents writes an offer on your property.

12. DISPUTE RESOLUTION

12.1 Intra-Office Dispute Resolution


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All disputes involving you and another associate of the Company will be promptly reported to the Broker. The Broker, or designated members of the management team, will attempt to resolve the dispute through informal mediation in which all affected salespersons are expected to participate. You agree that all disputes involving another associate which cannot be resolved by the Company, and disputes involving the Company, will be resolved by binding arbitration with the local Association of REALTORS® in accordance with the bylaws and rules then in effect.

12.2 Third Party Disputes

You are required to immediately notify your Broker of any dispute or claim involving you, another associate of this office, the office itself, the Company, and a third party, including brokers and associates of other brokerages. The Company will make all reasonable efforts to resolve the dispute informally. Any such resolution will be binding on the agents involved in the dispute or claim.

12.3 Arbitration/Mediation

Any Licensee who feels that they must arbitrate or mediate against another brokerage or real estate company concerning a real estate transaction must give the Broker at least 5 days to review the file before such action can be filed or initiated by Licensee. All documentation, contracts, etc. will be submitted to the Broker at that time. The Broker will decide whether or not to pursue the case. If a case is filed, Licensee must submit filing fees and all other costs directly to the Broker in advance.

13. SEVERANCE/TERMINATION

13.1 General

In the event that Contractor terminates and/or is terminated from his/her contractual relationship with Broker for any reason, the date of severance will be reflected by the Arizona Department of Real Estate’s website. Contractor specifically agrees to continue to cooperate with Broker as necessary to resolve any transactions, claims or disputes which are pending at the time, or which arise after Contractor's contractual relationship with Broker terminates. Contractor shall indemnify and hold Broker harmless from all such matters.

Contractor will remove DPR REALTY, LLC from all their marketing materials such as websites, voice mail, ads and fliers; and will remove For Sale/For Lease signs from all properties within 24 hours of severance. All office keys that were made available to a DPR REALTY Licensee MUST be returned promptly upon termination. Contractor will be emailed


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an invoice for any outstanding office fees or supplies on record. If you were on the ACH debit program, your billing will cease as of your date of severance.

Once severed, Contractor will no longer have permission to use any of the DPR REALTY facilities.

13.2 Grounds for Termination

Your association with the Company can be terminated by either party, with or without cause, at any time.

13.3 Contractor’s Compensation on Termination

If Association with the Brokerage is terminated while you have any listings or pending transactions that require further work normally rendered by you, the Broker will make arrangements with another salesperson or salespersons in the Company to perform the required work. The licensee performing the work shall be reasonably compensated for completing work on those listings or transactions, and such reasonable compensation shall be deducted from your share of the compensation. Except for such offset, you shall receive the compensation due as specified in the Independent Contractor Agreement.

13.4 Listings

Listings are the property of the Company, even upon your termination. Within 24 hours after notice of termination by either party, you must provide your Broker with a list of all active listings taken by you, and all pending transactions in which, if completed, you will be entitled to compensation from the Company in accordance with the terms of your Independent Contractor, or other written, agreement. If Contractor fails to transfer listings to a new Brokerage within 72 hours, DPR REALTY may reassign listings to another DPR agent at DPR REALTY’S sole discretion. (Also see Abandoned Transactions)

13.5 Transferring of Listings

All listings obtained through the efforts of Contractor during the term of this Agreement or transferred to the Company, may be transferred to Contractor's new employing Broker on Contractor's behalf, after completion of a referral agreement with a referral fee of 20% (Minimum of $250.00, except on residential leases) payable to DPR REALTY from Contractor’s new employing Broker at close of escrow. A Referral Form must be executed by both Brokers prior to DPR REALTY’S approval of the “Board Listing Transfer Form.”

13.6 Contracts/Escrows

Transactions that are under contract, pending, have opened escrow or have an offer on them (e.g. Short Sale) at the time of severance will remain at DPR (as allowed by ARMLS) and Contractor may continue as the Agent until closing. All Contractor’s residential


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transactions are automatically converted to an 80/20 split, with 80% payable to Contractor and 20% (minimum of $250.00) payable to DPR REALTY. All other transactions will stay on the current ICA Plan. Transactions with no commission disbursed to Broker, will be charged to the Contractor at a rate of 20% of 2% of the Contract Sales Price (as reflected on the Closing Statement or Purchase Contract) or as documented on the MLS system or ER Listing Agreement, whichever is greater.

13.7 Risk Management Fees

The deductible for agents that leave DPR will also be $5,000 for transactions they conducted while at DPR.

14. PROFESSIONAL ASSOCIATIONS

14.1 National, Arizona and Local Associations of REALTORS®

DPR REALTY requires all agents to be an active member of an Arizona Association of REALTORS® that is endorsed by the National Association of REALTORS®. Within 10 days of signing your contract with DPR, the Contractor agrees to become, provide proof of (deliver copy of receipt to DPR office within 10 days) and shall remain a dues paying member of an approved Association of REALTORS®. If Contractor fails to join an Association, their license will be severed and they will forfeit any startup fees. Contractor will adhere to the NAR REALTOR® Code of Ethics, as well as the Multiple Listing Service Rules and By-Laws pertaining to listings, lockboxes, etc. Contractor will exert his/her best efforts in all activities related to the listing, selling, leasing or exchanging of real property in the State of Arizona. Contractor will in all ways conduct him/herself in full compliance with the Statutes and Rules of the Arizona Department of Real Estate, and in a way which reflects the high standards of the Broker.

If DPR REALTY is notified by your Association that your membership has been suspended or terminated for any reason, DPR is required to sever your license with the Arizona Department of Real Estate and your license will be placed in an “Inactive” status.

14.2 Multiple Listing Service

The Company is a member of many local Multiple Listing Services (MLS). The full list of associations where the Company maintains membership is available from the office. As an associate with this Company, you should join the MLS as well. As an MLS member, you are required to be familiar with, and adhere to the rules and regulations of the MLS. A copy of those rules and regulations are available on the association’s website or through the MLS. If you fail to comply with those rules and regulations, or fail to pay your MLS bill when due, you and/or the Company may be fined, suspended or expelled, and your listings may be removed from the MLS. You will be responsible for payment of any and all fines levied


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against you and/or the Company resulting from your noncompliance. Furthermore, your noncompliance may result in your termination from Company.

15. DEFINITIONS

Definitions of many terms are found in the real estate law book. In addition to terms defined in A.R.S. § 32-2101, 32- 2171, and A.A.C. R4-28-101, the following terms appear in this manual which are defined below:

1. A.A.C. – Arizona Administrative Code (unofficially, the Commissioner's Rules).

2. ADRE – Arizona Department of Real Estate.

3. AAR – Arizona Association of REALTORS®.

4. A.R.S. – Revised Statutes

5. BIN/SR – Buyer’s Inspection Notice/Seller’s Response

6. Broker – A company’s Designated Broker

7. Buyer-Broker Agreement – An employment contract to represent a buyer in the intended purchase of property.

8. Company – DPR REALTY, LLC.

9. D.B.A./dba – “Doing Business As” name

10. Employing Broker –The self-employed broker or real estate entity to which the Sales Associates are licensed.

11. Listing – An employment contract to represent a seller in the marketing of the seller’s property.

12. MLS – Local Multiple Listing Service.

13. NAR – NATIONAL ASSOCIATION OF REALTORS®.

14. RESPA – Real Estate Settlement Procedures Act

15. Sales Associate – A licensed salesperson or associate broker working with the company as either an employee or an independent contractor.

16. SPDS – Seller's Property Disclosure Statement.

17. SPS – ADRE Substantive Policy Statement: (http://www.azre.gov/LawBook/SubstantivePolicyStatements.aspx)

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