VIP MEMBERSHIP AGREEMENT
____________________________________________________________________________
BETWEEN:
Vanak International Properties Limited (DBA) Vanak Realty
9th Floor, 1021 W. Hastings Street, Vancouver, British Columbia V6E 0C3
Tel: (604) 558-5122 Fax: (604) 558-5112 Email: info@vanakproperties.com
Website: www.vanakproperties.com (the "Brokerage"),
Vanak Realty is a real estate company duly licensed by the Real Estate Council of British Columbia (RECBC) (the "Council") as a Brokerage, to provide Trading and Rental Property Management Services pursuant to the Real Estate Services Act (RESA) (the "Act"). The Brokerage is a Corporate Member of the Real Estate Board of Greater Vancouver (REBGV)
(the "Board"), and along with any related Licensee Board member, is entitled to use the designation of REALTOR®,
AND
VIP Member: __________________________________________________
In consideration of the aforesaid, and the benefits and obligations set out herein, the Brokerage and the VIP Member (the �??Licensee�??) hereby agree as follows:
1. RELATIONSHIP
The Brokerage and the Licensee enter into this Agreement as independent contractors, acting in an independent contractor relationship, with neither being the employee nor the employer of the other, to provide real estate rental management services and/or real estate trading services.
2. GOVERNANCE
The Brokerage and the Licensee are responsible for having knowledge of, and shall govern their professional conduct in accordance with, but not limited to, the following applicable statutes and organizations,
(a) Superintendent of Real Estate
(b) Real Estate Services Act (RESA), Regulation, Rules, and General Bylaws,
and as set out,
make disclosures in writing to applicable parties, regarding
(i) representation (agency relationships with clients and customers)
(ii) trade remuneration and other direct and indirect benefits
(iii) when the Brokerage, the Licensee, or an associate, has an interest in trade, and (iv) material latent defects, and as set out,
"promptly [immediately] pay or deliver to the Brokerage" all deposits and other monies received for trades
(c) Real Estate Development Marketing Act (REDMA), and Regulation
(d) Real Estate Council of British Columbia (RECBC)
(e) Canadian Real Estate Association (CREA), and The REALTOR® Code
(f) Real Estate Board of Greater Vancouver (REBGV), Constitution, By-Laws, Regulations, and Rules of Cooperation, or other real estate board as such
(g) Multiple Listing Service® (MLS®), Guidelines, Policies, and Rules and Regulations
(h) Strata Property Act, and Regulation
(i) Residential Tenancy Act (RTA), and Regulation
(j) Manufactured Home Park Tenancy Act, and Regulation
(k) Residential Tenancy Branch (RTB)
(l) Real Estate Errors and Omissions Insurance Corporation
(m) Goods and Services Tax (GST) and/or Harmonized Sales Tax (HST), and Rebates
(n) Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and Regulations, (the "PCMLTFA"), and
(o) Financial Transactions & Reports Analysis Centre of Canada, (the "FINTRAC").
3. THE BROKERAGE - GENERAL RESPONSIBILITIES
3.1 Pursuant to the Act, the Brokerage is "a licensee on behalf of which other licensees must provide real estate services," and shall,
(a) "maintain proper books, accounts and other records in accordance with the rules"
(b) "maintain, in accordance with the rules, one or more interest bearing trust accounts," and
(c) "have one or more managing brokers" for, among other things, the Licensee's "supervision."
3.2 Administration,
(a) maintain a current and valid municipal business license(s)
(b) maintain a current and valid corporate membership with the Board
(c) maintain a Brokerage website
(d) provide conveyance services (not to include legal work) to facilitate trade completions
(e) provide the Licensee with T4A tax slips
(f) provide a facility (but not a designated desk or office space) from which the Licensee may conduct the Licensee's independent contractor business, from time to time; and to include a mailbox, and
(g) assist the Licensee with any duty or trade, as may be required, from time to time.
3.3 Pursuant to PCMLTFA and FINTRAC, have a Compliance Officer, and conduct a compliance regime.
4. THE LICENSEE - RECBC, CREA, BCREA, REBGV, E&O INSURANCE
The Licensee shall, at the Licensee's expense,
(a) take all actions required to remain continuously licensed and in good standing with the Council, including but not limited to,
(i) completing Professional Development Program (PDP) courses, and
(ii) completing Relicensing Education Program (REP) courses,
(b) (if a Board member) take all actions required to remain a continuous member of the Board (or other Board) including paying Board Entrance Fees, Access Fees, Dues, and Multiple Listing Service® (MLS®) Fees; BCREA Dues, CREA Dues, other governing body fees as required, and applicable taxes
(c) (if a Board member) take all actions required to have a working knowledge of, and be able to utilize MLXchange and WEBForms�?�, on website, www.mlxchange.com
(d) reimburse the Brokerage for services and materials regarding complaint matters, including but not limited to; copying documents and photocopies; attending meetings, investigations, proceedings, hearings, and legal counsel thereto or otherwise; and
(e) maintain Real Estate Errors and Omissions Insurance Corporation insurance, and pay any deductible amount including any deductible amount payable by the Brokerage under the Brokerage's errors and omissions insurance, in respect of a claim under the policy arising from the actions of the Licensee, and the Licensee's subordinates and employees.
5. THE LICENSEE - GENERAL RESPONSIBILITIES
5.1 The Licensee acknowledges, and agrees to fully comply with, the following policies,
(a) not accept trade deposits or any other monies in cash form
(b) (for sale trades) deposit monies received must be in certified form, and payable to the Brokerage, or paid to another appropriate party as may be otherwise agreed
(c) promptly supply and deliver all copies of trade contracts/agreements and other documents to the parties, the Brokerage, and retain copies for the Licensee's own records
(d) provide the Brokerage with completed and Licensee signed Trade Record Sheets
(e) (for MLS listings) provide the Brokerage with completed Board MLS® Sales Report Forms
(f) obtain prior Brokerage approval for trades in which the Licensee, or an associate (as defined by the Act) has a personal interest
(g) not list for rent/sale, or participate in the renting/selling of, the Licensee's own property; listing and renting/selling activities shall be handled by another Licensee(s)
(h) generally communicate within the Brokerage via email, unless otherwise necessary
(i) if unavailable for work for longer than two (2) days, arrange for all ongoing business to be handled by another Licensee, and notify the Brokerage of the arrangement
(j) promptly notify the Brokerage of complaints and disputes, and handle same in a professional manner
(k) notify the Brokerage of any change of license level, employment, or self- employment.
5.2 Pursuant to PCMLTFA and FINTRAC, the Licensee shall conduct a compliance regime of client and customer identification, recording, record keeping, and reporting.
5.3 The Licensee shall indemnify and save the Brokerage free and harmless from any liabilities, damages, or expenses; including but not limited to legal fees and court costs on a solicitor-own client basis, whatsoever arising out of or related to,
(a) the performance by the Licensee, and the Licensee's subordinates and employees, whether licensed or unlicensed under the Act, for duties hereunder; and
(b) any alleged errors or omissions of the Brokerage arising from this Agreement.
5.4 The Licensee shall not enter into any contracts or take any action that might legally obligate the Brokerage (except the negotiation and preparation of Agreements, as set out herein).
6. THE LICENSEE - BUSINESS ITEMS
The Licensee is responsible for providing their own independent-contractor business items, at the Licensee's expense, including but not limited to,
(a) proper and adequate commercial insurance
(b) home or commercial office space, and furniture
(c) mobile telephone, telephone, and facsimiles
(d) computer, printer, scanner, software, internet service provider (ISP), and emails
(e) printed copies of acts, rules, regulations, by-laws, and constitution, referred to herein under Section 2. GOVERNANCE
(f) stationery, postage, photocopies, title searches, strata plans, and strata corporation documents
(g) a vehicle; license, fuel, repairs, maintenance, and business-class property damage and personal liability insurance with a minimum coverage of $2,000,000.00; and
(h) bookkeeping, accounting; and HST and Income Tax preparation, filing, and remittance.
7. THE LICENSEE - PROMOTION
7.1 The Licensee is responsible for drafting, creating, submitting, publishing, and printing all promotional items, at the Licensee's expense, including but not limited to; business cards, printed materials, signs, advertisements, and websites; unless otherwise agreed.
7.2 Items shall display the Brokerage's name, logo, and website address (URL).
7.3 Items must be approved by the Brokerage.
7.4 The Brokerage reserves the right to edit or alter the Licensee's promotional items as the Brokerage in its absolute discretion may deem suitable or necessary.
8. GENERAL
8.1 This Agreement shall replace any previous Agreement(s) executed by the parties hereto.
8.2 This Agreement will be binding and inure to the benefit of the parties and the assigns of the Brokerage. This Agreement is not assignable by the Licensee.
8.3 Any notice given pursuant to this Agreement will be given in writing and delivered in person or by registered mail to the address(es) provided herein. Notices so mailed will be deemed received two (2) business days after mailing.
8.4 Any amendment to, or modification of, this Agreement shall be in writing, signed, and received by the parties.
8.5 Time shall be of the essence.
9. TERM, TERMINATION
9.1 The term of this Agreement is for one (1) year commencing from the date hereof (the "Term").
9.2 The Term may be extended for a further period of one (1) year, becoming the new Term, by notice and written acceptance of the parties, prior to expiration of the Term.
9.3 Should there be no written extension, or written renewal, the Agreement shall be deemed to be extended for a one (1) year period, upon the same terms and conditions hereof, as existing at the expiration of the Term.
9.4 Notwithstanding the foregoing, either the Brokerage or the Licensee may terminate this Agreement upon written notice to the other party, such termination to be effective on the day such notice is delivered/received, or as otherwise agreed by the parties. Upon notice of termination, the parties agree to immediately return materials, if any, and fully cooperate to facilitate uninterrupted professional client and customer services.
9.5 Upon termination of this Agreement, the Brokerage shall not be obligated to assign any rent, lease, or sale listing(s) to another party without the written authorization of the property's(ies') owner(s), and in a form acceptable by the Act or Board.
9.6 Obligations between the Brokerage and the Licensee shall survive termination of this Agreement.
9.7 Upon termination of this Agreement, the Brokerage shall not be liable to the Licensee for fees or commissions for the rent, lease, or sale of properties unless binding Residential or Commercial Tenancy Agreements or Contracts of Purchase and Sale, were entered into prior to the termination of this Agreement, and the trade later completed. The Brokerage will pay the Licensee when incomplete trades are later completed and the Brokerage receives the applicable funds.
10. COMMISSIONS, FEES
10.1 The Licensee shall establish the Licensee's own commission and fee amounts in respect of trades and other client and customer services, for which the Licensee may be entitled. Commission and fee amounts are not established, set, or dictated by the Brokerage.
10.2 All commissions and fees received by the Brokerage in respect of trades as a result of the Licensee's efforts shall be held "in trust," and be payable after trades are completed.
10.3 The Licensee's earned commissions and fees shall be paid by the Brokerage to the Licensee, net of obligations to the Brokerage hereunder, at a time established by the Brokerage, but not later than 10 business days after the Brokerage has received the applicable funds.
10.4 The Brokerage may withhold payment of any amount, which the Brokerage deems reasonable, from commissions and fees otherwise payable to the Licensee, until the Brokerage reasonably determines that there are no adverse claims arising from trades involving the Licensee, or if an adverse claim has been made, until such time as such claim has been disposed of as required by the Act, or in the case of a claim for commission or fee, as is required by the Board. The Licensee further acknowledges and agrees that the Brokerage may apply to Court and pay such monies held back into Court pursuant to the Act, and the cost of so doing shall be borne by the Licensee.
10.5 The Licensee hereby nominates and appoints the Brokerage, without obligating the Brokerage in any way, to be the Licensee's agent to collect all commissions and fees earned by the Licensee as a result of contracts entered into during the Term of this Agreement.
11. INDIVIDUAL IDENTIFICATION INFORMATION RECORD
Pursuant to PCMLTFA and FINTRAC, an Individual Identification Information Record, dated (D/M/Y) _______________________________________ , is attached to and forms part of this Agreement.
12. IDENTIFICATION MANDATARY/AGENT AGREEMENT
Pursuant to PCMLTFA and FINTRAC, an Identification Mandatary/Agent Agreement, dated (D/M/Y) _______________________________________ , is attached to and forms part of this Agreement.
13. SCHEDULE 'A' - REMUNERATION AND FEES
Remuneration and fees are as set out in the Independent Contractor Licensee Agreement Schedule 'A,' dated (D/M/Y) ____________________________________ , that is attached to and forms part of this Agreement.
14. POLICY MANUAL
The Licensee acknowledges receipt of, and agrees to comply with, the policies and procedures as set out in the Vanak Realty Policy Manual.