CHAPTER 1 - THE ORGANIZATION
This manual is designed to define and explain the policies and procedures adopted by EXIT International Realty Corporation for the conduct of its business. It is also intended to provide information that may be used in solving problems that may arise from time to time in the day to day handling of real estate business.

The success of our company is contingent upon our people, their professionalism, productivity and conduct. Needless to say, the business requires the complete co-operation of all individuals, both support staff and sales associates, in order for the firm and it's people to remain both competitive and successful. It is expected that you will be loyal to your fellow sales associates and to this firm by protecting its interests and by striving for the betterment of all within the firm.

The following policies are subject to review and change at the sole discretion of management. Management's interpretation of the following policies shall prevail in all cases.

CORPORATE STRUCTURE

EXIT Realty of Cherry Hill was incorporated on July 1, 2001 and is a member of the Camden, Burlington, and Gloucester County Board of Realtors. The Broker of this Company is Christopher W. Spada. It is understood and agreed that the Broker is totally responsible for the proper execution of all banking, trust accounts, accounting, secretarial, advertising, sales activity as well as the ethical conduct of each associate within the brokerage operation. In this regard, the Broker as Management functions as centralized control over all Real Estate Brokerage, reporting, procedure and activity. It is expected that any individual working for this company that is experiencing difficulty in executing their job effectively will report immediately to management for assistance.


EXIT 1st United Realty was incorporated on August 1, 2006 and is a member of the Camden, Burlington, and Gloucester County Board of Realtors. The Broker of this Company is Barbara J. Rosenheim. It is understood and agreed that the Broker is totally responsible for the proper execution of all banking, trust accounts, accounting, secretarial, advertising, sales activity as well as the ethical conduct of each associate within the brokerage operation. In this regard, the Broker as Management functions as centralized control over all Real Estate Brokerage, reporting, procedure and activity. It is expected that any individual working for this company that is experiencing difficulty in executing their job effectively will report immediately to management for assistance.

The success of this company is dependent on each individual’s willingness to employ full effort, co-operation, concentration and a positive mental attitude in a manner that helps everyone to conduct business and generate sales. It should be well understood by everyone, that selling is the only activity that generates revenue. Everything else costs money. It is in everyone’s best interest therefore to assist in the building process of the company through EXIT’s Sponsoring Program and to help reinforce the strength and integrity of our operation. The co-ordination of group effort is a key ingredient of the EXIT Superstructure and it acts as the foundation that will generate prosperity for everyone within the organization. Always keep in mind that our business is people and that our product is Real Estate.

MEMBERSHIP IN ORGANIZED REAL ESTATE

This firm is a member of the Camden, Burlington, Gloucester, and Salem County Real Estate Board, and the New Jersey Real Estate Association. It must be noted that each sales associate is responsible for maintaining his or her membership in good standing with the appropriate associations and legislation.

ETHICS

This firm abides by the NJ Association of Realtors Ethics Program as adopted by each of the above associations, and complies with their rules and regulations.

We are a service oriented firm and have built our reputation by fair dealings and by serving the public to the best of our ability. It is imperative for all those who are associated with us that they conduct their sales activities with the highest regard for and application of sound ethics, honesty and integrity.

Everyone who is part of this firm has this mandate and is therefore invited to submit suggestions for improvement of our procedures, policies and office operations to management on an on-going basis.

CONTRACT

All sales associates must acknowledge and sign a standard working Agreement known as the EXIT Sales Representative Agreement. The terms as set forth in the Agreement are valid unless changes are approved in writing by both parties. This policy manual is designed to complement it and is in addition to the terms as set forth in the Agreement and not to supersede any terms of the Agreement.

CHAPTER 2 – PERSONNEL MATTERS

OFFICE HOURS

Office hours are Monday through Friday, 9:00 a.m. to 7:00 p.m.; Saturday and Sunday, 10:00 a.m. to 4:00 p.m.

PERSONAL APPEARANCE

It is important that all personnel dress neatly, in good taste, and in a professional manner. All associates and representatives MUST wear an "EXIT" pin. Pins can be purchased through the front desk for a small fee of $5.00. Thank you for your cooperation and support!

OFFICE NEATNESS AND DECORUM

When visitors enter our office, we are judged on the neatness and the general appearance of the office. You are expected to keep any desk you are working at clean and tidy at all times. All ordered supplies and sales materials delivered to the office by a supplier, must be removed from the general office area promptly by the sales associates ordering the material.

No material may be attached to any office wall, as none of the offices belong to any one agent; unless approved by management. We must all co-operate in maintaining a businesslike and professional atmosphere in the office at all times.

PLEASE ENSURE THAT THE VOLUME OF DISCUSSIONS ARE KEPT AT PROFESSIONAL AND TOLERANT LEVELS, AND NOTE THAT THERE IS NO PLACE IN A BUSINESS ENVIRONMENT FOR PROFANITY OF ANY KIND.

OFFICE FUNCTION

This office is designed for the purpose of selling, leasing and exchanging real property only, and all systems, procedures and methodologies utilized herein by all employees and associates shall correspond and co-ordinate accordingly. We are all here to provided the best possible service to the public as well as competitive Brokerage firms and to maintain respect in this regard at all times. Under no circumstances are activities other than real estate to be conducted on the premises without the express permission of management.

MAINTENANCE AND CLEANING

This office is vacuumed and cleaned after hours on the following days each week Monday - Friday. This includes trash removal.

IF YOU ARE GOING TO EAT IN EITHER OF THE CONFERENCE ROOMS PLEASE CLEAN UP OUT OF COURTESY OF OTHER STAFF, ASSOCIATES AND EXIT CLIENTS!

LOCK – UP

It is the responsibility of each Associate of this EXIT Franchise to lock up the office for security purposes whenever leaving after hours if an office key has been assigned. Keys will be supplied to full time sales representatives who frequently come into the office to conduct their business. It will be up to the discretion of the office manager to decide who should be assigned a key. For all who have keys they should be retained in safekeeping. If you have any questions, please contact the Broker Associate Manager (Ext. 115) or the Director of Operations (Ext. 121).

OFFICE PERSONNEL RECORDS

The government requires the firm to keep rather extensive and accurate files on all salaried and commissioned individuals in the office and for this reason we must insist that all changes in your home address, telephone number, etc., be reported to the office secretary promptly and to appropriate governing bodies. You must co-operate in a diligent fashion in completing any forms or information required by the government or for our records.

ALL MASTER FILES AND ORIGINAL DOCUMENTS ARE THE SOLE PROPERTY OF EXIT REALTY OF CHERRY HILL AND SHALL ALWAYS REMAIN IN THE OFFICE.

GOVERNMENT DEDUCTIONS

All administrative staff, sales representatives and self-employed personnel are required to fully comply with applicable government tax policies. Each member of the firm must complete all appropriate tax forms and/or contracts prior to receiving salary or commission remuneration.

INDEPENDENT CONTRACTORS

All independent contractors are required to provide appropriate government documentation before receiving any commission. It is the responsibility of the independent contractor to maintain their records, file their own tax returns and pay all remittances required.

Your Independent Contractor Status as per your EXIT Sales Representative Agreement is for income tax purposes only. For this reason, it is imperative that you retain a copy of this agreement which outlines the EXIT Formula and all responsibilities concerning all parties therein. NOTE: The EXIT Formula is the exclusive property of EXIT Realty Corp. International and cannot be altered without their express written authority.

PROFESSIONAL CONDUCT

The company does not tolerate any conduct unbecoming a professional staff member. Disciplinary action may follow any breach of this conduct. The company reserves the right to immediately dismiss any individual who engages in an extreme violation of conduct, such as dishonesty, or repetitive breaches or violations of company and real estate board rules, wherein the individual failed to correct said breaches or violations within an appropriate time period after due notice of breach or violation by the company.

CHAPTER 3 – STAFF INFORMATION & POLICY

HIRING OF EXIT SECRETARIES

Due to the nature of our work, our secretaries are in the position of being in possession of confidential information and perform a very important function concerning the productivity of our operation. The following points are important in this regard.

Below is a description of the duties of the above-mentioned staff. If you have any questions about the jobs or characteristics of the staff, please contact the Director of Operations.

SECRETARIAL- GENERAL

Secretarial services rates as the most important service in a real estate office. It is vitally important that a high level of harmony and rapport exists between secretarial and sales staff. Your patience, consideration, and co-operation must be practiced at all times.

In order to maximize the services available, in the most efficient and desirable manner, it is necessary that each sales associate intimately knows and practices the following procedures.
All typing must be given to the designated secretary on duty. NOTE: Please avoid the temptation to dictate verbally to a secretary, or compose as the secretary types.

Suggestion: It would be convenient for a sales associate to always keep on hand a blank "offer" form with the usual standard clauses printed, for use after hours or in a emergency. The names, figures, or additional clauses or information then can easily be inserted by hand, or arranged by the cut and paste method. Several standard offers have been prepared by the office and are available for your use.

RECEPTION SERVICES

Telephone reception is an extremely difficult and demanding responsibility. It is a stressful position and the real estate industry as a whole experiences a very high rate of turnover. No matter how much a company may try to develop procedures to soften the stress level, it nonetheless remains a very difficult job.

PLEASE KEEP YOUR CONVERSATIONS AWAY FROM THE FRONT DESK AND THE STAFF!

SECRETARIAL / SALES

It is important that a harmonious supportive and efficient relationship exists between the sales force and the secretarial staff of this office. We are focused on successful productivity and everyone is expected to co-operate to achieve this goal. Any difficulties in this regard should be reported to Management immediately.

ADMINISTRATOR

In the initial stages of any real estate operation the Administrator executes all of the secretarial functions in the office. With expansion and growth this changes. The Administrator’s true function involves everything that takes place after a sale is made, whereas the front desk secretaries handle everything that takes place before a sale is made. There are three levels of the office administrator: Assistant, Associate and Senior Associate Administrator.

The Administrator is a key employee, who handles and executes all activities regarding banking, the trust account, trade record sheets, accounting, bill paying, correspondence and all back up services pertaining to our real estate transactions. This job requires detail orientation, efficiency, control and good judgment. It is imperative that all documentation and information pertaining to real estate transactions, referrals and commissions be relayed to the Administrator immediately upon execution by the sales force. The Administrator(s) report(s) directly to the Director of Operations.

SALES DOCUMENTATION

We are in business to generate sales. Since all real estate transactions must be in writing, it is imperative that all documentation pertaining to listings, sales, leases or exchanges be turned into management via the administrator immediately upon execution. This includes all Offers, Waivers, Amendments, Addendum’s, Extensions, Cancellations, Commission Agreements, changes and closing information. Time is of the essence in every aspect of real estate and your efficiency and diligence is necessary in this regard.

FRONT DESK

Front Desk Secretaries/Receptionists specialize in communication and the efficient transmission of information. With this in mind, it is imperative that the sales force refrain from loitering around the front desk. It is also important that the Front Desk Secretaries maintain a good business like appearance for Public Relations purposes and act and react in a professional business like manner as prescribed by management. It is also to be understood that the Administrator is a senior position in relation to the Front Desk and as such will monitor and oversee the function and activities therein and will report back to management accordingly. Since the Front Desk position is often the initial contact with the public, attitude is a very important factor. It is the job of everyone in this company to maintain a positive, constructive and creative attitude. This adds to Team Spirit and makes the job easier.

PLEASE KEEP YOUR CONVERSATIONS AWAY FROM THE FRONT DESK AND THE STAFF!

POLICY ON SEXUAL HARASSMENT

Every effort should be made by all EXIT employees, Independent Contractors and Executives to refrain from any and all activities that imply or denote sexual harassment in the workplace.

In order to retain the dignity and reputation of EXIT as a corporation, as well as that of everyone involved with the EXIT organization, it is expected that good ethics, sound moral judgment and conduct normally associated with good business be exercised by everyone in this company at all times.

Should a problem occur, concerning sexual harassment within the EXIT Organization please contact either:

Mrs. Barbara J. Rosenheim - Broker of Record
Mr. Robert R. Rosenheim - Director of Operations & Training

BUSINESS VS. PERSONAL RELATIONSHIPS

It should be understood that every effort must be made by management and secretarial staff to deal fairly with the sales force concerning all business-related matters. It should also be understood that the sales force should refrain from exerting unfair leverage against either of these two departments in order to generate undeserved business. In this regard, it is the policy of this office that the secretaries maintain a good business like relationship with our sales people but activities such as lunch, dinner, gifting, incentives and/or close personal relationships shall be regarded as inappropriate and contrary to good business practice. It would therefore be a conflict of interest for one of our sales associates to hire one of our staff to work for them on a full time basis or part time basis. Office policy is that a sales associate cannot hire one of our support staff or a support staff who worked with us during the previous six-month period.

DO’S & DONT’S

It is vitally important that every sales associate adheres to the proper procedures and tries not to complicate and/or circumvent the system. The following is a list of DO'S and DONT'S that all sales associates must clearly follow in order to streamline our operations as much as possible.

-ALWAYS CHECK-IN WHEN YOU ENTER THE OFFICE WITH FRONT DESK
-ALWAYS CHECK-OUT WHEN YOU LEAVE THE OFFICE WITH FRONT DESK

DO'S

DO use the conference room with discretion (where available). Conference rooms are not to be used as a workstation for on-going calls. If a call comes in while you are entering or leaving the office you may use a conference room for said call, but once the call is completed please vacate the room.

DO leave the conference rooms neat and tidy after you have used them. Remove all cups, papers, books, wipe spills etc.

DO leave written instructions if a caller is to be left a message. A verbal instruction is NOT practical and can be misunderstood, therefore, take that extra step and put it in writing to assure accuracy.

DO have patience when calling in and when put on hold. The secretary could be talking to someone inquiring about your business.

DO respect the priorities of others. Remember others offers and/or typing assignment are as important as yours.

DO always inform our secretaries immediately of a new listing or a sale. Please provide all necessary details for newly listed properties - name, number, price, key locations, special instructions and pertinent details regarding the sale.

DO inform the secretaries immediately of all changes in your listings, it is unprofessional to call a seller for a showing appointment only to learn that the property has been sold. Giving incorrect price or other information to outside sales representatives, could have serious consequences for the company.

DO, always inform reception if you ever turn off your pager or mobile phone. If you are travelling out of range of the pager, let reception know ahead of time.

DO hand in all offers immediately as we only have two days from acceptance of same to report it to the "BOARD". A late reporting penalty by the real estate board is not uncommon.

DO obtain a receipt, whenever you give deposit funds to another broker and have the receipt filed with the transaction. You are responsible for any deposits in your possession.

DO instruct your clients of the immediate importance of selecting an attorney or title company and arranging financing if required. A delay not only creates a time constraint for our secretaries but could also be critical to your transaction.

DO request assistance at the front desk when necessary, however, remember, every time a secretary leaves the telephone, a backlog of calls can result.

DO, when a secretary is preparing your offer, be nearby in case she needs your assistance, but please do not hover over her shoulder while she types. Remember always to complete an "offer information sheet" and number the clauses in the order you wish them to appear.

DO NOT’S

DO NOT engage in loud or boisterous conversation around the front desk with other associate or staff. Conversation and laughter will and does create a distraction that leads to errors. Also excessive noise can be heard by a caller and is unprofessional. First impressions are lasting and a client or other salesperson entering our office could get the wrong impression.

DO NOT request by telephone a list of salespersons who have shown your listing. This quite often results in wanting to know their numbers etc. and unduly ties up a very busy receptionist. Come in and inspect the appointment logs yourself.

DO NOT request the telephone receptionist to take an ad over the phone.

DO NOT expect typing, other than offers, to be typed immediately. There are typing priorities that our staff must follow, so that everyone obtains equal secretarial access.

DO NOT take or "borrow" anything from the office or from any associates desk or office and that includes paper stock, computer books, scissors etc. This practice will not be tolerated by management or anyone else in the organization.

DO NOT engage a telephone receptionist in conversation while she is on the phone. It is frustrating for both parties as well as disconcerting to the caller.

DO NOT help yourself to office files, desks, or drawers, since these are strictly off limits. Ask a staff person to retrieve a file, information or help. Please supply yourself with extra pens, erasers, scissors, tape, stapler, staples and all other office supplies that you need, and do not "borrow" these items from staff.

COPYING PROCEDURES

Our office copy/fax/printing machine will require you to enter a 4 digit code. This code is your last 4 digits of your social security number. PLEASE DO NOT GIVE OUT YOUR CODE TO OTHER ASSOCIATES. Be sure to clear out your code after your finished with the machine by pressing * then # and HOLD BOTH SYMBOLS DOWN. Copying limits are as follows and will be strictly adhered to:

(PER MONTH BASIS)

All Associates (Up to $1500 Gross Commission) 50 Copies
Associates (Between $1501 - $2500 GC) 75 Copies
Associates (Between $2501 and Above) 100 Copies

Copying more than the provided limit will result in a charge of 3.5 cents per copy. If you have any questions feel free to contact the Director of Corp. Accounting.

TELEPHONE OPERATION

If you have problems using the telephone, please ask the Assistant Director of Operations for phone/voice mail training, extension updating, and/or a brief demonstration of all the features and procedures.

LONG DISTANCE

Incoming - All long distance calls will be connected to you promptly. If you are not "in" reception will give the caller the opportunity to leave a message.

Outgoing - You will be provided with a long-distance code to use when placing long distance telephone calls. These calls will be charged back to your monthly expense account. This code is not to be given or shown to any other member of the office as you will be solely responsible for all calls made through this code. If you lose your code or feel that it has been compromised, please inform the Administrator immediately so that it can be changed.

COLLECT long distance calls will not be accepted at any time. Third party calls will not be accepted at any time.

CHAPTER 4 - OFFICE PROCEDURES

EXIT ASSOCIATE TRAINING

Program 1: Associate Training Course
In efforts to protect the company, its associates, and yourself from litigation it is a mandatory requirement that all agents and associates go through our initial corporate training procedures. You are to complete the entire training program within six months after joining Exit Realty. Corporate training will take place every Tuesday Evening (Cherry Hill) and Wednesday Evening (Washington Twp) Both courses meet at 6:00-8:00PM. The specific training dates may be changed and updated depending upon the instructor and the time of year. The topics will vary for each class. You may find the complete training calendar online at the training website which contains information about the upcoming course topics, times, and meeting locations. Not attending these meetings will constitute stipulations for termination of your independent contractor status with Exit Realty. You may NOT miss more than 3 classes (non-consecutively) and you MUST make up the classes which you missed. Furthermore, any agent who has not completed the entire Training Course (24 Courses within 6 months of joining Exit Realty) may be subject to a mentoring fee (10%-50%), on a per transaction basis, being paid to the assigned mentor out of your earned fees/commissions as deemed necessary by the management staff.

Program 2: Mastermind Seminars
Exit Mastermind Meetings are hosted currently in Cherry Hill on Wednesday mornings. These motivational meetings will be to keep each other on track for our weekly goals, which will ultimately let us achieve our short-term and long-term goals. It is highly encouraged for all associates to attend these meetings. If you truly want to earn and live the lifestyle of your choice – these meetings are a MUST! For a more detailed description contact the current Chairperson: (emontgomery@exitrealtyofcherryhill.com).

Program 3: Prospecting Sessions/25X25
Prospecting Sessions covers the immediate impact of prospecting and the methodology involved. Additionally, the program offers an excellent opportunity to review and discuss the Exit Scripts. The program will provide you a chance to perform and practice the topics learning in the Associate Training Course on your peers. You then will be able to see your strengths and weaknesses while working to improve. Topics will include, but not limited to, buyers, sellers, client-communications, prospecting, role-playing, door knocking, farming, developing marketing campaigns, and more. See training schedule for course offerings. THESE SESSIONS ARE MANDATORY FOR ALL AGENTS WHO HAVE NOT CLOSED AT LEAST 3 LISTING TRANSACTIONS WITH EXIT. As an associate with Exit Realty of Cherry Hill, you must attend 3 prospecting session per month. Not attending these meetings will constitute stipulations for termination of your independent contractor status with Exit Realty.

If you have any questions or if you would like more information about exit training programs, please contact the Director of Training (Ext. 121) for more information and procedures.

COACHING & MENTORING PROGRAM

All new* associates of Exit Realty of Cherry Hill shall be assigned a trained Exit coach. This senior agent within our organization will assist you through your first four (4) transactions. The fee for this service will be 20% of the first buyer transaction, 20% of the first seller transaction, 10% of the second buyer transaction, and 10% of the second seller transaction. (*new has been designated as original licencees and all agents who have NOT completed at least eight (8) transactions during the past calendar year.) Management reserves the right to adjust this coaching fee at any given time when deemed necessary.

If you have any questions or if you would like more information about the Exit Coaching Program, please contact the Director of Training (Ext. 121) for more information.

INSURANCE COVERAGE'S (ERRORS AND OMISSIONS)

The Broker reserves the right to select an Errors and Omissions Policy and to choose the appropriate deductible amount based on claim experience. The sales representative agrees to participate by way of sharing expenses in conjunction with the rest of the sales force accordingly. For your protection, it is important that anything giving rise to a claim be reported immediately to management.

Immediately upon joining Exit Realty of Cherry Hill, each Agent is covered under the office Errors and Omissions Insurance Policy. If you have questions or concerns, please ask the Director of Operations (Ext.121) for more information.

GROUP HEALTH INSURANCE

The Broker reserves the right to select a Group Health Insurance Policy. Sales representatives that wish to join the group health insurance policy may do so by completing the following procedures.

Upon review of the group health insurance plan application a certified check MUST be attached equalling 2 full months of health insurance premiums. Out of those funds, the initial first months premium will be paid for the associate upon start of the policy. The remaining balance will be held in Exit Realty of Cherry Hill’s Insurance Trust Account. If your premium is not paid when due, then the monies being held in the Insurance Trust Account will pay the outstanding premium invoice. Sales representatives will then have 15 days to provide another one months premium to Exit Realty of Cherry Hill or your coverage will be cancelled on the 15th day. This policy needs to be put into effect in order to protect Exit Realty of Cherry Hill and all of its associates and representatives. If you have questions or concerns, please ask the Director of Operations (Ext.121) for more information.

BULLETIN BOARDS

For your convenience, bulletin boards are conveniently located in common areas. Get acquainted with their locations, and scan the boards as you enter or leave the office.

We attempt to post items of general interest. These may include open houses for other broker listings as well as our own, timely statistical information, mortgage information, “hot” or usual properties, rentals, personal items for sale, upcoming events, items of interest regarding our company, staff and associates as well as social events.

Any information posted on the bulletin boards shall be deemed as having been received and read by all associates, and administrative staff. Therefore, the responsibility is on the individual to be constantly aware of pertinent events and information. Please do NOT post any materials on a bulletin board without having previous approval by management.

MAIL SLOTS

All Sales Representatives will be assigned a mail slot where bulletins, mail and other important information will be distributed. Due to the importance of some mail, all mail slots must be cleared out on a regular basis. Failure to do so, will result in mail slots being cleared out and mailed to agent’s home address at their expense.

Any and all incoming mail from any law firm addressed to any agent and/or representative will be given to management for opening and review. This mail will then be forwarded to the addressed agent and/or representative. This policy is instituted to make management aware of all circumstances that involve our clients and to address and take appropriate actions towards there resolve.

FAX SERVICES

There is a fax machine available for your use. Everyone should be acquainted with the appropriate fax telephone number and have it available for clients. It is permissible to publish the fax number on business cards, correspondence, and any management approved promotional material.

Clear instructions are posted adjacent to the unit and we ask that you follow them carefully.

All incoming transmissions are treated like telephone calls. You will be notified by the office or paged (or message taken) indicating time and sender only. The actual transmission will be left in your mail slot. The onus is on the associate to pick up from time to time their fax transmissions. The fax is regularly checked for incoming transmissions and includes a check first thing each morning.

If you are expecting an important fax, it is your responsibility to arrange with the sender to have you paged or contacted immediately. The responsibility does not rest with staff members to determine whether or not a received fax is considered urgent.

OFFICE EQUIPMENT

Exit Realty of Cherry Hill has a wide assortment of office equipment for the use of all associates and representatives. If a sales associate wishes to use any equipment then they MUST request it and sign it out with the Front Desk Office Staff. It is imperative, that upon return of the equipment, the sales associate sign the equipment back in with the Front Desk Office Staff. Any Sales Associate that uses the company equipment will be held responsible for any damages that may occur to the equipment. If the equipment is NOT returned or if it is returned with damages, then the associate or representative will be charged the expense of replacing the equipment. This fee includes, but is NOT limited to:

Supra Electronic Lock Boxes $140.00
EXIT Yard Signs (Reflectional) $95.00+/-
EXIT Yard Signs (Non-Reflect) $60.00
EXIT Open House/Directional $8.00
EXIT Commercial Sign $225.00
Directional Signs (Reflect) $45.00
HUD Keys $25.00
Electronic Tape Measure $50.00
Digital Camera $600.00+

MASTER OFFICE FILES

Office files are the confidential property of the company. Under no circumstances does any employee or sales associate have the authorization to remove files, copy or distribute information without specific consent from the company.

NOTE: Procedure dictates that a sales associate shall retain a copy for his/her own file of all documents regarding a transaction, or a listing, and of any changes or amendments to same, prior to handing in said documents to the office secretary.

Adherence to the above policy should eliminate the need for an associate to search for information in company files. Office files are confidential and are to be accessed by authorized office administrative staff only.

According to the Rules and Regulations of the New Jersey Real Estate Commission, all New Jersey Real Estate firms MUST at all times have complete and original files within their office building. Due to these polices and efforts to protect the company and all of its associates and representatives from possible liability, Exit Realty of Cherry Hill will be forced to fine any and all real estate representatives for incomplete files on a case-by-case basis. At all times the following documents MUST be in the master file within the office building.

Required Documents for Representation of Buyer:

CIS Form
All Proposals to Purchases
Fully Executed Agreement of Sale/ Contract with appropriate addendums
Mold Addendum
Title Report
Survey Results
Home Inspection Report and Correspondence (Home Inspection Disclosure if client has declined the inspection)
Termite Certification
Processing Data Sheet
Acceptance/Rejection of Offered Home Warranty Form
EXIT Business Disclosure/Processing Fee Form
For more Information please reference the "EXIT FILE CHECK LIST"

Required Documents for Representation of Seller:

CIS Form
Fully Executed Listing Agreement
Sellers Disclosure Statement (If Applicable)
Tax Record
Fully Executed Agreement of Sale/ Contract with appropriate addendums
Mold Addendum
Title Report
Survey Results
Home Inspection Report and Correspondence
Termite Certification
Processing Data Sheet
Certificate of Occupancy or Code Letter
Smoke Certification Letter
Acceptance/Rejection of Offered Home Warranty Form
EXIT Business Disclosure/Processing Fee Form
For more Information please reference the "EXIT FILE CHECK LIST"

Incomplete files will result in a $100.00 fine per missing document per file. (EXAMPLE: If a CIS Form, Listing Agreement, and a Mold Addendum are missing from the file then a fine of $300.00 shall be issued to the representing agent) FYI: If the New Jersey Real Estate Commission were to review that particular file there would be a $5,000.00 fine for the 1st missing document and a $10,000.00 fine for each additional missing document totaling $25,000.00. These fines shall be assessed and payable immediately upon invoicing. Any and all outstanding invoices will be deducted from the agents next closing. ALL FILES MUST BE HANDED INTO EXIT REALTY OF CHERRY HILL IMMEDIATELY AFTER CLIENT SIGNATURES HAVE BEEN OBTAINED.

INSURANCE ON PERSONAL ITEMS

Our office insurance policy does not cover any personal equipment, fixture or furnishings, especially a computer that you may have brought to the office. You should make sure that you are covered by your homeowners insurance policy.

If you find you are not insured it is your responsibility to make proper arrangements. Please do not leave yourself uninsured.

FOOD IN THE OFFICE

We understand that sales associates spend a lot of time in the office and quite often like to "snack" or order food into the office.

The office is often your home away from home. However, it is first and foremost a place of business. It is not professional when clients come into our office and it smells like a restaurant.

Please refrain from using our microwave (where available) to cook items that produce odours, eg: popcorn or fish. If you order in food please be courteous of your colleagues and clients of the company.

CONFIDENTIALITY

Due to the fact that very substantial commissions result from the sale of real estate, we must protect the information of others within the office as zealously as we protect our own.

a) When the secretary is typing someone else’s offer, please stay away from that work area. This is confidential information that could induce a conflict of interest situation.

b) Do not ask the names of clients or the addresses of properties that a fellow associate is working on.

c) All information regarding client accounts is completely confidential and only those employees who have a need for specific information in order to administer an account may have access. Information regarding the Company and its operations is also confidential unless the information has been made public through a press release or printed financial statement. Confidential information about the Company or any other corporation which is "inside information" may not be used to make a profit for the Company, an employee or a client account.

The responsibility for confidentiality exists both during employment with the Company and following termination or retirement. Similarly, the Company acknowledges a responsibility to respect the confidentiality of employees records, though any employee is welcome to discuss his or her own employment record with management at reasonable times .

INTEGRITY OF RECORDS

The service that the Company provides can only be as good as the records it keeps. Each employee must ensure accuracy, timeliness and completeness their record-keeping duties. All effort in this regard pays off in customer satisfaction and in the personal satisfaction of a job well done.

LEGISLATION

Wherever we do business, we must observe both the letter and the spirit of the law. All employees must be familiar with the law as it affects their work and the Company's internal procedures. It is the responsibility of all to ensure that they have this knowledge and are aware of the types of possible inadvertent violations of legislation that could occur in their work.

CONFLICTS OF INTEREST - SELF DEALING - VIOLATIONS OF STATUTE

A conflict of interest arises when an employee is forced to choose between personal interests and his/her duty to the Company or a customer. Should any employee by inadvertence find themselves in such a situation, it must be reported to a senior officer of the Company.

DAILIES/BOOKS/SOLDS

Hot sheets, Dailies, and MLS Books and Solds are not provided by the office.
You are at liberty to subscribe to any of the above material by contacting the Administrator. All costs are automatically billed to you on your monthly business expense statement.

REAL ESTATE BOARD TERMINAL

A computer terminal is provided in the office for your convenience. This terminal is for the express purpose of interfacing with the real estate board computer, and any other use of this terminal is strictly prohibited. It is unequivocally prohibited for any associate to change any settings on this terminal or gain access to the programs and/or function keys. Please use it properly, and if in doubt about use, contact the Administrator or Manager to arrange training.

Any sales associate who wishes the use of a private terminal at home will be permitted to do so by the company, upon proper registration with our real estate board and provided that the associate pays the monthly line cost. Any unregistered use of a real estate board terminal is illegal!!. Unregistered use jams the office terminal and restricts its use by everyone else. Consequently, we consider it a very serious breach of conduct. The real estate board holds you responsible for the use of your confidential member code. If your code becomes known to others, contact the real estate board for a new number.

MONTHLY BUSINESS INVOICES

The accounting office generates your monthly expense invoices and keeps track of all payments and any balance due.

Expense invoices will be distributed on or about the 5th of the month. Payment must be received no later than the 30th day of the month, or the next immediate business day following this date. If not payment is received then the balance will be deducted from your next transaction. This deduction will be included in the MEMO/ Commission breakdown worksheet.

In the event that there is a discrepancy or disagreement with an item on a monthly invoice, the bill in full must still be paid by due date. The exception would be if it were a simple error in transposing figures or arithmetic that can immediately be corrected. If the discrepancy involves credit for advertising, or some production work through a supplier, the amount must still be paid and when the company receives a credit from the supplier then a credit will be automatically made in the following month's invoice to you. The company will not be liable for errors between yourself and any supplier. This billing is a service only, and the company assumes absolutely no liability in such billings/orders to suppliers. Please pay all invoices and bills (including but not limited of Trend/MLS, EXIT Dues, License fees, and Board dues) in a timely manner. Should the staff at EXIT be required to contact you for payment and/or other information resulting from your lateness than a $20 administration fee will be assessed per incident.

In order to maintain optimum service and facilities in the office, it is very important that each sales associate take full responsibility to meet his individual obligations to the company according to his or her agreement. If you have any questions contact the Director of Corp. Accounting

ADVERTISING/PROMOTIONAL ACTIVITIES

Advertising and promotional activities are an important element of one's selling activity. Because it is such a high profile item, it is crucial that high standards of quality and strict adherence to the regulations of the various governing bodies and company policy are followed. Governing bodies include current rules and regulations of New Jersey Real Estate Commission. If unsure about your advertising message, please clear it with your Broker Associate Manager.

All promotional material, company advertising, business cards, and other advertising pieces MUST be approved before printing or mailing by your Office Manager. Unapproved advertisements will result in a fine of $100.00 per piece.

NEWSPAPER AND MAGAZINE ADVERTISING

Each sales associate, prior to the submission of any advertising, must provide to the office a copy of the listing, as well as a copy of any other form of advertisement for approval by management. In the rare case of a residential open listing the following minimum specific information must be submitted: address, price, seller name, telephone number, associates name, and in the case of a commercial open listing price, general geographical area, general description and type of property. If unsure about your advertising message, please clear it with your Office Manager.

All promotional material, company advertising, business cards, and other advertising pieces MUST be approved before printing or mailing by your Office Manager.

PROPERTY SIGNS

Immediately upon installing any property sign, contact the office by phone, memo, or in person, and provide the following minimum information: address, price, seller name and telephone number, and your name. In the case of commercial open listings: property address, price, general description and type of property, and your name. This will again ensure that inquiries are properly directed to you, and avoids the unprofessional embarrassment suffered by you and the company, when we can't identify or respond to a caller regarding one of our listings.

Please ensure that all signs are placed on the Seller’s property. Do not place our company signs on public or private property without appropriate permission as this could be subject to fines or other penalties.

Effective April 24, 2006, the township of Cherry Hill has passed an ordinance outlawing the use of “directional signs” and “open house signs” to advertise real estate property. (Standard “for sale” signs are still permitted to place on properties.) As a result, it is now a policy in Exit Realty of Cherry Hill that associates and representatives are not permitted to place any directional signs and open house signs in the township of Cherry Hill. The township of Cherry Hill has instituted a fine for this misdemeanor of $500 per sign. If you currently have any “directional signs” and “open house signs” in Cherry Hill, you must remove them immediately.

If you have any questions or concerns regarding property signs please contact the Director of Operations.

PROMOTIONAL PRINTED MATERIAL

Approved stock material produced by approved printing suppliers ordered by you does not require management approval.

All custom designed material must be approved by management in writing (or final proof initialled) prior to production, printing, and distribution. This ensures that it does not violate any regulatory body rules and regulations of the New Jersey Real Estate Commission.

All promotional material, company advertising, business cards, and other advertising pieces MUST be approved before printing or mailing by your Broker Associate Manager

CLAIMS / INDUCEMENTS

We must avoid making any claim, which we cannot back up by factual evidence. If you wish to make any kind of statement regarding your achievements or the company's performance, or capability, it must be approved by management.

IDENTIFICATION IN ADVERTISING/PROMOTIONAL MATERIAL

The company name, correct corporate logo, address, and identified phone number MUST appear in full in all advertising and in all promotional material. Also you must add the following disclaimer: “Each Office Is Independently Owned and Operated”.

NO SMOKING POLICY

In keeping with the trend towards health, the move of our society away from smoking as well as the recognition of the hazards associated with the inhalation of second hand smoke we have designated our premises as "NON SMOKING".

CHAPTER 5 - LISTINGS

NEW LISTINGS

As realtors we are liable for the accuracy of all details on the information sheet. The onus is on you, the sales associate, to correctly measure room sizes, to ensure the accuracy of all personal property that is and is not included, the correct taxes, property dimensions, and to observe the basic condition of the dwelling or buildings upon the property. Verify all factual information and try to obtain a copy of the survey, or taxes, and verify the mortgage. Do not fall into the trap of copying the information from an old listing. A professional verifies his or her own work. All new listing files are to be turned into your front desk administrator after the acknowledgement of the New Jersey Residential Listing Agreement.

LISTING BOARD

It is company policy that all listings - MLS, Exclusive, Open, Commission Agreement etc. are to be put on the board. Every associate should be proud to do so, but in case he or she doesn't, the staff is instructed to do so. No “Pocket” listing are allowed. DATA INFORMATION FORM

A data information form must be completed and submitted to our office. The office coordinator will check the data form for accuracy and completeness before entering the new listing into the MLS system. Changing the status of the listing must be completed as follows: fill out a MLS Trend status change form and turn it into your front desk administrator . This must be completed when a listing is pending, settled, expired/ extension, or active with contract. If you have questions or concerns, please contact the Director of Operations (Ext. 121) for more information.

NOTE: - ALL LISTINGS AND DATA FORMS MUST BE IN THE REAL ESTATE AGENCY’S HANDS WITHIN 24 HOURS OF THE SIGNING OF A LISTING AGREEMENT.

EXCLUSIVE LISTINGS

Use the real estate board’s exclusive listing form. Exclusives have no minimum time limit and they may be less than a 24-hour listing if you wish. Please contact the office secretary immediately upon taking an exclusive listing and provide her with details. It shall be noted in the appointment log including details regarding Broker cooperation. Where there are no instructions, it will be assumed that the listing agent will cooperate and all pertinent details will be made available to all brokers and their sales people. All sales associates employed by our company will of course have free access to all exclusive listings contracted in the company's name.

It is recommended that complete and total cooperation be given to other brokers at all times. It is in everyone’s best interest that we develop a reputation that will encourage broker participation on all our listings.

EXPIRIES

Should an office listing expire, the following policies shall be in effect.

If an associate determines that he or she will be unable to realist or extend a listed property, he or she may wish to refer the listing to another associate, provided that a memo to this effect is handed into the office for filing. If that new associate succeeds in extending or re-listing the property, the listing will be split 75/25 (25% to original agent), unless otherwise agreed to in writing.

An office expiry may be pursued as an "expiry". If advertised as For Sale By Owner “FSBO” it is open to all.

When a listing expires reception will, at the receipt of any inquires by any member of the public, be referred to the listing associate, unless there is a relisting by another office associate, in which case, it will be referred to the succeeding associate.

Any inquiries by another competitor's salesperson or Broker, will be answered as "off the market".

OFF THE MARKET

We require that the Seller sign a letter stating their wish to remove a property currently listed on MLS, from the MLS system. Another letter shall be required in order to reactivate the current MLS listing. During the listing period please do not ask a secretary to tell other agents/brokers that a listing is off the market without such a letter as it is a breach of ethics.

RELEASES AND ASSIGNMENTS OF LISTINGS

A release or assignment of listing will be processed only if agreed to by the listing associate, the Broker and the Seller.

CANCELLATION OF A LISTING

A definite bona-fide reason to cancel a listing is required before the company will approve a cancellation. Similarly, we would seek the agreement of a listing associate before any such cancellation. If the listing associate is agreeable, then we would provide a cancellation agreement, which carefully notes to the Seller that should a Purchaser who was shown the property during the period of this listing agreement, which subsequently resulted in a successful sale, then full commission shall be payable to the company.

Three copies of a cancellation agreement must be signed by the Seller, one of which he retains, one for our files and one to be provided to the real estate board.

CO-BROKING LISTINGS

The company allows sales associates to co-broke listings with other licensed realtors. However, please note that the real estate board does not recognize co-brokering of MLS listings. In the case of an MLS listing, one broker can take a listing on MLS, and provide a commission agreement to the co-broker. See management for further details.

CHAPTER 6 - OFFERS

ACCEPTED OFFERS-OUR LISTING

If you generate an accepted offer, please contact the office immediately and provide pertinent details so that we can update our listing file/appointment books. All showings will be stopped immediately as per the representative’s discretion.

All sales must be reported to the real estate agency within 24 hours of acceptance of the offer. Therefore, please have all pertinent details on Robert Rosenheim’s desk within 24 hours of the sale. Contracts will be written only by the staff at Exit Realty of Cherry Hill. Please deliver an Agreement of Sale Request form and all other documents pertaining to the sale to Robert Rosenheim in order to draw contracts.

DEPOSITS/TRUST FUNDS

Deposits are trust monies, which we hold in the company’s statutory trust/escrow account on behalf of Purchasers and Sellers. These are not our monies, and must be handled with care, and of course, are subject to stringent rules laid down by New Jersey Real Estate Commission and New Jersey Banking Association Laws. All escrows, deposits and trust funds, along with a copy of the agreement of sale, MUST be delivered to your office administrator within 24 hours of receiving the monies or signing the agreement of sale whichever comes first.

CERTIFIED DEPOSITS

A Deposit on an Agreement of Purchase and Sale acts as “Good Faith” and is referred to as “Earnest Money”. This money must be put into statutory trust within 48 hours of our receipt by law. A certified check or bank draft is the best method to verify intent on behalf of the buyer regarding a purchase. For the protection of the Seller a realtor should demand certified funds. With this in mind, it is the policy of this company to certify deposit checks in every circumstance possible. Inability to do so must be reported to management immediately. All escrows, deposits and trust funds, along with a copy of the agreement of sale, MUST be delivered to to your office administrator within 24 hours of receiving the monies or signing the agreement of sale whichever comes first.

CASH DEPOSITS

It is not the responsibility of this office to provide security for Cash Deposits. The sales force is hereby instructed to inform all cliental to provide either personal check or certified check for their escrow payment. All escrows, deposits and trust funds, along with a copy of the agreement of sale, MUST be delivered to to your office administrator within 24 hours of receiving the monies or signing the agreement of sale whichever comes first.

INTEREST BEARING DEPOSITS

The company can only accept interest bearing trust deposits provided that the deposit is a minimum of $10,000.00 and that the minimum length of time is 45 days from time of deposit, and that it is requested in writing by the Purchaser, and agreed to by the Seller. Under existing regulations the Purchaser’s Account number must be included on the offer if interest on the deposit is requested.

LISTINGS AND COMMISSIONS

Listings are a direct function of making sales and are considered to be “stock on the shelf” at EXIT. Every effort should be made to take MLS Listings at 6% commission or more. EXIT is a full service company and we believe in charging full commission accordingly. It is understood that negotiation concerning commissions is periodically necessary in offer presentations and we expect our sales force to use the utmost in strategy and shrewdness whenever this occurs. Our sales representatives, however, should diligently insist that the listing agreement display a full commission with 3% paid to outside brokers, so that maximum activity is generated at all times.

DISCOUNTING

EXIT Realty is not a discount brokerage and at no time should discounted commissions be advertised or promoted in any way. Should a commission be reduced in negotiations by our sales force for whatever reason, full disclosure in writing of such must be reported to the Director of Operations immediately upon execution.

In order for Exit Realty to stay financially sound, the company operates based on a minimum of a 3% fees being retained by all Exit Realty of Cherry Hill transactions. If fees are reduced, Exit Realty of Cherry Hill will collect the full 30% brokerage fee based on a 3% commission fee or greater regardless of fee being charged. We encourage all agents to attend training. We realize that by taking a higher fee it is truly better for the client. Our recommended fees are as follows:

1. Residential Sale – 6.25% - 7%
2. Multiple Family – 7.25% - 9%
3. Land and Lots – 8% - 12%
4. Commercial – 9% - 14%

If you have any questions or concerns feel free to contact your Office Manager.

RELEASES/TERMINATION OF AN ACCEPTED OFFER

Releases/Termination of any accepted offer must be agreed to by all parties to the transaction, duly signed and witnessed before the company can release any deposit monies.

If not agreed to by all parties to a transaction, the company shall not release any trust funds. If there arises a legal dispute between the parties, and one party exercises its legal rights in a court of law, the company will transfer the deposit monies to the court where applicable.

OFFER POLICY

All offers must be approved by the your Broker Associate Manager prior to being typed and faxed.

If a commercial property offer is not written on a standard REAL ESTATE BOARD offer form, using standard clauses, then it is company policy that the offer must be approved by the Seller’s attorney prior to presentation or alternatively. the offer must be contingent upon the Seller’s attorney’s approval. You must advise your Seller (your principal) of this recommendation also and in the event that the Seller wishes to waive this right, then you must present him (or her) with a waiver or disclaimer for signature. (A standard waiver form will be available from the Broker.)

AGENCY

Agency relationships and the laws governing them are a science not to be ignored. All Sales Staff must be well educated in all facets of the latest laws and policies governing such disclosures. At all times and at first contact agents must disclose that he/she is acting in an agency capacity and will do so on the prescribed forms as supplied in the office.

CHAPTER 7 - SALES POLICIES

ABSENT SALES ASSOCIATE (SALES ASSOCIATE UNAVAILABLE)

It is incumbent upon each and every sales associate to notify reception of where he/she may be reached at any given time. Should a sales associate be unavailable (for 1/2 day, a day or weekend), please ensure that reception is aware of this fact.

Should a sales associate be unavailable for more than a day, it is office policy that another sales associate be appointed to represent his or her business affairs during this absence. (See Substitute Sales Associate). If this is not done, and the sales associate cannot be reached in a reasonable period of time, the Broker reserves the right to arrange a substitute should it become necessary. The compensation in such a case will be as follows:

a) Presenting a Registered Offer on our listing - 25% referral to presenting sales person.

b) To take a caller's listing 50% referral (does not include re-listing).

ARBITRATION / ETHICS

If there arises a dispute between two associates within the company, please do not discuss this problem with your fellow associates. This seldom solves the problem, and may create confusion, bad feelings and misunderstandings.

Management is available for consultation and will discuss the problem with the associate in question. Usually disputes can be settled amicably and quickly in this manner, before things get out of hand.

If the dispute is serious, the Manager will arrange meetings to hear both sides of the story, and may ask that your side of the story be in writing. The manager reserves the right to verify all information given, and will make a decision accordingly.

If one party remains unhappy with the decision, there is a final alternative, which is binding arbitration. Both parties select one sales associate each to an arbitration committee, and both agree to a third. Arbitration rules of the Real Estate Board shall prevail.

FINES / PENALTIES / LITIGATION

If there are any fines, penalties, and/or lawsuits levied against Exit Realty, the Sales Representative that was the cause of any action that resulted in financial loss will be fully responsible for payment of these fines, penalties, and/or lawsuits.

COMPLAINTS

A) ANOTHER BROKER COMPLAINT:

If a broker complains about the conduct of one of our sales associates, management will do its best to defuse the situation and try to contain the problem so that it does not have to go to the real estate board’s arbitration or ethics committee.

If our sales associate is in the wrong, he or she can expect to be reprimanded in line with the seriousness of the complaint.

B) OUR SALES ASSOCIATE'S COMPLAINT RE: CONDUCT OF ANOTHER SALESPERSON OR BROKER:

If you have a problem with another salesperson or broker, please discuss it with your Broker. Depending upon the seriousness, the Broker may wish, with your approval, to contact the salesperson directly, the salesperson's broker or manager, or lodge a complaint with the real estate board’s ethics/arbitration committee.

DISCLOSURES

If you act as a Purchaser or Seller, you are required to disclose in writing that you are a licensed real estate salesperson (or broker). This disclosure must be made prior to presenting or receiving an offer, and it must be acknowledged by the Seller and Purchaser.

Please note that disclosures must be made whether you have an indirect interest in a property, or if you are an officer, director or shareholder of a private company who is buying or selling a property. If you are buying In Trust - ensure that you have an agreement signed by your "client" - otherwise you could be 100% responsible for any damages suffered by the Seller.

COMMISSIONS

GENERAL - Commission checks are paid out usually within 3 business days after the agent has signed the MEMO statement breakdown.

In the event that the deposit held does not cover the full commission, then the company reserves the right to withhold processing until full payment is received. If the remaining balance is not received by the end of the second week the company will actively begin to seek out the remaining balance. NOTE: Some companies often take up to three weeks to pay out other brokers. Pro-rated payment shall be only be considered by management if the balance owing to us will be unduly delayed or difficult to obtain. To protect the interests of the Seller as well as to ensure quick payment to you upon closing, make efforts to ensure that, the deposit is sufficient to cover the full commission.

PURCHASE/SALE OF PRIMARY PROPERTY

All Sales Representatives are permitted to sell/purchase one primary residence per calendar year. All other sales/purchases will follow the “PURCHASE/SALE OF INVESTMENT PROPERTY” paragraph and guidelines.

If a Sales Representative elects to sell their personal property, it MUST be listed through Exit Realty of Cherry Hill/1st United Realty. The following regulations MUST be strictly adhered to. Agent must take a minimum commission on the Listing Side of 2% and coop a minimum commission to the Selling Side of 3%. However, Exit Realty recommends that you coop 3.25%. If the transaction is Dual Agency then the minimum commission MUST be 5%. Sales Representative will pay all regular fees directly out of the commissions. The Agent will be paid on the regular 70/30 commission spilt unless the agent is on the 90/10 split. Furthermore, Agent must provide Exit Realty of Cherry Hill/1st United Realty with ALL of the documentations regarding the sale of property. Agent must also hire a Sales Representative to negotiate any and all offers brought in on the property (Fee for this service is negotiable between agent and seller).

A Sales Representative MUST purchase their personal property through Exit Realty of Cherry Hill/1st United Realty. (This includes but is not limited to New Construction and FSBOs) Sales Representative will pay all regular fees directly out of the total commissions collected as outlined in the agreement of sale. The Agent will be paid on the regular 70/30 commission spilt unless the agent is on the 90/10 split. However, they MUST provide Exit Realty of Cherry Hill/1st United Realty with ALL of the documentations regarding the sale of property.

PURCHASE/SALE OF INVESTMENT PROPERTY

If a Sales Representative elects to sell their Investment property, it MUST be listed through Exit Realty of Cherry Hill/1st United Realty. The following regulations MUST be strictly adhered to. Agent must take a minimum commission on the Listing Side of 3% and coop a minimum commission to the Selling Side of 3%. However, Exit Realty recommends that you coop 3.25%. If the transaction is Dual Agency then the minimum commission MUST be 6%. Sales Representative will pay all regular fees directly out of the commissions. The Agent will be paid on the regular 70/30 commission spilt unless the agent is on the 90/10 split. Furthermore, Agent must provide Exit Realty of Cherry Hill/1st United Realty with ALL of the documentations regarding the sale of property.

A Sales Representative MUST purchase investment properties through Exit Realty of Cherry Hill/1st United Realty. (This includes but is not limited to New Construction and FSBOs) Sales Representative will pay all regular fees directly out of the total commissions collected as outlined in the agreement of sale. If Agent is purchasing New Construction then the total commission, as outlined in the agreement of sale, will be collected and disbursed according to normal commission procedures. The Agent will be paid on the regular 70/30 commission spilt unless the agent is on the 90/10 split. However, they MUST provide Exit Realty of Cherry Hill/1st United Realty with ALL of the documentations regarding the sale of property.

REFERRALS

Referrals are big business at any office. It is not uncommon, given the caliber of our people, that an associate may at times find themselves overburdened with more buyers than can be reasonably serviced. It is profitable for everyone concerned that you refer these "extra buyers" for "extra dollars" to an associate in our office who is not quite so busy. The same goes for a Seller that you feel you cannot handle efficiently.

At EXIT a 40% referral fee for a listing and a 25% referral fee for a purchase is standard. However, if you co-list a property but still want to be involved in some of the work, then a 50% co-listing arrangement is usual.

Company policy and legislation dictates that commissions are payable only to licensed salespersons within the company or to other brokers.

SUBSTITUTE SALES ASSOCIATE

Whenever a substitute sales associate handles the business affairs of an absent associate, the following compensation guidelines are suggested.

It is hereby agreed between "X" (sales person to be absent) and “Y” (sales person handling "X's" business) as follows:

1. "Y" will receive 25% of any of my listing ends that sell provided it is some other salesperson's offer.

2. “Y” will receive 75% of the selling end of one of my Purchasing Clients, if I have not worked with them previously.

3. "Y" will receive 50% of the selling end of one of my purchasers if I have spent a certain amount of time with them, showing homes.

4. “Y” will receive only 25% of the selling end of one of my purchasers, if I have previously shown then the particular house that they buy.

5. "Y" will receive 25% of any new listing from one of my referral or previous clients.

6. "Y" will receive 50% of the selling end of a purchase by a current seller of mine, who buys during my absence, or is shown a home by "Y" and buys it upon or just after my return.

7. If "Y" has to deal with a previously signed Agreement of Purchase and Sale that is in jeopardy and does all things necessary to keep the transaction alive, he/she will receive.

(a) a minimum of 25% of the listing commission (if negotiations involve only the Seller).
(b) a minimum of 25% of the selling commission (if negotiations involve only the Purchaser).
(c) a minimum of 25% of the total commission (if both listing and buying sides) if negotiations involve both the Seller and Purchaser.

It is advisable to all associates that a written agreement be made and signed by all parties. All agreements must be in writing and a copy must be submitted to management prior to settlement.

SPONSORING

Management will have final approval for all new recruits. Sponsoring is an assistance program that enhances the recruiting process. It is understood and agreed that management retains all rights regarding screening in this regard in order to maintain the goals, reputation and integrity of this operation. At no time should it be taken for granted that a new recruit(s) will be hired into our company until management gives full approval. This is for the good of not just this franchise but for the entire EXIT System.

If any associate and/or representative sponsors their spouse into Exit Realty of Cherry Hill/1st United Realty, then the management at Exit Realty of Cherry Hill/1st United Realty shall have the right to equally divide the transactions between both parties. All transactions shall be split equally between both names as per the management at Exit Realty of Cherry Hill/1st United Realty.

The giving to management of a business card, the name, or any written or verbal suggestion regarding a potential new recruit does not constitute sponsoring. It is necessary that management be introduced to the new recruit by the sponsor whereby all initiation is executed by that sponsor. It is also understood that the new recruit must acknowledge in writing immediately upon license transfer the name of the sponsor(s). If no sponsor is named directly therein, then management becomes the sponsor as per the EXIT Formula. The Sponsoring process at EXIT is unique to the industry and it is expected that it will be conducted in a professional and ethical manner. It requires salesmanship, diligence, and persistence and the residual rewards are substantial. It is expected that all of our EXIT Associates treat this recruiting process as an integral part of our business and that all parties be held in high esteem and be treated with courtesy, fairness and positive intent accordingly.

SALES MEETINGS

From time to time management will organize and conduct sales meetings. It is expected that you book this time as an appointment and that you participate in all such group sessions. You will be notified well in advance and your full co-operation is expected. The policies, procedures, direction and motivation of this operation must periodically be dealt with in a group function and your attendance helps to guarantee our complete success in this regard.

PERFORMANCE REVIEW

We expect all of our sales associates to develop systems and plan with the intent to be productively successful. It is part of management’s job to monitor this and to be of assistance whenever possible. From time to time interviews will be arranged with the sales representatives regarding performance. This will include all of the functions of the sales representative’s responsibilities ranging from ability to canvass for business, generate listings, make presentations, closing abilities, price reductions, advertising, etc. This is done to enhance productivity, and therefore full co-operation is appreciated.

CORPORATE OBJECTIVE

EXIT Realty Corp. International has established standards that all EXIT Sales Associates target to achieve a minimum of 12 active listings held in stock at all times and that 2 sales and 3 listings per month are a prerequisite for good achievement. Anything less than this is to be considered unfinished business. This is an excellent corporate objective and every effort will be made by management to assist you in this regard. It is our absolute intention to be the very best Realtor in the business and our ability to achieve these goals will help us to be totally successful in achieving our goal.

EXIT AWARDS SYSTEM

For the purpose of Trophy and Award Designations, the EXIT International production year for our sales force is calibrated from July 1st to June 30th of each year. In this way each salesperson has the benefit of finishing their year with the help of the spring market.

The awards are based on closed transactions only, which must be verifiable by transaction record sheets. The EXIT Annual Convention is held in October each year and this includes the award presentations. This timing is perfect because it removes the problem of the sales force having to attend the event in the middle of the spring market. This Convention is EXIT Realty Corp. International’s major corporate event of the year and every effort should be made to be part of this gala.

For information about our International, Regional and local Year End Holiday Events & Awards please contact the Director of Operations.

You will be notified well in advance and our team spirit thrives on full participation by the entire group. That is what EXIT is all about and that is why you are expected to take part in these events. It is a fabulous experience and well worth the effort.

PROCEDURES FOR REPORTING-IDEAS, SUGGESTIONS, PROBLEMS, & COMPLAINTS

Management is anxious to increase our efficiency, and level of service and productivity. For that reason we urge you to voice your ideas, suggestions, problems or complaints directly to the Broker of Record.

In the case of a minor complaint or staff-related issue/problem you may bring it to the attention of the Director of Operations.

LEAVE OF ABSENCE

Any sales associate requiring an extended period of time off should make arrangements with management beforehand.

CHAPTER 8 - COMMISSION TRUST

COMMISSION TRUST

1. Definitions:

In this section the following words, unless otherwise specifically defined in this Office Policy Manual or in the Commission Trust Agreement, shall have the following meaning:

(a) “Selling Broker”, shall for the purposes of this Chapter 8, include the Selling Broker or other sub-broker, as the case may be, who is entitled to the Commission Trust Amount pursuant to a Commission Trust Agreement.

(b) “Commission Trust Agreement” means the agreement in the form attached as Schedule “B” to the Sales Representative Contract.

(c) “Commission Trust” has the meaning ascribed to it in Schedule 3 of the Sales Representative Contract.

(d) “Commission Trust Amount” in any transaction shall be the Commission Trust Amount indicated on the Commission Trust Agreement for that transaction, provided that if no such amount is indicated on the Commission Trust Agreement, the Commission Trust Amount shall be calculated in accordance with the most recently published commission schedule.

CHAPTER 9 - SUMMARY

GENERAL

It would be impossible for any organization to create written policies that adequately covers co-operation and goodwill, and what it takes to protect professionalism and competence. Rather it is created through the attitude and conduct of each and every employee and associate.

BUILDING GOOD WILL

It is a fact that business courtesy, applied to a trivial matter here and to another trivial matter elsewhere, builds up rapidly, until each member of the organization succeeds in presenting the firm to the general public as a going concern composed of men and women of competence and ability.

In a deeper sense, true courtesy materially contributes to good will and respect, that most precious possession of any man or any business. Good will and respect is the cornerstone, not merely of business, but of all civilized relationships.

The good will and respect created by those who have served the firm in the past, added to that of those who serve now, is a business asset which most businessmen rate highly. More importantly, it is a personal asset of immense value to each of us though difficult to measure in terms of dollars.

INTER-OFFICE CO-OPERATION

Nothing is so important as harmony, loyalty and friendly co-operation among the sales representatives in the same office. Misunderstandings must be settled immediately. Grudges must not be allowed to continue as they will interfere with the sales representative's best efforts and productivity.

If each sales representative practices the "Golden Rule" with all other sales representatives in the office, few misunderstandings should arise. If each will respect the other's right to develop prospects and will help the other without thought of a commission split, his efforts will be reciprocated. This is the ideal situation. All will make more money and there will exist harmony and good will.

In order to receive co-operation from other sales representatives and in order that all might be in a better position to give it, each sales representative should openly discuss his prospects and the types of properties in which he thinks they are most interested. If a representative discusses his problems, other sales reps will probably think of some property that he can show to his prospect. The sales rep suggesting a property should not expect the sales rep with the prospect to cut him in. He should expect only that the other sale representative will make a reciprocal suggestion to him, which will result in more sales for all concerned.

NON-LICENSED ASSISTANTS

1. Assistants must not represent themselves as agents. This includes direct involvement in any activity that requires a real estate license, such as, canvassing, sitting at open houses, showing properties or presenting offers, waivers, amendments, etc.

2. Assistants may perform certain administrative functions that do not involve dealing with the public in a capacity that requires a real estate license. They must answer the phone as your assistant, for example, "Good Morning this is George Smith's assistant. May I help you?"

3. Assistants may have access to our offices with the clear understanding that any and all information "gained" by them is strictly confidential.

4. Assistants may use the equipment provided to you (other than the secretary's equipment) as agents with the understanding that they will treat it as you would.

5. Should an assistant be on the real estate board computer, they can be asked to make way for a licensed agent with 5 minutes notice.

6. Assistants should dress professionally and conduct themselves at all times so as to represent a true professional image that we all strive to maintain.

7. Assistants should be asked to keep personal calls and visitations to an absolute minimum.

Management reserves the right to review the impact that assistants will be making on our daily cost of operation. Should we find it necessary, a fee for each assistant that utilizes our services may be imposed.


OPEN HOUSES

No one shall hold an open house other than a licensed real estate agent. All associates MUST follow the rules and regulations according to the Municipality that the Open House is being held in.
 

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IF YOU HAVE ANY QUESTIONS OR CONCERNS REGARDING THE OFFICE POLICIES AND PROCEDURES CONTACT THE BROKER OF RECORD AND/OR THE DIRECTOR OF OPERATIONS.