Information about http://www.abr.org/library/docs/abr/mdc/rules.pdf
ATLANTA BOARD OF REALTORS, INC. …
Tags: administrative functions, atlanta board, board membership, board of directors, board of realtors, calendar year, club membership, december 31, dollar club, effective date, full calendar, january 1, licensees, membership requirements, membership rules, negotiating contracts, new homes, realtor, team applicants, team members,Pages: 11
Language: english
Created: Tue Jun 24 08:51:50 2008
Display cached document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
ATLANTA BOARD OF REALTORS, INC.
2009 MILLION DOLLAR CLUB
MEMBERSHIP RULES & REQUIREMENTS
I. Definitions
1. "Qualifying Year" shall be defined as a full calendar year beginning January 1 through
December 31, 2008.
2. "Membership Year" shall be for the full calendar year immediately following the
"Qualifying Year".
3. "Effective Date of Membership" shall be:
a. The date the application for REALTOR membership is received in the Board office
provided all Board membership requirements have been fulfilled. This includes, but
is not limited to:
a. attending orientation, if required, within a period of six (6) months from the date
the application for REALTOR membership is received by the Board office and,
b. approval by the Board of Directors.
4. "Individual" applicants shall have no licensees working for the applicant showing
property, writing offers, making listing presentations, making buyer presentations,
negotiating contracts or performing administrative functions on behalf of the applicant on
a regular basis during the qualifying year which is paid either directly or indirectly by the
applicant.
5. "Team" applicants shall be defined as those applicants having one or more licensees
working for the applicant at any given time during the qualifying year showing property,
writing offers, making listing presentations, making buyer presentations, negotiating
contracts or performing administrative functions on behalf of the applicant on a regular
basis which is paid either directly or indirectly by the applicant.
6. "Team Members" shall be defined as those licensees working for a Team applicant at any
point during the qualifying year.
7. "New Homes" shall be defined as applicants that have at least 75% of the total volume
credit resulting from the "listing side" of the sale of new homes.
II. Membership Requirements
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 2
1. Any employee or independent contractor who is both licensed under the Georgia Real
Estate Commission and a REALTOR member in good standing of the Atlanta Board of
REALTORS and has not applied, nor is a member of another Board of REALTORS'
Million Dollar Club, for the current year is eligible for membership. Only applicants
receiving commissions are eligible for membership.
2. To qualify, an individual must fulfill the following requirements:
a. Produce new business in the amount of or in excess of $2,000,000 during the
qualifying year.
a. Only transactions closed after the effective date of membership in a Board of
REALTORS will count as Million Dollar Club volume. The effective date for
counting volume will be the date the Board office receives the application for
Board membership provided the applicant fulfills all Board membership
requirements, which include attending indoctrination and receiving Board of
Directors approval, within a period of six (6) months from the date the
application for Board membership is received by the Board office.
b. At the discretion of the Team applicant, Team Members that leave their Team
during the year, have the ability to count their volume produced with the Team,
as long as the volume is not also included on the Team application. (The broker
must still certify the volume credited to the transferee.)
b. Completed application must be in the Board office, located at 5784 Lake Forrest Dr.,
Atlanta, GA 30328, no later than 5:00 P.M. Thursday, January 15, 2009.
Postmark dates are not accepted. Any application received after said time and date
will be automatically rejected regardless of reason.
c. Must be a member of the Atlanta Board of REALTORS at the time of election and at
the time of presentation of awards. The time of election is the date which the Board
of Directors of the Atlanta Board of REALTORS approves membership in the
Million Dollar Club.
d. MDC Application must be approved by the Board of Directors of the Atlanta Board
of REALTORS.
e. Dues payments for applicant and applicant's Designated REALTOR must be paid in
full and a signed dues certification letter must be on file at the Board office in order
for the application to be considered.
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 3
f. As in the case of all organizations sponsored by the Atlanta Board of REALTORS,
membership in the Million Dollar Club shall be contingent upon membership in good
standing in the Atlanta Board of REALTORS. If, for any reason, a member of the
MDC ceases to be a member of the Atlanta Board of REALTORS, his/her
membership in the Million Dollar Club is automatically terminated. A LIFE member
who ceases to be a member of the Atlanta Board of REALTORS shall have no vote
or voice in the Million Dollar Club.
III. Application Requirements
a. Application must be submitted on official form provided by the Board. Photocopy of
blank forms are acceptable, and computer forms will be accepted if they are exact
duplicates of the Board form. No FAX copies will be accepted.
a. Applicants with total Million Dollar Club Volume exceeding $7 million dollars
must provide the detailed transaction pages along with the signed, completed
application.
b. Applicants that were not REALTOR members for the entire "Qualifying Year"
(i.e. they joined the Board as a new REALTOR during 2008) must provide the
detailed transaction pages along with the signed, completed application.
b. The REALTOR/Applicant and the Designated REALTOR of the firm must certify to
the truth of all statements on the application.
a. Letter(s) of Certification must be signed by the Designated REALTOR of the
firm with whom the REALTOR/Applicant is/was affiliated at the time the
reported transaction occurred. The Designated REALTOR may authorize another
REALTOR in his firm to sign the certification provided this authorization is in
writing and on file in the Board office prior to filing this application.
b. This assignment of authorization in no way relieves the Designated REALTOR
from responsibility of certification of this application. If applicant's transactions
are reflected by different companies, the applicant's current Designated
REALTOR and previous Designated REALTOR must each sign a letter of
certification.
c. Payment for the appropriate application fees shall be provided with each application.
d. Teams shall submit a Team Application reflecting the total MDC volume credit
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 4
produced by the entire team and should not deduct the volume of any team
member(s) that is(are) also listed on the MDC application.
a. The application will require all of the standard information to be submitted (as
defined in Section III, 1-3) along with additional areas for the team name,
cumulative total of the team MDC credit and the maximum number of team
members (licensees) at any one time during the year.
b. In addition, the application will include a section for the applicant to list every
single team member that has worked with the team during the year. Each team
member's name, license #, starting date with the team and ending date will be
required.
c. For Team Members that are applying for MDC credit:
i The Team will be required to include the appropriate eligible MDC volume
next to the Team Member's name on the Team application. The Team
Member's volume will be calculated using the current MDC guidelines
applicable to all applicants.
ii The application fee must be submitted for the Team and each Team Member
that is applying for MDC credit.
iii The Team Member's volume submitted will not be used in any way other
than for the Board to certify whether the Team Member has qualified and will
allow the Team Member to earn a year of recognition that can be applied to
future qualifying for Life, Phoenix, Crystal Phoenix, etc.
iv Public recognition will be provided to the Team Member in all media under
the heading: "MDC Team Member". Team Member's will be listed
alphabetically with the applicant's name, company name, and team name.
The Team Member's volume will not be included in any public recognition.
IV. Audit
1. Applications with Volume Credit less than $7 million
a. An audit will be performed for all applications with Volume Credit that does not
exceed $7 million dollars. The applicants will be selected at random from the pool of
all applications with emphasis on including at least one applicant from each office.
Applicants that have been selected for a random audit in each of the two preceding
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 5
years shall be exempt from a third consecutive audit.
b. Those applicants selected for the random audit will be required to submit page 1 & 2
of the HUD statement along with the signature page of the contract for each
transaction included in the MDC volume credit submitted.
c. Failure to submit this information in a timely fashion, may result in the application
being denied for membership.
2. Applications with Volume Credit equal to or exceeding $7 million
a. 20% of the applications equal to or exceeding $7 million dollars will be selected at
random.
b. The applicants selected will be required to submit page 1 & 2 of the HUD statement
along with the signature page of the contract for each transaction included in the
MDC volume credit submitted.
c. Failure to submit this information in a timely fashion, may result in the application
being denied for membership.
V. Computation for Volume Credit
1. For Sales, the amount of the purchase price shall be credited or in the event there is no
fixed or stipulated purchase price (as in the case of an exchange of properties), then the
values used to determine the commission shall be the amount credited. The effective date
for volume credit for sales shall be the date on which title is passed.
Exception: In the case of a building contract, the effective date for credit for the lot is
when title is passed, provided a commission is paid at that time. In the event there is no
closing statement, for the improvements thereon, the effective date for credit is at the
time commission is paid, proof of which is a copy of the commission check.
2. For Leases, the amount of the gross aggregate rental called for in the original term of the
lease shall be credited. Credit shall be allowed for renewals, expansions, and exercise of
options for renewals. However, credit shall be allowed only upon actual renewals for the
year in which such new term applies.
a. If a lease contains an option to purchase at any time during the lease, the amount of
the gross aggregate rental as prescribed above, shall be the amount credited. If the
option to purchase is exercised during the term of the lease, then additional credit
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 6
may be claimed in the year of closing if the purchase price is greater than the credit
previously claimed. Such additional credit shall be limited to the difference, if any,
in the purchase price and the credit previously claimed. If an option to purchase is
exercised after the specified term of the lease, then the amount of the purchase price
may be claimed as full credit in the year of closing.
b. If a lease allows either the landlord or tenant, or both, to terminate the lease prior to
the stated expiration date, then the credit allowed shall be limited to the first date
either (or both) parties have the right to terminate. If, however, the lease is not
terminated, then the applicant may use the then remaining firm term of the lease for
credit in the year the right to terminate is not exercised. If a lease contains more than
one option to terminate, then each such period shall be treated in a like manner.
c. For Cashed Out Leases: full credit shall be given for the face value of the total rental
to be paid over the firm term of the lease. These leases shall not be discounted, but
shall be subject to the same treatment for cancellations and renewals as mentioned
above.
The effective date for volume credit for leases shall be the date of occupancy or the
beginning date of the rental period, whichever comes first.
3. Co-Op Sales: If more than one brokerage company participates in any one sale or lease,
the volume credit allowed for qualification will be in direct proportion to the division of
the commission as stated in the closing statement. For example, if one firm received
52% of the commission and the other 48% - the volume credit to the
REALTOR/applicant will be in the same proportion.
a. If more than one individual within the same firm actively participates in any sale or
lease, the volume credit allowed for qualification shall be in the same proportion as
the percentage of the transaction claimed by the individuals. For example, if two
agents split a transaction 50/50, each would receive 50% credit, if each agent is paid
a commission by broker based on the percentage of transaction claimed. (Actual
dollar amount of commission paid to individual agent may vary due to internal
commission levels)
4. Referral fees from/to another brokerage company: No volume credit shall be allowed for
referral fees received from another brokerage company. Likewise, no deduction in
volume credit is required for referral fees paid by applicant's broker to another brokerage
company.
5. Syndication: Where a REALTOR/applicant sells shares of ownership in property
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 7
through Syndication, the volume credit allowed shall be in the same proportion to the
whole as the percent of ownership which that salesperson sells in the syndication
transaction.
6. Full Credit will be allowed in the year of closing of a transaction where an installment
commission exists.
7. When a Broker/Agent Takes an Ownership Position in a sale for credit toward qualifying
for membership in the Million Dollar Club, he shall be penalized to the extent of the
ownership interest taken. Where a broker/agent has an ownership position in a sale or
lease for credit toward qualifying for membership in the Million Dollar Club, he shall be
penalized to the extent of the ownership position in the sale or lease.
8. Where a broker/agent submits a fraudulent application, including, but not limited to,
failure to disclose his ownership position, he will be automatically disqualified and then
reported to the Professional Standards Committee for action.
9. Broker Commission: Any commission earned in the capacity of a broker cannot be
credited unless the broker gets part of what would normally be considered the agent's
commission, and is hereby acting in a capacity similar to a cooperating agent. In such
cases, the credits shall be prorated as is the commission. All credits go to the person
acting in the capacity of an agent.
10. No Credit Shall Be Allowed for any transactions in which a fee is collected and such fee
is not contingent upon the actual closing of the transaction. No credit shall be allowed
for appraisals, evaluations and consultations of any kind, regardless of the purpose.
VI. Transaction Definitions
1. Applicants volume will be categorized by the following property definitions
a. Residential
a. Any improved property zoned residential up to and including, but not exceeding
four (4) units per transaction.
b. A single transaction involving no more than five (5) unimproved subdivided
building lots, which are zoned residential.
c. Non-subdivided land, not to exceed 20 acres, which has as its existing or best
use, residential.
b. New Homes - Any improved property zoned residential up to and including, but not
exceeding four (4) units per transaction and is newly constructed.
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 8
c. Commercial - Any transaction that is not residential.
The combined total volume will be shown on the individual's MDC certificate, in
multiples of one million dollars. The transaction is recognized in the category of the
zoning at the time of closing.
VII. Membership Categories
1. Member - One who has been elected to the Atlanta Board of REALTORS' Million Dollar
Club for the year immediately following his qualifying year.
2. Life Member - One who has been elected to membership in a Board of REALTOR'S
Million Dollar Club for three consecutive years or ANY five years.
For purposes of denoting membership in the Million Dollar Club on individual business
cards and any other printed matter, it will be acceptable to use the term "Life Member",
where applicable. All other members must precede the word "Member" with the year of their
membership in the Million Dollar Club. (i.e. 2009 MEMBER).
Applicants may transfer Million Dollar Club credit years awarded in another Board of
REALTORS to apply toward award recognition with the Atlanta Board of REALTORS
Million Dollar Club. Applicant must submit verification of years transferring from other
board signed by the Executive Officer. Applicants must meet all requirements as set forth in
these rules and must be accepted into current Million Dollar Club in order to be awarded the
level of recognition for which the applicant has applied.
VIII. Awards
1. Top Producers Categories - Only the Executive Committee of the Million Dollar Club
and the staff of the Atlanta Board of REALTORS shall know the identity of the Top
Producers in each category prior to the announcement at the banquet.
a. New Homes
b. Individual
c. Team - Small Teams with 2 to 3 licensees. (including applicant)
d. Team Large Teams with 4 or more licensees. (including applicant)
The number of team members for Team Small and Team Large will be
determined by the highest number of team members at any given time during the year
that contribute to the total volume of the team.
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 9
Recognition will be provided to the Top 5% of the applicants in each of the four
categories with no less than ten (10) applicants being recognized in any one category.
Only the Top 10 in each category will be recognized on stage the evening of the banquet.
In order to be recognized as a Top Producer in any category, no more than 25% of the
total volume credit may be defined as Commercial.
2. Phoenix Award - The Board has established the Phoenix Award to be presented to
members of the Million Dollar Club who have qualified for any ten (10) years in a Board
of REALTORS Million Dollar Club. The cost of the plaque will be paid for by the
Million Dollar Club Committee; however an optional award of a Frabel can be paid for
by the member. Current year Phoenix Award winners will receive special recognition.
3. Crystal Phoenix Award - The Board has established the Crystal Phoenix Award to be
presented to members of the Million Dollar Club who have qualified for any twenty (20)
years in a Board of REALTORS Million Dollar Club. The cost of the plaque will be paid
for by the Million Dollar Club Committee; however an optional award of a Frabel can be
paid for by the member. Current year Crystal Phoenix Award winners will receive
special recognition.
4. Silver Phoenix Award - The Board has established the Silver Phoenix Award to be
presented to members of the Million Dollar Club who have qualified for any twenty-five
(25) years in a Board of REALTORS. The cost of the award is to be paid by the Million
Dollar Club Committee. Current year Silver Phoenix Award winners will receive special
recognition.
5. Gold Phoenix Award - The Board has established the Gold Phoenix Award to be
presented to members of the Million Dollar Club who have qualified for any thirty (30)
years in a Board of REALTORS. The cost of the award is to be paid by the Million
Dollar Club Committee. Current year Gold Phoenix Award winners will receive special
recognition.
6. Platinum Phoenix Award - The Board has established the Platinum Phoenix Award to be
presented to members of the Million Dollar Club who have qualified for any thirty-five
(35) years in a Board of REALTORS. The cost of the award is to be paid by the Million
Dollar Club Committee. Current year Platinum Phoenix Award winners will receive
special recognition.
7. Certificates Each qualifying applicant shall receive a certificate stating that he/she is a
member of the Million Dollar Club for that membership year and shall further state that
this membership is in recognition of personal negotiations of sales and leases during that
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 10
qualifying year stating the level achieved in multiples of one million dollars.
IX. Million Dollar Club Committee
1. The Million Dollar Club of the Atlanta Board of REALTORS has been established and is
sponsored by the Atlanta Board of REALTORS. All actions of the Club shall be subject
to approval of the Board of Directors of the Atlanta Board of REALTORS. The Board of
Directors of the Atlanta Board of REALTORS further reserves the right to modify and
amend the rules and regulations of said Club from time to time and/or to dissolve the
Club at its discretion. It shall be the duty of this Committee to consider all applications
and submit a report to the Board of Directors of the Atlanta Board of REALTORS before
the February Board meeting giving their recommendations with regard to each applicant.
2. The Million Dollar Club Committee shall have the right to review with any applicant
and/or designated REALTOR the documents relating to a transaction which are deemed
relevant by the Committee including, but not limited to company pay vouchers, cancelled
checks and closing statements. Any applicant and/or designated REALTOR shall
promptly cooperate with the Committee regarding said documents when requested.
3. The Million Dollar Club Committee shall be authorized to set an application fee, at its
discretion, prior to requesting applications for membership in the Million Dollar Club.
This fee covers costs of promotion and honoring Club members, and plaques or
certificates to be given those who become eligible for membership in the Million Dollar
Club. In the event an applicant does not qualify for membership, for whatever reason(s),
the application fee will be returned.
X. Million Dollar Club Seal
1. Members of the Million Dollar Club shall be authorized to use the Million Dollar Club
seal adopted by the Board of Directors of the Atlanta Board of REALTORS for use on
business cards and letterheads only during the year in which they are members of the
Million Dollar Club. Only Life members of the Million Dollar Club shall be eligible to
use such seals and insignia, in gold, as long as they live, but will only be included in any
promotions, if they are currently a member in good standing of a Board of REALTORS.
2. The seal of the Million Dollar Club shall not be used by anyone who does not hold an
active real estate license. The seal of the Million Dollar Club shall not be used in
promoting businesses other than active real estate brokerage businesses, and shall not be
used except in conjunction with active real estate brokerage businesses. This seal is the
property of the Atlanta Board of REALTORS and enforcement of this rule lies with the
ATLANTA BOARD OF REALTORS
RULES & REGULATIONS
MILLION DOLLAR CLUB
PAGE 11
Board of Directors of the Atlanta Board of REALTORS.
XI. These amended rules and regulations of the Million Dollar Club shall apply to business
produced in 2008 and thereafter until modified by the Board of Directors of the Atlanta
Board of REALTORS. The final decision of any transactions not covered by these rules or
interpretations of these rules shall be decided by the Board of Directors of the Atlanta Board
of REALTORS.
Revised:
7/7/97 10/25/05
10/9/97 01/01/06
8/28/98 06/14/06
6/09/99 06/20/07
5/24/04 06/18/08