An Independent Contractor Agreement (ICA) is a fundamental document in the world of real estate. ICAs establish the working relationship between the brokerage and an agent. This agreement outlines the terms and conditions under which the independent contractor (agent) will work with the brokerage. Typically, an ICA clarifies commission splits and broader business practices. New real estate agents should understand the concept of ICAs and the essential components typically included.
What Is An ICA?
The ICA is the primary legal document that governs the relationship between you and Agentdesks Incorporated d/b/a as Radius (“Radius”).
The ICA varies by state and sets forth in detail the rights, responsibilities, and obligations of you and Radius to each other.
The ICA specifies the terms of the engagement, including the scope of work, the duration of the agreement, and any special conditions that may apply.
Rights Responsibilities and Duties
Agent Rights
The right to receive payment for each transaction that you close with Radius.
The right to have Radius file a fictitious name filing on your behalf.
Agent Responsibilities and Duties
Maintaining your real estate license.
Maintaining complete and compliant files.
Adhering to any policies implemented by Radius.
Paying all applicable insurance deductibles.
Acting ethically and with professionalism.
Radius's Rights as a Brokerage
The right to implement policies and procedures necessary to maintain its license and comply with applicable laws and regulations.
Radius's Obligations and Duties as a Brokerage
Maintaining an active Errors and Omissions (E&O) insurance policy.
Disbursing fees and commissions upon completion of a transaction in accordance with the requirements of the ICA.
Note: These are just a few examples of the rights and responsibilities of the parties. The full list is set forth in the ICA itself, as well as any addenda referenced therein. You are strongly advised to read your ICA in full and seek independent counsel before signing the document.
For specific questions prior to signing your ICA, please contact your Recruiter. For specific questions that arise after signing your ICA, please contact Brokerage Support or your Account Manager directly.