Frequently Asked Questions

What kind of real estate company is Referral Realty and Associates?

We are a licensed real estate brokerage firm known as a "holding" company where you can "park" your license. It allows us to hold your license so you can keep your license active. When you affiliate with our Company, your license will be active with the Georgia Real Estate Commission the same as affiliating with a full service brokerage firm. We abide by the same State laws and regulations.

What are the advantages of "parking" my license with Referral Realty and Associates?

You don't have to pay any monthly fees, Board dues, MLS fees, Supra fees, Errors and Omissions insurance, desk fees, or any other "nickel & dime" fees. You can keep your license active that you've worked long and hard to obtain and continue to use it to generate income while you wait for the market to improve, pursue projects, go part-time, go on maternity leave, change careers or just to take a well-deserved break.

Who can join?

Any Georgia real estate licensee living anywhere in the U. S. or the world with an active, an inactive, or a new license.

Is there an application fee or a registration fee to join?

No, we do not charge a fee for applying or registering.

Do you charge a fee for holding my license?

Yes, we charge an annual fee of only $50. It is due at the time of joining and on your subsequent anniversary dates.

How do I make a commission?

You refer someone who wants to buy or sell real estate to an agent of your choice in any participating real estate company or you can ask us to place that person with an agent. After a sales transaction, we receive a referral fee and then we pay you for your portion of the commission.

What is the commission split?

From a referral fee check (the amount that was pre-negotiated or typically 25% of the selling commission), you keep 80% and we keep 20% for the administrative/broker fee.

Example:

• $350,000 sales price x 3% commission to Selling Broker = $10,500
• 25% Referral fee = $2,625
• 80% of Referral fee paid to you ($2,625 x .80) = $2,100

How do I explain my role as an agent to a potential buyer or seller?

Let them know that you are a "Referral Agent" who can refer them to a qualified agent that you think would best represent them. You are a "matchmaker" so-to-speak. As a real estate professional you know the agents who could best take care of their real estate needs.

Do I still have access to the FMLS, MLS and Supra lockbox key?

No. As a referral agent, you are not allowed to actively practice real estate. You will not be showing properties, listing properties, suggesting a listing price, or take part in any sales or leasing transactions.

What types of properties can I refer people to purchase or sell?

Single-family residences, townhouses, condos, multi-dwelling units, residential developed lots and land.

What is the referral coverage area?

Anywhere in Georgia or anywhere in the United States.

How do I submit a referral?

Go to Agent Login on the menu bar, download the Referral Agreement form, complete and submit to Referral Realty by fax or email. We will forward the form to the referral brokerage firm of your choice for their broker's signature or Referral Realty could select a broker for you.

How soon can I receive my referral fee commission after closing?

Within five business days to allow time for funds to clear from the brokerage paying the referral fee.

What do I need to do to sign up with Referral Realty and Associates?

If you are an agent with an "active" license: Notify your present broker to be released. Your present broker can "remove" you from their brokerage firm through the Georgia Real Estate Commission online, unless it is their company policy for you to fill out the Change Application form. To affiliate with Referral Realty and Associates, sign an Independent Contractor Agreement and then we will "add" you online as a licensee to our brokerage firm through the GREC website.

If you are an agent with an "inactive" license: First, check to see that your continuing education credits are current (a requirement of the Georgia Real Estate Commission). Download the Change Application form available from www.grec.state.ga.us, complete it and submit to us. Sign an Independent Contractor Agreement with Referral Realty and Associates.

If you are a "new" agent: Obtain a "Sponsoring Broker Statement Form" from the Broker of Referral Realty and Associates. Submit the completed form with the Broker's signature to the AMP test center when you apply for an active license. Sign an Independent Contractor Agreement with Referral Realty and Associates.

Do I need to have Errors and Omissions insurance?

No, since you do not actively practice real estate, it is not required.

Do I still need to take Continuing Education courses?

Yes. It's a requirement of the Georgia Real Estate Commission. Although you do not actively practice real estate while in a holding company, you still need to maintain an active license to refer transactions and receive compensation.

Do you deduct taxes for my earnings?

No, you will receive a 1099 Form to report your earnings to the Internal Revenue Service if you earned in excess of $600 in referral fees in a tax year.

Can I go back to being a full-time agent?

Yes. Parking your license can be temporary or long-term. You can switch back to an active salesperson status at anytime.