The Real Estate Brokerage Operating Agreement serves as the foundational document for real estate brokerages operating in the United States. This agreement is essential when establishing a new brokerage or restructuring an existing one, providing clear guidelines for business operations, agent relationships, and regulatory compliance. It incorporates state-specific licensing requirements, federal regulations such as RESPA and the Fair Housing Act, and industry best practices. The document typically includes detailed provisions for commission structures, agent responsibilities, risk management, and operational procedures, making it crucial for both new and established brokerages seeking to formalize their business practices.
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1. Parties: Identification of the brokerage entity and its principals
2. Background: Context and purpose of the operating agreement
3. Definitions: Key terms used throughout the agreement
4. Business Structure: Legal form and ownership structure of the brokerage
5. Management Rights and Responsibilities: Governance structure and decision-making processes
6. Capital Contributions: Initial and ongoing financial commitments
7. Profit and Loss Distribution: Financial arrangements between partners/members
8. Compliance Requirements: Regulatory obligations and internal controls
1. Succession Planning: Procedures for ownership transitions and protocols for business continuity
2. Non-Compete Provisions: Restrictions on competitive activities for departing members
3. Technology Usage: Policies regarding proprietary systems, data management, and technology platforms
1. Schedule A - Member Capital Contributions: Detailed breakdown of initial investments and capital commitments
2. Schedule B - Commission Structure: Commission splits and compensation policies for brokers and agents
3. Appendix 1 - Operating Procedures: Detailed internal procedures and policies for day-to-day operations
4. Appendix 2 - Compliance Manual: Regulatory compliance procedures and requirements including federal and state regulations
Relevant legal definitions
Clauses
Relevant Industries
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