Real Estate Broker License Agreement
REAL ESTATE BROKER LICENSE AGREEMENT
This Agreement is entered into by and between [Your Company Name], hereinafter referred to as “Broker”, having its registered office at [Your Company Address], and [Second Party], hereinafter referred to as “Licensee”, having its registered office at [Second Party's Address] (collectively referred to as the "Parties").
TERM
In accordance with the provisions established in this Agreement, the initiation of the terms and conditions outlined within shall begin to apply as of the specified date, being referred to as [Date]. The continued enforceability of this Agreement will persist for a predetermined length of time, referred to as [Term Duration]. However, unless the agreement is terminated prior to the expiration of the initial term, due to being conducted in accordance with the explicit provisions mentioned in this Agreement, it will continue to be effective. Additionally, the potential renewal of this Agreement is a possibility, provided that mutual consent and agreement are achieved by both parties involved.
GRANT OF LICENSE
Pursuant to the terms and conditions of this agreement, the Broker grants the Licensee a right to use the Broker's real estate broker license. However, this right is non-exclusive, non-transferable, and can be revoked by the Broker. Furthermore, the Licensee is obliged to exercise this right in strict compliance with the applicable laws and regulations governing real estate brokerage in the [State]. The usage of the Broker's real estate broker license by the Licensee must, therefore, align with these provisions.
COMPENSATION
In exchange for acquiring the License, the party that is designated as the Licensee hereby agrees, adheres, and commits to the condition of compensating the Broker. The agreed compensation, which is essentially the fee for this License, has a set total sum of $[00] for every year. To simplify the payment process, this amount will be evenly distributed amongst all twelve months. Hence, the Licensee will pay this fee in equal monthly installments throughout the entire year.
TERMINATION
This Agreement, irrespective of the expiration date stipulated within, is liable to termination by either entities involved, be it the first or the second party. The said termination is contingent upon the delivery of a written notice put forth by the terminating party. This written notification should be provided with a minimum lead time of [00] days in advance of the desired termination date.
GOVERNING LAW
The agreement outlined here is to be administered, interpreted, and regulated under the laws that apply within the territories of the [State]. This interpretation, enforcement and regulation will not take into consideration any rules that pertain to the conflict of laws within the said state. This process will be in accordance with the laws of the [State] itself, not factoring any potential conflict of laws guidelines.
SIGNATURES
The parties involved in this agreement, as a testament and affirmation of their consensus and participation, have dutifully executed the terms and conditions mentioned herein. This was done referencing the date that was primarily specified at the beginning of this document, affirming its validity and binding nature from that point forward.
[Your Company Name]
[Your Name]
[Your Title]
[Second Party]
[Name]
[Title]
