policy & procedures manual - benchmark realty, llc

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Policy & Procedures Manual

This is your reference manual for doing business under the Benchmark brand. Read it thoroughly, retain it for reference, and when you have a question, seek

to find the answer here first.

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Confidentiality Notice

The entire contents of this document are confidential and intended solely for the use of the individual or entity to which they are addressed. If you are not the intended

recipient you should not disseminate, distribute or duplicate this document in any way. Please notify the

sender immediately if you have received this document by mistake and immediately destroy it.

Unauthorized disclosure, duplication, distribution or taking any action in

reliance on the contents of this information outside of the company is

strictly prohibited and will be prosecuted.

318 Seaboard Lane, Suite 115

Franklin, Tennessee 37067 Office: 615.371.1544

Fax: 615.371.6310

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TABLE OF CONTENTS

Important Email Addresses……………………………………………… Page 5

Welcome Letter…………………………………………………………… Page 6

TREC Policy & Broker Supervision…………………………………….. Page 7

TREC & Legal Complaint Policy………………………………………… Page 7

Contacting Your Principal Broker……………………………………….. Page 7

Benchmark Agent Behavior Policy……………………………………... Page 8

Current Listings When Joining Benchmark………………................... Page 9

Forms & Disclosures ………………………..…………………………… Page 9

Submitting your Documents for Broker File.…………………………… Page 9

Why Do We Require Docs as Soon As They are Executed?.............. Page 11

Commission Payment Policy…………………………………………….. Page 12

Important Notes for Plan C Agents……………………………………… Page 12

Switching Agent Payment Plans………………………………………… Page 13

Recruiting Incentive………………………………………………………. Page 14

Broker Base Commission and Other Fees Charged to Client……….. Page 14

Trust Money (aka: Earnest Money).……………………………………. Page 15

Returned Check Fee & Stop Pmt Fee Charged by Bank…………….. Page 15

Important Agent Meetings & Learning Opportunities…………………. Page 16

Agent Orientation…………………………………………………………. Page 16

Appointment Setting Services…………………………………………… Page 17

Agent Websites…………………………………………………………… Page 17

Individualized Smarter Agent App………………………………………. Page 18

Password Protected “Back Office” on Benchmark Website………….. Page 18

Registering for Benchmark Classes on the Back Office……………… Page 21

A Word on Agency Status………………………………….................... Page 21

Negotiating Personal Property……………………............................... Page 21

Benchmark Brand/Logo Guidelines…………………………………….. Page 22

REALTOR® Association Membership.…………………....................... Page 23

Mentoring of New Licensees...…………………………………………... Page 23

Licensees Coming Out of Retirement or New to Tennessee…………. Page 23

Real Estate Assistants……………………………………………………. Page 23

Office Use Policy………………………………………………………….. Page 24

Your Phone Calls…………………………………………………………. Page 24

Property Management Policy……………………………………………. Page 24

Property Visits & Home Inspections Policy………….……………..….. Page 24

Broker Price Opinion Policy……………………………………………… Page 25

Home Warranty Rebate Policy………………………………………….. Page 25

Yard Sign Display Policy...……………………………..………………... Page 25

Purchasing Yard Signs & Business Cards……………………………... Page 26

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Ordering Business Cards………………………………………………… Page 27

Agent Expenses…………………………………………………………... Page 27

Minimum Service & Discounted Services Advertising………………... Page 28

General Advertising Policy………………………………………………. Page 28

Agent Team Advertising…………………………………………………. Page 30

Internet Advertising (Personal Websites & Social Media)……………. Page 31

Multiple Listing Service (RealTracs Solutions)………………………… Page 31

FAQ: Paperwork…………………………………………………………... Page 34

FAQ: Inbound Check Processing/Commissions………………………. Page 35

FAQ: Paperless Pipeline…………………………………………………. Page 36

FAQ: Communications…………………………………………………… Page 37

What Goes Where?............................................................................. Page 39

10 Rules of The Paperless Pipeline…………………………………….. Page 39

Listing Checklist Example……………………………………………….. Page 40

Sales/Purchase Checklist Example……………………....................... Page 41

Closing Checklist Example….…………………………………………… Page 42

Commercial Listing Checklist...…………………………....................... Page 43

Trust Money Release to Title Company……………………………….. Page 44

RESPA Doc – NO Broker Base Commission………….……………… Page 45

RESPA Doc – WITH Broker Base Commission………….…………… Page 46

Check Submission Form …..……………………………....................... Page 47

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Staff Email Addresses:

Donna Brown [email protected]

Jenifer Wise [email protected]

Jean Hutchinson [email protected]

Theresa Harmon [email protected]

Jasmin Sanouvong [email protected]

Tisha Rowland [email protected]

Hope Czervionke [email protected]

Kendra Harrell [email protected]

Melinda McKee [email protected]

Broker Email Addresses:

Phillip Cantrell [email protected]

John Giffen [email protected]

Lisa Wurth [email protected]

Shelia Lunsford [email protected]

Mike Nichols [email protected]

Scott Rowland [email protected]

Diane Osowiecki [email protected]

Patty Johnston [email protected]

Cool Springs/Franklin (615) 371-1544 Murfreesboro (615) 809-2323 Midtown (615) 432-2974 Mt. Juliet (615) 288-8292 Hendersonville: (615) 991-4949

mailto:[email protected]

















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318 Seaboard Lane, Suite 115 Franklin, Tennessee 37067

Office: 615.371.1544 Fax: 615.371.6310

To: All Benchmark Realty Agents From: Phillip Cantrell, CEO RE: Operating Policies & Procedures Welcome to the family of Benchmark Realty! You have made a wise decision in joining The New Standard in Real Estate! This manual is the governing document of our business. Embracing the information contained herein is essential to understanding the process of doing business under the unique Benchmark Realty model. You are reminded that every agent associated with this company, as a condition of their continued affiliation, agrees to abide by the National Association of Realtors® Code of Ethics, the rules and regulations of the MLS (RealTracs Solutions), all state laws governing the conduct of licensees, the rules and policies of the Tennessee Real Estate Commission, as well as Federal The Fair Housing Act. Once you have read the contents of this document, sign the accompanying statement indicating your commitment to follow these guidelines. This is essential in evidencing proof of our supervisory efforts to TREC. As always, I am available to answer any questions you may have as you go through the course of daily business. Feel free to contact me anytime at [email protected]. Welcome Aboard! We are honored to have you here!


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TREC Policy & Broker Supervision TREC Rule 1260-2-.01 Supervision of Affiliate Brokers dictates the parameters of the broker’s responsibility to supervise all licensees. An expanded interpretation of this means (from a TREC internal audit memo): A principal broker shall provide adequate supervision of all brokers and affiliate brokers associated with the office by, at a minimum, performing the following: (a) Training in internal office policies regarding all contract and disclosure forms used in the office prior to licensee having contact with prospective clients or customers; (b) Reviewing in a timely manner all listing contracts, buyer's representation agreements and disclosure statements and ensuring that any errors or omissions are corrected; (c) Reviewing in a timely manner all offers to purchase and ensuring that any errors or omissions are corrected and that all terms and conditions of the real estate transaction have been included; (d) Reviewing in a timely manner all counter offers, amendments, and addenda and ensuring that any errors or omissions are corrected; (e) Reviewing all settlement statements and other closing documents prior to closing if they are available or within 1 business day of closing if not available prior to closing.

TREC Complaint & Legal Complaint Policy All agents are required to share every official communication received from the Tennessee Real Estate Commission or any client attorney (including but not limited to: Official Letters, Legal Complaints, Agreed Citations, etc.) with your Principal Broker immediately upon receipt. Prior to drafting a response, the agent shall share with the Principal Broker their entire file relating to the incident and fully explain all circumstances surrounding the official communication. The agent shall then either draft their own response to TREC or notify their E&O carrier to file a claim, insuring that this happens within the required response/notification time frame. In no case shall a response to TREC or outside attorney be transmitted without the Principal Broker’s complete review and approval. Should you be found in violation by TREC of any rule, and fined accordingly, your Principal Broker will also be charged with “Failure to Supervise” the minimum fine to your broker for this is $1000. If this happens, you will be required to pay your fine, AND your broker’s fine. In addition, as a condition of continuing at Benchmark, your broker will probably require that you obtain some remedial education relating to the TREC complaint.

Contacting Your Principal Broker Your Principal Broker is available for agent questions via phone, text or email at all reasonable hours including most evenings and weekends. The broker may be reached at the office or through his/her personal cell phone. If an agent is unable to reach the broker, leave a message and they will return your call as soon as possible. A very important note: All client-related matters requiring the Principal Broker’s attention should first be discussed between the agent and the broker prior to any communication with the client by the broker. NEVER give the Principal Broker’s cell phone or home telephone number to a client.

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Benchmark Agent Behavior Policy The Webster’s definition of our name is: “the standard by which others can be compared.” Meaning that by our very name we are shouting to the world that we hold ourselves to a higher level of performance than all other competitors; that we strive for excellence in professionalism in everything we do. All of our agents come to us with previous experience, and therefore they retain at least some influences of their previous brokers. Regardless, once onboard ALL Benchmark agents will be held to the same high standard. As managers we strive to impact this by engaging all of our agents in counselling and training to help elevate their performance, but sometimes old habits are deeply engrained. In the case where the old behavior slips out and a complaint results, the following process will be followed. Therefore, all principal brokers will keep a log of complaints from any external source on one of their agents. Upon receipt of a complaint on a Benchmark agent, the principal broker shall fully investigate both the complaint and the agent’s defense to determine if the agent indeed performed at a level below our established standard.

Step 1: After receipt and completion of investigation of the first complaint (providing of course that the complaint is shown to be valid) the agent will be counselled by their principal broker.

Step 2: After receipt and completion of investigation of the second complaint (providing of course that the complaint is shown to be valid), the agent will be counseled again, and issued a written letter of warning that failure to modify their behavior going forward will result in separation from Benchmark. This letter will be placed in the agent’s personnel file at the main office as well as their file at the branch.

Step 3: Upon the receipt and completion of investigation of a third complaint from anyone (providing of course that the complaint is shown to be valid), the agent will be notified that they have 72 hours to move their license to another firm or it will be broker-released to TREC. Complaints that are found to be frivolous, or the result of a misunderstanding, will not be held as valid but will still be recorded and noted in the decision making process on that agent’s tenure with Benchmark. It goes without saying that very thorough notes of all investigations will be kept by the principal broker so that there can be no question that the agent was treated fairly by Benchmark and given every opportunity to understand how and/or why each complaint arose. Employing such a thorough and standardized process should completely remove any “surprise” element. The goal here is not to simply be punitive, but it is to tangibly reinforce our performance standard – how we address deviation from that standard speaks volumes about our collective credibility in the community. The overriding imperative here is to give the agent every opportunity to do the right thing and to feel that they were treated fairly while reinforcing who we are as a company.

NOTE Should the consumer bring a TREC complaint against you, TREC will automatically bring a “Failure to Supervise” complaint against your broker. If a fine is levied against the broker because of your actions, you will be required to pay not only your fine, but also your broker’s fine. At a minimum these fines are $1000 and can go much higher depending on the egregiousness of the complaint (to be clear though: fines are only levied if The Commission finds the consumer’s complaint to be valid). Words of Advice: You cannot prevent a consumer from lodging a complaint against you, but your behavior totally determines whether or not The Commission will dismiss it. Obey the rules and you have nothing to be concerned about. Flaunt the rules, and trouble will surely follow.

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Current Listings When Joining Benchmark You may currently have listings you want to bring with you, and the transfer process is quite simple. Complete a RealTracs Status Change Form which can be found on the RealTracs website under the tab “Member Info,” click “Forms,” then click on “Status Change/Amendment Form,” or use the form in this New Agent Kit. Fill out the top “Property Information” section completely, and fill in the new broker code (BNCH01, BNCH02, BNCH03, etc.), and the new company name in the “Transfer” line. Have the seller, the former broker, and you sign it before turning it into the Benchmark office. We will submit the form to RealTracs, and you and your listings will be magically transferred over to Benchmark within a couple hours. RealTracs will not add you to our roster until fully executed Status Change forms have been submitted for every active listing. Regardless of whether or not the previous broker sends the forms to RealTracs, Benchmark must still retain copies of all Status Change forms in our files in case of audit. In addition to the fully executed Status Change/Amendment Form on each of your transferred listings, we also need a copy of the original listing agreement for each listing you transfer to Benchmark. These documents can be scanned to the Paperless Pipeline so they are included with the listing documents in our system (see the next section regarding the submission of documents). Any listings currently under contract most likely will close under your previous brokerage as if you were still there. Please do not neglect to service these transactions. Those transactions are separate from any operating agreement or commission structure you have with Benchmark and there is no need to try and transfer contracts to us. Your commission structure for any pending contracts is governed solely by the Independent Contractor Agreement you signed with your previous broker.

Forms and Disclosures All forms referred to in our checklists can be found on TransactionDesk, which can be accessed through the Tennessee Association of REALTORS® website (www.tarnet.com) by registering and then logging onto the Member’s Only section. These are the only forms which are authorized for use by Benchmark and are all branded with our logo. If you have not registered to use the Transaction Desk system, you may do so by visiting the TAR website and registering via this link: www.tarnet.com/register. This is a free service to members. In addition to our contract and closing checklists, Benchmark has only a few other custom forms such as a RESPA form, Showing Instructions form, Check Submission form, and Trust Money form, all of which are also available in editable PDF format on TransactionDesk. All proprietary Benchmark forms are on TransactionDesk. Hardcopies of these forms are also in the literature rack at each office, as well as on the Agent Center (password protected) of our website.

Submitting your Documents for the Broker file: Benchmark Realty is a paperless office. Your “broker file” docs should be submitted directly to The Paperless Pipeline, with the appropriate checklist on top and documents placed in the same order as they are noted on the checklist. The process is simple, so don't fret!! All you need to do to submit your paperwork is type [email protected] in the “TO:” field in your email message, attach the PDF containing your documents, and hit SEND. That's it! If you don’t have a scanner at home, we have all office scanners preprogrammed with a simple one touch button for this same destination. Simply place the documents in the feeder, log in to the machine, press “Scan/Fax”, press the “Paperless Pipeline” button and hit Start. It really is just that easy.

http://www.tarnet.com/


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Every set of documents submitted should include the appropriate Checklist as the first page. Documents should be submitted as soon as they are fully executed – holding contract docs until closing WILL delay your commission payment. Given that the perfect human and the perfect technology is yet to be invented, we STRONGLY urge you to also send the documents to yourself at the same time. That way you have the exact set of docs sent to the pipeline and can verify if the transmission was successful. Here is what the office machine panel looks like with the correct buttons pressed:

When scanning from home, please note that The Pipeline can not read the body copy of an email and it only accepts PDF attachments (it is unable to recognize any other type of file and simply deletes the entire email after retrieving the attachment). If you have information to communicate, either write it on the checklist or attach a separate page of instructions to the packet being submitted. Check to make sure that your home scanner is creating a PDF file (not jpg, tiff or bmp file). All listing, contract and settlement documents should be submitted to the pipeline as soon as they are fully executed. (If you hold Contracts until closing, this WILL delay your commission payment.) Try not to send incomplete packets. In some cases where the other agent cannot (or will not) send you completed signatures, simply document on the form that you have repeatedly attempted to obtain the other parties signature without success and submit the package as complete. You should always be able to obtain your own client’s signatures, dates, etc. This is especially critical where we have received the earnest money separately – we must have the documentation to match as soon as possible. Benchmark engages in regular self audits in addition to being audited on a regular basis by TREC. Every set of documents goes through multiple quality checks with a final check by the broker. Agents associated with incomplete files will be notified within 24 hours of the file submission along with instructions on exactly what is missing from the file. If you receive notification that your file is incomplete, you must submit the missing documents within 72 hours after notification or you may be levied a $50 non-compliance fine. Our interest here is not to create revenue but to enforce compliance with state law.

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Why do we require documents as soon as they are fully executed?

Every transaction file is put through a three step compliance process in the following sequence: Admin will not begin processing your commission until your contract docs have completed this sequence, which may take anywhere from 24-72 hours depending on how many files we have in process. Remember: EVERY set of docs must go through this process before the commission payment will be processed. We employ thorough checklists so it is very easy to make sure your file is compliant before sending. Besides adhering to the checklist, the following are a few items that are often missed, but will guide you in a smooth file review:

1) A copy of the MLS listing sheet is required (Agent Version not Buyer Version). 2) A copy of a buyer’s rep agreement is required even if a contract has already been

executed. Otherwise, there is no legal establishment of Agency relationship. 3) A compensation agreement is required, even if it is our own listing. Otherwise we have

no way of knowing if something changed between listing agreement and contract. 4) Earnest money (if we are holding it) – compliance will approve the file without the

earnest money deposit showing, but the broker will withhold final approval until the earnest money is actually deposited.

5) Teams – since the concept of a team does not exist under state licensing laws, we require that agent signatures be consistent throughout the transaction, but it does not matter which team member signs. If team member A signs one of the listing docs, then team member A should sign all the listing docs. Team member A cannot sign one doc and team member B signs the other docs. Consistency is key.

6) Forms that must have both buyer and seller signatures regardless of agency status: a. Executed Contract and ALL counter offers. We must have all counter offers to

ensure that something was not rejected along the way, killing the chain of negotiations (such as a rejection or expiration of offer). Each counter offer must be fully executed with dates & signatures and the last counter offer must be bound for the final recipient. Always make sure the Binding Agreement Date is establish and noted in the proper place on the last counter offer!

b. Confirmation of Agency Status – must have everyone’s signature but they can be on two separate docs. Our preference though is that everyone signs the same document.

c. Property Condition Disclosure/Exemption – this is a state law required form, therefore refusal to sign by one of the parties is not acceptable. Blanks on the form are not acceptable (if seller does not know, have them write “N/A” in the blank) If a seller refuses to disclose the property condition, the Property Condition Disclaimer form must be used. The legal requirement for disclosure does not apply in certain cases such as commercial, lot & land, and more than 4 residential unit properties.

d. Lead Based Paint – must be signed by all parties with the appropriate boxes checked by all parties. Signatures alone are not acceptable.

e. Septic Disclosure – IF the box on line 3 is marked, then we must have a copy of the actual septic permit.

7) In dealing with Banks on REO properties, or sellers such as Fannie Mae, many times the items requested on the Benchmark checklist will be included within the seller amendment or their custom contract. This is fine. Even if it is not in the specific TAR format or form, as long as the disclosures are adequate, compliance will accept it.

Admin Compliance Broker Principal Broker

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Commission Payment Policy

Withholding payment until paperwork is complete is the only method we have to enforce compliance. Our policy is to pay commissions as soon as possible following receipt of the final paperwork and receipt of funds from the closing agency. We strive to pay all commissions within 36 business hours of approval of all paperwork, depending on the administrative backlog. (EXCLUDING weekends and holidays.) Some points to remember: (1) Incomplete paperwork will delay your commission processing. Holding your contract docs and submitting them at the same time as your closing docs will delay your payment. (2) Incomplete or missing checklists will delay your payment. (3) Failure to respond to requests for missing paperwork will delay your payment. In addition to any fees associated with your selected agent fee plan and the Broker Base Commission, all commissions will have a Tax Fee deducted from them to pay the Tennessee City & County Business Tax. This deductions amounts to $4.00 per $1000 (0.004) of the gross commission amount being paid to Benchmark. This is a commission deduction and is separate of any other fees. Since these dollars are a straight pass-through to the State of Tennessee (we deduct it from the commission and pay it directly to the State) it is subject to change without notice as tax rates change. Because the raw cost of processing a commission payment continues to climb, multiple disbursements on a single transaction will incur a $50 fee per each additional payment. Example: a Plan C agent writes a contract for a custom new build. The builder agrees to pay a portion of the agent’s commission in 3 increments as the home is completed, with each payment being $3200. The first payment will have the standard closing fee of $419 deducted. Each of the next two commission payments will have just a processing fee of $50 deducted. This covers our cost for the additional processing, and helps to keep your monthly fees as low as possible. We will automatically call you when a check is ready for pickup. There is no need to call the office asking if your check is ready. The time taken to track down an answer to such questions takes time away from processing payments, so by calling you are actually delaying the commission payment process. If your transaction docs in the Pipeline are reviewed and approved, you can be confident that admin will process your commission promptly, but in the order which it was received. Check the Pipeline – if your transaction is not color coded Green, you are missing docs and your commission payment is not being processed.

Important Notes for Plan C agents Only: This only applies to Plan C agents; there is no closing fee for Plan A or Plan B agents.

1) Regardless of the commission charged by the agent, if 3% of the sales price is $2600.00 or more, all Plan C agents are charged a $419 closing fee on every transaction until the annual cap of $4740 per calendar year is accumulated.

2) Regardless of the commission charged by the agent, if 3% of the sales price is $2599.99 or less, instead of $419, the closing fee is only 10% of the commission to the broker, with the total of all closing fees collected counting toward the agent’s annual cap of $4740 per calendar year. NOTE The determining point of whether the closing fee is $419 or 10% is driven solely by a calculation of 3% of the sales price, regardless of the commission charged by the agent: If 3% is $2600.00 or more, the closing fee is $419. If 3% is $2599.99 or less, the closing fee is 10%.

YOUR COMMISSION WILL NOT BE PROCESSED UNTIL YOUR PAPERWORK IS 100% COMPLIANT.

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NOTE The cap is calculated on the calendar year, NOT anniversary year. There is no penalty for failing to reach the $4740 annual cap and the cap does not have to guaranteed. Example: You sell a $65,000 home and charge a commission of 3% or $1950. Since this commission is less than $2600, the closing fee will be 10%, or in this case $195. Example: You listed and sold a home for $100,000 and you charged a commission of only $2500. You would still be charged $419, since 3% of $100,000 is $3000 and is above the $2600 floor. Likewise a referral fee of, say, $500 would be subject to a closing fee of just $50 (10% of $500).

3) If a Plan C agent has both sides of a transaction, each side carries a separate closing fee ($419 or 10%). Example: a Plan C agent has a property listed, and a buyer comes unrepresented. The Plan C agent will be charged a closing fee for each the listing side and the selling side. ($419+$419=$838 total)

4) If multiple Benchmark agents are being paid on the same transaction (i.e. 2-3 have the seller and one has the buyer), then each is paid according to their respective plans. There is no discount for multiple Benchmark agents on the same side of a transaction.

5) Regardless of the number of Benchmark agents paid on a transaction, each agent is paid according to their individual plan. Example: a Plan C agent and a Plan A agent co-list a property. The gross commission paid to the listing broker is $10,000, and the co-listing agents share it equally. The amount due the Plan C agent is $5000, which falls above the $2600 level, so a $419 closing fee is due.

6) If a Benchmark agent is paying a licensed assistant, that assistant will be charged a closing fee according to their individual plan. (Usually licensed assistants are on Plan C so in most cases this amounts to just 10% of the amount paid to them)

7) For Plan C agents, a fee applies to all transactions until the cap is reached. All commissions, referral fees, finder’s fees, BPO fees, personal transactions where you act in the capacity of an licensee (using TAR forms constitutes acting as a licensee), and all rental commissions are subject to a closing fee until the annual cap is reached.

8) If a Plan C agent charges $0.00 commission, and they have not capped, a closing fee is

still due to Benchmark, payable via check or credit card.

Switching Agent Payment Plans Each agent is allowed to change their agent payment plan one time per anniversary year. “Anniversary year” is defined as 12 calendar months from the effective date on the TREC-1 form that was executed upon joining. Example: if you joined Benchmark on August 1, 2010, your anniversary year is August 1, 2010 to August 1, 2011. Note: Commissions earned under one agent plan will be paid according to the terms of that plan, even if the agent has switched to a different agent plan. The binding agreement date on the contract shall determine how the commission is to be handled. Example: you join Benchmark on August 1st under Plan C ($419 fee per closing), and in the month of September you write three contracts with closing dates in November. Then you decide you would be better off under a different plan and in October switch to Plan B. Since all three of those deals were written while you were under Plan C (determined by the binding agreement date on the contract), they will close under Plan C with a $419 closing fee (or 10%, depending on the commission amount, per the section above) deducted from the gross commission. Of course, anything written after your plan switch would be paid under the new plan.

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Recruiting Incentive Benchmark encourages our agents to discuss our company with other agents whom they find to be operating in a manner compatible with our model. If you believe another agent fits our profile, we encourage you to share the benefits of joining our company with them and then pass their name on to the broker for follow up. To incentivize this, Benchmark will make a one-time $80 payment to the current Benchmark agent after the new agent has been with our firm for two full months. Regardless of the current agent’s plan or the new agent’s plan, the referring agent will receive this one-time cash payment on or shortly after the new agent’s 2nd month anniversary. There is no limit on the number of payments an agent can receive, since it is dictated only by the number of agents referred to us who join our team. The only way to be granted the incentive is to have an in depth discussion with the prospective agent, and for the new agent to tell us that you referred them. You won’t be awarded a referral for just mentioning our company in passing.

NEW: Broker Base Commission and Other Fees Charged to the Client

Benchmark charges a $150 Broker Base Commission on all transactions with a sales price of $50,000 and above (with a binding agreement date of 1/1/2017 or later). Since referral fees, BPO fees, rental commissions and such, usually have a $0.00 sales price, they are exempt from the Broker Base Commission Fee. This fee is detailed in the RESPA / Affiliated Business Disclosure Document and generally appears on the Settlement Statement as a separate line item charged to the client. Be sure you cover this with your client when having them sign the AFBD/RESPA doc so there are no surprises later. If you do not wish to charge this fee to the client, that is your choice, but when Benchmark processes the total commission received, this amount will be deducted. Many agents already charge their clients a much higher “Admin Fee”. You are free to charge any amount you desire, but you MUST have all fees and commissions agreed to, in writing, at the initiation of the agency relationship. Meaning there can never be a charge to a client unless specifically detailed and agreed to in advance of closing via the either listing agreement, the buyer representation agreement, or the new RESPA doc. NOTE Since some agents already charge an admin fee to their client’s, they may not want to charge a separate fee to cover the broker base commission to the client. To help in that situation we have provided two different RESPA docs on Transaction Desk. They are titled

“RESPA Doc – WITH Broker Base Commission” and “RESPA Doc – NO Broker Base Commission.”

The only difference is the paragraph at the bottom about the Broker Base Commission. To be clear, regardless of which form you use, we will still collect the fee, but this option gives you the ability to present documents to your client that allows it to be itemized on the settlement statement, thereby having the client pay it instead of it being deducted from the total inbound commission. Under Plan C, the Benchmark closing fee is normally a commission deduction, so if you intend to charge this closing fee separately to the client, you must specify that in one of the documents mentioned above. To reiterate, you cannot simply instruct the title company to charge an additional fee to a client unless you have a written agreement with the client to do so. A fully executed RESPA doc is all that is needed for the title company to charge the Broker Base Commission as a separate line item on the settlement statement. So be sure to include the RESPA doc in your packet of info going to the title company now. Again, it is up to you to inform both the client and the title company what to charge.

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Trust Money (aka: Earnest Money)

Our policy is that the title company / attorney, the other broker, or either party to the transaction should hold the earnest money instead of Benchmark. The agents and brokers representing the contract principals are still accountable to TREC auditors for the timetable and chain of delivery of all Trust money and must maintain a full accounting of all money belonging to others. That means you need to include a copy of the check with the docs submitted to the pipeline, and you need to know when the money has been delivered to the holder. Special point: State Law says that all Trust money should be immediately remitted to your broker as soon as it comes into your possession. Additionally, TREC policy requires the broker to deposit the trust money into an escrow account within 72 hours (3 days) after the offer becomes contract. We require a copy of all trust money checks, and complete contact information on who is holding that money. If Benchmark is to be the holder, *Trust Money must be submitted with a “Check Submission” form. If someone else is dropping off the money, be sure to submit this form directly to admin of the location where the check will arrive, PRIOR to the check’s arrival. Otherwise, we have no way to track inbound checks and ensure that they are joined to the correct transaction. Likewise, when a transaction is unsuccessful and a Trust Money Disbursement & Release form is submitted, “release instructions” must be communicated in the proper place on the form. It is YOUR responsibility to ensure the performance deadlines of your contract are met. Especially with Trust Money, strict adherence to those performance dates is critical! If Benchmark is holding the trust money and the commission is less than the trust money amount, use the “Trust Money Release to Title Company” form to transfer the entire earnest money amount to the title company prior to closing. This form requires 72 hours for processing the payment. This is only required when the commission is less than the trust money amount. Your principal broker is legally liable for all trust money we are holding. Therefore, if we are the holder, you should never consult with anyone other than the principal broker on how to handle and/or disburse those funds. Earnest Money checks returned for “insufficient funds” incur a $60 “NSF” fee levied by the bank. That fee may be reimbursed to us by the other agent, either client, or by you. Due to associated bank charges, we do not accept wired funds or credit card deposits for Earnest Money.

Returned Check Fee & Stop Payment Fee Charged by Bank In the event that any check is returned for “insufficient funds” or accounting is required to issue a “stop payment” order, there is a $60 fee from the bank for which Benchmark must be reimbursed. That fee may be reimbursed to Benchmark by the other agent, either client, or by you.

NEW: Because of changes in the TAR contract, Benchmark prefers to NOT

hold the Trust Money. Please have the title company or other entity hold the funds via the contract language. We still can if we must, but

our STRONGEST preference is to NOT hold the money.

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Important Agent Meetings & Opportunities

Up to date information on this subject may be found on the Agent Center section of the Benchmark website.

1) Company Broadcast Communications – are transmitted via MailChimp on a fairly regular basis to the email address you provided us when you joined, so be certain to update us if your address changes. They are usually sent from the email address [email protected] so be sure to “whitelist” this address. These messages are to communicate important items, so please read them when they arrive. We never use this vehicle to send advertisements. We also post the content of Broker Email messages in the Benchmark Closed Group on Facebook.

2) Agent Orientation – see the notes in the section on this subject below.

3) Monthly Mastermind Meetings – these are NOT sales meetings. They are education and network meetings held every month covering current industry happenings with some sort of educational component. Always at 10:00 a.m., Locations: Cool Springs is the 1st Tuesday, Murfreesboro is the 2nd Tuesday, and Midtown is the 3rd Tuesday.

4) Coffee with The Broker – 9:30 a.m. every 4th Monday at the Murfreesboro office. This meeting has no agenda as it is a time to bring your questions to an experienced principal broker and have them answered.

5) “Doing Business the Benchmark Way” Course – (formerly Benchmark Professional Standards) Offered at least once per month, this is a two (2) hour “refresher” class on the most common issues facing agents every day in their real estate business. Content includes a detailed review of TAR contracts/disclosures, TREC rules and general best practices regarding advertising, handling trust money, MLS/RealTracs listing guidelines, agency law, listing and contract document compliance and closing a transaction. While it carries no CE credit, it will help you understand the Benchmark systems and culture better. Benchmark agents must attend within 120 days of affiliation. All Benchmark licensees are required to take this course at least once every calendar year.

6) Benchmark Closed Group on Facebook – this is an access controlled group on Facebook that serves as an open forum for questions, comments, solicitation for open house hosts, or anything else, business related, you wish to post. Open ONLY to Benchmark agents (not your friends or outside agents), and 100% confidential. Go to: https://www.facebook.com/groups/319282324772750/ and request to join the group. The group name is: Benchmark Agents Closed Group – For Benchmark Realty Agents Only.

Agent Orientation Agent Orientation is mandatory for all newly affiliated agents to attend within their first 60 days of affiliation. All three classes per month contain the same information, which means that a 60 day period provides you with 6 opportunities. As the saying goes, there’s a right way and a wrong way. To which we add: there’s also a Benchmark way. The purpose of this class is to help you become completely comfortable with our simple internal systems and process controls. To that aim, Benchmark provides an orientation session that is open to all agents and can be visited as often as needed. Among other subjects, this session explains our agent payment plans, cloud based document management system, document submission, and commission payment process. It also contains a healthy segment of questions and answers.


https://www.facebook.com/groups/319282324772750/

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The actual website has all kinds of search features

below your brand, but this screen shot image cut

them off.

The class is offered at least three times per month, as noted on the following schedule: • Cool Springs Office 1st Wednesday 9:00 am (Training Room in Suite 112) • Murfreesboro Office 2nd Tuesday 11:15 am (following Mastermind Meeting) • Midtown Office 3rd Tuesday 11:15 am (following Mastermind Meeting) Cool Springs Office 4th Tuesday 10:00 am (Training Room in Suite 112)

NEW: Appointment Setting Services

Starting January 1, 2017 Benchmark offers appointment setting services at no additional charge to the agent on all Benchmark listings through Central Showing Services (CSS). The appointment phone number of 615-327-0101 inserts automatically in the “appointment” field on MLS. Having this service allows the setting of appointments via the phone number, directly on showings.com, or via the free CSS mobile app. The CSS showing instructions must be entered directly on your agent dashboard on Showings.com by you the listing agent. Admin does not have this capability. Please review this video to learn how to enter your showing information into their system: https://showings.com/BenchmarkRealty. If you wish to opt out of this service on a listing, please remove the phone number from the “appointment” field in your listing, and enter different instructions in the Realtor Remarks section of your listing.

NEW: Agent Websites

Starting January 1, 2017, Benchmark now provides a wrap website for all agents. This site is fixed and cannot be altered, but it does give the agent an online presence at no cost. An example of this type of site is shown below. It is called a “wrap website” because it wraps around the company website. When a prospect clicks through, they land on the company website, but their information is pre-assigned to the agent they entered through. If they request information, their lead is routed back to the agent whose portal they came through first. If you already have a unique url purchased, but no website to point it to, we can use that to point to your wrap website. Otherwise, you’re automatically assigned to be set up as a subdomain and will read like this one for Diane Osowiecki: http://dianeo.benchmarkrealtytn.com Below is a mockup of what the top part of each site will look like. Further down the page from what you see here is a list of “featured” listings (your listings) and then the ability to search by town, just like we have on the company website.

https://showings.com/BenchmarkRealty

http://dianeo.benchmarkrealtytn.com/

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NEW: Individualized Smarter Agent App

Today more than 80% of Americans have smartphones—and according to NAR, the majority of home buyers use their phone or tablet to search for their next home. This means mobile devices such as smartphones and tablets are the ideal place to engage with and stay top of mind with past clients as they use your app. Beginning February 2017, Benchmark provides to each agent a Smarter Agent app which offers a simple solution: a unique app that is branded to you that is a powerful mobile tool directly linking you to homebuyers. Buyers can access and search all MLS listings with you in mind from their mobile phones and mobile devices. You will also have access to research data points that your buyers have used, helping you hone in on just what property will be the best for them.

Password Protected Back Office on our Website Our website (www.BenchmarkRealtyTN.com) includes a password protected section containing tons of useful information, including our checklists and the few proprietary forms that we use. This section of our website contains information on our HUD Homestore bidding info, a listing presentation we created for your use, and a huge quantity of good information to help you in your business – all of it free to you, the Benchmark agent. To access this valuable resource, go to our website, www.BenchmarkRealtyTN.com, click on the Careers link in the top banner, then choose “Back Office” from the dropdown menu.

http://www.benchmarkrealtytn.com/

http://www.benchmarkrealtytn.com/

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The first time you visit, you will choose “Click to Register” and follow the instruction to enter your user name and password. You must enter the invitation code you would have received in your “Welcome to Benchmark” email. The entry screen looks like the picture below.

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Within minutes the system will send you an email that looks like the photo below (see next page), containing a system generated password.

Be sure you click the link within the email to log in for the first time as illustrated below.

We recommend keeping this email forever!

Enter your new password via this link the first time.

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Registering for Benchmark Classes on the Back Office Once you are logged into the Back Office, look for the Events Calendar. There you will find a monthly list of events and education that we offer. Hover your mouse over an event and a pop up will give you a description of the class or meeting. You can then click on the event, input your info into the presented registration form, and the system will generate an admission ticket for you via email. When enrolling other members of your team for a single class, please repeat the process for each attendee (so we won’t think you made a mistake with the multi entries). The event calendar looks like this, with an event highlighted:

There are lots of other items of helpful interest on the Back Office, but this Events Calendar is the only way to register for upcoming Benchmark classes and events.

A Word on Agency Status In every circumstance Benchmark agents will use Designated Agency instead of Agent for the Seller or Agent for the Buyer. Not only does this status allow us to sell our own listings without practicing dual agency, it also allows the broker the flexibility to appoint another agent to serve in your place should you become incapacitated. It is impossible to be loyal to two opposing parties simultaneously, therefore, our policy is that we do NOT engage in Dual Agency. When you have an unrepresented buyer desiring to write an offer on your listing, you have two options: (1) retain the status of Listing Agent and the buyer will remain unrepresented (in this case if the buyer desires representation, the broker will be glad to appoint someone); (2) revert to Facilitator Status, but ONLY with the written consent of all parties. You must have this consent in writing BEFORE functioning as a facilitator. Until you have it in writing, you must remain the Listing Agent, complete with all associated duties.

Negotiating Personal Property For a Client We are only licensed to sell Real Property, NOT Personal Property. In a rapidly moving market, it occasionally becomes practice to “throw in some stuff” to make the deal work. Our policy is that Benchmark agents are NOT to involve themselves in ANY fashion with the creation of a separate Personal Property Agreement of any format. If the two principals wish to negotiate personal property in a sale, step out of the way and advise them to seek legal counsel in the creation of the agreement.

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Listing items such as play sets, refrigerators, or household appliances listed in the Items to Remain section of the Purchase & Sales agreement is perfectly permissible. If it cannot be accomplished with the preprinted verbiage in section 1.A., or by adding verbiage in section 1.B. of the contract alone, then the parties need to work it out among themselves WITHOUT our agent’s involvement.

Benchmark Brand/Logo Guidelines The Benchmark brand is one of the most recognized within the Middle Tennessee real estate market. In order to protect our brand identity it is required that you use the Benchmark logo and our company name correctly and consistently in all advertising and marketing materials - no matter the medium. The following guidelines will assist you and/or your marketing vendor when creating your signs, ads, flyers, etc. The logo is available on the Agent Center of the website in multiple file formats, including jpg, eps, pdf, as well as one sized specifically for Facebook. Contact your principal broker if you have any questions concerning the use of our logo. And, as a reminder, ALL ADVERTISING and MARKETING MATERIALS MUST be approved by your principal broker.

Correct use of the Benchmark logo There are four (4) options in using the Benchmark Realty, LLC logo: Option 1 Option 2 Option 3 Option 4

Incorrect use of the Benchmark logo

2/Color – “Benchmark Realty, LLC” in black and the swoosh in red. (Pantone 200)

2/Color – “Benchmark Realty, LLC” in reverse out white and the swoosh in red. (Pantone 200)

1/Color BLACK – “Benchmark Realty, LLC” and swoosh both in black.

1/Color WHITE – “Benchmark Realty, LLC” and swoosh both in reversed-out white.

Modifications such as these examples are not permissible.

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REALTOR® Association Membership Because we are an MLS firm, all associates must join, and maintain good standing in one of the REALTOR® Associations. This is a MANDATORY requirement for access to RealTracs Solutions. In order for you to join one of the associations, the principal broker must belong to that association as well. The Independent Contractor Agreement states which associations your broker holds membership. You are required to notify the association in writing within 30 days of any company changes, and we will also inform the association. There is normally a nominal fee from the association for changing brokerages. Failing to maintain your association membership in good standing (e.g., meeting association requirements and paying dues) puts the entire company’s MLS access at risk and, unfortunately, will result in release of your license.

Mentoring of New Licensees Benchmark Realty’s innovative business model is designed for the experienced real estate professional, to help them grow their business supported by a brokerage model and compensation structure that allows the agent to maximize control over their business. We expect those who join our company to already have experience in selling and marketing properties and to have closed a minimum of 12 transactions within the previous 18 months. With that said, we do on occasion make an exception to this policy when one of our experienced agents wants to add a new licensee to their team who they are willing to mentor and train. This decision will be taken strictly case-by-case and is based on interviewing both the “mentor” agent and the new licensee by the office’s principal broker. While the principal broker maintains authority over all, in these mentoring arrangements the mentor will be held accountable to ensure mutually agreed upon guidelines are being followed by both parties. Periodically, the broker will review the training and mentoring process for progress and anticipated positive outcome.

Caution: The principal broker will expect the mentor to exercise close oversight for any transactional activity the new licensee is involved in during the mentoring/training period. Both licensees will be held jointly accountable by the principal broker for any violation of Benchmark Policy, MLS regulations, State Law, and/or TREC rules.

Licensees Coming Out of Retirement or who are New to Tennessee In order to ensure a reactivated Tennessee licensee or newly licensed resident who affiliates with Benchmark is “up-to-speed” on current real estate methodology, state law, TREC rules and standards of practice the licensee will be required to participate in an education/meeting participation program that may last up to 6 months, and does include obtaining 24 hours of CE credit. The purpose of this requirement is to bring the licensee current on issues ranging from contract writing, using the RealTracs MLS system, transaction management, REALTOR® ethics, TREC rules, etc. Agents will meet with their principal broker at least twice during the first 90 days of affiliation with Benchmark to confirm progression on this process.

Real Estate Assistants Whether an agent works alone or on a team, many successful agents eventually need administrative help. The most common solution is to hire a real estate assistant who can handle your paperwork and daily administrative tasks in your real estate practice. Under TREC rules your assistant can be licensed or non-licensed. In order to reduce your liability (as well as the liability of Benchmark) we strongly recommend you hire a licensed assistant. Licensed assistants can show properties, work directly with clients and assist with any task the agent would otherwise do. Unlicensed assistants are limited in the amount of work they can perform and interaction with clients.

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You and your assistant will need to carefully read our Guidelines for Real Estate Assistants that is available from your principal broker. Included in these guidelines is a Real Estate Assistant Registration Form that will need to be completed and signed by both you and the assistant prior to your assistant engaging in any activity involving your real estate business at Benchmark. In addition, if your assistant is unlicensed or licensed with another real estate firm, he/she will need to execute a Non-Disclosure Agreement that is included with the registration form. This agreement protects many of Benchmark’s innovative and proprietary systems including the Paperless Pipeline. If an assistant will be submitting transaction related documents and other paperwork to the Paperless Pipeline or our admin group it is critical the assistant understands ALL Benchmark policies and procedures and has attended Agent Orientation. The compliance of your listings, sales contracts, closings, commission payments and other related transaction matters remains your responsibility not that of your assistant. Our principal brokers and administrative staff will turn to YOU ONLY to resolve any matter that could impact your license, your broker’s license or Benchmark’s firm license.

Office Use Policy Benchmark offices contain conference rooms, multiple cubicles – some with computers, Sentrilock updater stations, free Wi-Fi internet access, and black-and-white network printers / scanners / faxes / copiers. There is no charge for the use of any of our facilities or for black-and-white copies/prints. Use of our facilities and equipment is strictly limited to business use, and only by Benchmark agents. If it’s not business related, it does not belong inside our facilities. Misuse of the facilities (including copiers and computers) will result in immediate release of the agent’s license. Access to our facilities is achieved through a computer controlled swipe-card system which is issued to each agent upon joining and allows access to any Benchmark facility. The first access card is free, replacement cards are $25. This card also accesses your ability to print or copy on a Benchmark machine, but it must first be “associated” with each machine as this function cannot be performed remotely. It is important that you visit all Benchmark offices at least once during regular business hours so the admin person for that office can “associate” your card with their machines. Otherwise you will not be able to copy or print at that location.

Your Phone Calls When a call comes into the office for you, our policy is to do a “warm transfer” directly to your cell phone. Since we do not have voicemail boxes for agents, we instruct the caller that we are transferring them and to leave a message on your “direct line voicemail”. We also give the caller your “direct line number” in case the call gets cut off during the transfer process as can sometimes happen when the caller is on a cell phone. After the first ring, the caller’s number will show up on your cell phone caller ID. However, if they hang up during the transfer, the office number will show on your caller ID and it is not physically possible to retrieve the phone number of the caller. The office will ALWAYS leave a message if we are calling you.

Property Management Policy Benchmark Realty LLC as a brokerage does not have a property management department, nor as a corporate entity engage in property management. Because of heavy TREC scrutiny in this area, and the burden of satisfying that scrutiny, Benchmark does not allow our agents to engage in property management functions for other entities where they received a fee for that service. Regardless, anyone can manage their personally owned properties, so can Benchmark agents.

Property Visits & Home Inspections Policy Benchmark policy on our agents attending inspections is that a buyer is NEVER to be inside someone else's house unattended. The inspector is insured and bonded. Buyers are not. Should something go missing, it gets messy real fast. Contractually, the agent is responsible for

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the property entrusted to them, and must ensure the house is in the same condition at the end of the inspection as it was at the start of the inspection. Specifically, if the water was shut off and toilets drained at the beginning, then it is the agent's liability to ensure they are that way at the end. Even if the inspector turned on water and filled tanks to do inspection. Failing to do this creates HUGE liability for agent and company. Attend your home inspections. Always.

Broker Price Opinion (BPO) Policy Benchmark Realty LLC as a brokerage does not have a BPO department or engage in administrative support for such activities. However it is permissible for Benchmark agents to participate in such activities. Just remember that since a licensee can only accept compensation from their broker, all commissions must flow through the brokerage. State law specifically forbids agents from receiving compensation directly from ANYONE for activities which require a license, such as rendering a professional opinion of value on a property. In the event that an agent is performing BPO services, the agent should accumulate the individual checks received from the service organization, and submit to admin 1x per month the total of those accumulated receipts. Closing fees will follow the Plan the agent is signed up on, meaning that for Plan A or Plan B agents, the total accumulated will be the total paid to the agent. For Plan C agents, if the total commission is $2600 or more, a $419 closing fee will be deducted. If the total commission is less than $2600, 10% will be deducted. Obviously as the agent performs BPO activities, they have a pretty good idea of the total amount owed to them by the servicing organization. Therefore, the agent should send admin a Check Submission form for each check anticipated to be received from that servicing organization. For example, you complete 5 BPO’s for ServiceLink and they pay $45 each. Then before the check to Benchmark arrives at our office, the agent should submit a Check Submission form letting admin know that a check for $225 is expected to cover that month. Admin then will know automatically what to do with that incoming check when it arrives. Remember, except for closing commission checks, any and all checks submitted to Benchmark admin must be accompanied by the Check Submission Form. If admin receives a check without a Check Submission form having been previously or simultaneously submitted, it will be held for 5 days and then returned to the remitter.

Home Warranty Rebate Policy The US Department of Housing and Urban Development (HUD) has clearly expressed their belief that the practice of licensees accepting a monetary incentive for writing Home Warranty (Home Protection) Plans is a violation of RESPA. Since HUD does not have the legal authority to change laws, it can only do so through the court system, meaning somewhere in the US a broker will have to be sued by HUD to test their policy that warranty rebates are indeed a violation of RESPA. Benchmark has no intention of being the legal test case for HUD policies. Therefore, our policy is to pass along to the consumer all rebates and compensation associated with the issuing of a Home Warranty Plan. All of our vendors have been notified of this policy and many have reprinted their brochures to reflect the reduced prices.

Yard Sign Display Policy It is the Broker’s policy that EVERY Benchmark sign in the field MUST have the agent’s name and phone number on it, especially “COMING SOON” signs. THIS IS A MANDATORY POLICY: If we are notified that a sign exists without the agent contact info on it, we will withdraw the listing from the MLS and from our website, AND we will go take the sign down. Also keep in mind that it is a violation of a TREC rule to place a sign advertising a property for sale (or coming soon) without written permission from the owner.

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In the absence of written instructions “Coming Soon” signs are allowed for a maximum of FIVE calendar days prior to inputting the listing into the RealTracs system, you must have a signed listing agreement, and we must have a copy of that agreement in The Paperless Pipeline. As noted above, the agent’s name and phone number MUST appear on the sign, regardless of the status. As state law dictates, if you are the owner of the property, you must have an “Owner/Agent’ rider on the sign. Failure to do so could result in a citation for both you and your broker from TREC.

Purchasing Yard Signs and Business Cards Suggested suppliers are subject to change as we continually search for better values and stronger relationships, and you are free to use whomever you choose at any time, but we currently recommend: Ordering Yard Signs: We recommend Image360 (formerly Signs by Tomorrow) at 7104 Crossroads Blvd., Ste. 121, which is in Brentwood South office park, directly behind Cracker Barrel. You may contact them at (615) 661-0556 or visit them online at www.Image360.com/brentwoodtn Approved layout examples. All other sign layouts must be approved by the principal broker: Loaner signs are available at no charge from the Benchmark office for a 30 day period. Retaining the loaner sign longer than 30 days will result in a charge of $75 to your credit card.

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Ordering Business Cards: In an effort to make the ordering of business cards easier, and to expand the product offering, Benchmark has entered into an agreement with Vista Print to provide a proprietary “ordering portal.” Access to that portal can be found here: http://BenchmarkRealtyLLC.biz.vistaprint.com Benchmark agents can design, order and pay for these products directly on the site. Please note that Benchmark is not responsible for these products, nor do we have influence on production times or cost. Vista Print is an outside vendor and rather than setting it up as a profit center, we requested the vendor pass the savings on to you directly through lower prices. You are free to utilize any vendor that fits your particular business model, just remember that our business card design requirements apply regardless and if you desire a design other than those found on the Vista Print portal, you must have the broker’s approval prior to authorizing any work. Business Card Design Policy (if you do not use the vista print portal): Even though TREC does not recognize business cards as advertising Benchmark requires agents to submit all business card designs to the principal broker for approval. In order to avoid any misrepresentation, the following information must appear on the FRONT of an agent’s business card:

1. Agent’s Name 2. The Benchmark logo or “Benchmark Realty LLC” 3. Office telephone number

Agent Expenses Each agent is responsible for setting up their own account with any outside vendors. No invoices should be sent to the broker for expenses incurred by an agent. Such expenses include but are not limited to the purchase of yard signs, advertising, appointment service charges, association dues, association fines and/or penalties resulting from agent’s neglect. In the quest to keep our agent fees as low as possible, the office does not handle appointment setting for your listings. Should the vendor inadvertently invoice the broker, reimbursement of incurred expenses is due immediately upon notification to agent whether by receipt of an invoice or email notification. Payment to broker may be made by check or credit card. If payment is made by credit card,

http://benchmarkrealtyllc.biz.vistaprint.com/

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processing fees will be included in the amount due to broker. Depending on the credit card company, these processing fees can be anywhere between 2.5% and 4%. Whatever the company charges is the additional amount you will be charged. Credit card information kept on file may be used to pay for supplemental charges (e.g., business cards, unreturned borrowed signs, office rental, color copies) should an agent fail to pay such invoices within 10 days. In these cases, a bank fee may be applied to cover the cost of what the bank charges Benchmark to run these individual charges (recurring monthly billing is not subject to a bank fee). Should the credit card on file be declined, office staff reserves the right to continue to “run the card” in attempt to collect payment until alternative payment is received.

Minimum Service & Discounted Services Advertising The use of price offers in your advertising is prohibited. We realize that special circumstances arise from time-to-time when working with clients to meet their specific real estate needs. Our unique business model provides agents the freedom to be creative and structure their services specific to each client’s needs, without having to obtain broker permission. Benchmark agents are free to offer whatever pricing structure fits their specific business model and the client’s needs, but leading with price in your advertising is a race to the bottom and places your peers in a difficult situation. How these service options are communicated and marketed to the general public can impact Benchmark’s brand and reputation in the eyes of the public. Publicly advertising price is simply a race to the bottom and impacts other Benchmark team members. Agents may provide information concerning minimum, discounted, or limited services to prospective clients in pre-listing packets or buyer packets. However, the advertising or marketing of these services through direct mail, newspaper or magazine ads, internet marketing or other forms of “farming” is strictly prohibited. Remember: all advertising MUST be approved by the Principal Broker. Very Important Note on Minimum Service Listings: All minimum service listings must follow the same paperwork submission requirements as any other listing sent to the Paperless Pipeline. Agents must create an agency relationship with the client through a listing agreement in order to meet both TREC and MLS rules. The Broker’s Act is very specific as to the duties owed to a licensee’s client (Ref. TCA 62-13-404.) If an agent is not going to provide the normal and customary level of service, the law requires the waiving of those duties be spelled out in the special stipulations section of the listing agreement. (More information on Minimum Services Listings can be found on the Agent Center of our website.) All minimum service listing paperwork should follow the items noted on the Listing Checklist. Please contact your principal broker if you need any additional information concerning these types of listings.

General Advertising Policy

It is our policy that all advertising conform to TREC rules and policies. Since all advertising is under the supervision of the principal broker, it is imperative that you comply with the TREC rules and the state law in ALL advertising and signage. If you are not thoroughly familiar with these rules, you are strongly encouraged to read the state requirements and gain a firm understanding of all current regulations. TREC does not accept ignorance as an excuse for violating their regulations. The following is a summary of these rules:

BROKER REVIEW: TREC rule 1260-01-.12 (3)(b) requires that ALL advertising, regardless of where it appears, is under the supervision of the Principal Broker. This means that all

advertising must be reviewed by the principal broker for TREC and Benchmark brand compliance prior to placement and implementation. ALL advertising.

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1260-2-.12 ADVERTISING. (1) All advertising, regardless of its nature and the medium in which it appears which promotes either a licensee or the sale or lease of real property, shall conform to the requirements of this rule. The term "advertising," for purposes of this rule, in addition to traditional print, radio, and television advertising, also includes, but is not limited to, sources of communication available to the public such as signs, flyers, letterheads, e-mail signatures, websites, social media communications, and video or audio recordings transmitted through internet or broadcast streaming. Advertising does not include promotional materials that advertise a licensee such as hats, pens, notepads, t-shirts, name tags, business cards, and the sponsorship of charitable and community events.

(2) For purposes of this rule, the term "firm name" shall mean either of the following: (a) The entire name of the real estate firm as licensed with the Commission; or (b) The d/b/a name, if applicable, of the real estate firm as licensed with the Commission.

(3) General Principals. (a) No licensee shall advertise to sell, purchase, exchange, rent, or lease property in a manner indicating that the licensee is not engaged in the real estate business. (b) All advertising shall be under the direct supervision of the principal broker and shall list the firm name and telephone number as listed on file with the Commission. With regard to the size and visibility of the firm name and firm telephone number, all of the following shall apply:

1. The firm name must be the most prominent name featured within the advertising, whether it be by print or other media; and 2. The firm's telephone number shall be the same size or larger than the telephone number of any individual licensee or group of licensees.

(c) Any advertising which refers to an individual licensee must list that individual licensee's name as licensed with the Commission. (d) No licensee shall post a sign in any location advertising property for sale, purchase, exchange, rent or lease, without written authorization from the owner of the advertised property or the owner's agent. (e) No licensee shall advertise property listed by another licensee without written authorization from the property owner. Written authorization must be evidenced by a statement on the listing agreement or any other written statement signed by the owner. (f) No licensee shall advertise in a false, misleading, or deceptive manner. False, misleading, and/or deceptive advertising includes, but is not limited to, the following:

1. Any licensee advertising that includes only the franchise name without including the firm name; 2. Licensees who hold themselves out as a team, group, or similar entity within a firm who advertise themselves utilizing terms such as "Real Estate," "Real Estate Brokerage," "Realty," "Company," "Corporation," "LLC," "Corp.," "Inc.," "Associates," or similar terms that would lead the public to believe that those licensees are offering real estate brokerage services independent of the firm and principal broker; 3. Any webpage that contains a link to an unlicensed entity's website where said entity is engaged in activities which require licensure by the Commission.

(4) This section of the TREC rules deals with franchise brokerages only. It is non-applicable to Benchmark. (5) Internet Advertising: In addition to all other advertising guidelines within this rule, the following requirements shall also apply with respect to internet advertising by licensees, including, but not limited to, social media:

(a) The listing firm name and firm telephone number listed on file with the

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Commission must conspicuously appear on each page of the website. (b) Each page of website which displays listings from an outside database of available properties must include a statement that some or all of the listings may not belong to the firm whose website is being visited. (c) Listing information must be kept current and accurate. This requirement shall apply to "First Generation" advertising as it is placed by the licensee and does not refer to such advertising that may be syndicated or aggregated advertising of the original by third parties outside of the licensee's control and ability to monitor.

(6) Guarantees, Claims and Offers (a) Unsubstantiated selling claims and misleading statements or inferences are strictly prohibited. (b) Any offer, guaranty, warranty or the like, made to induce an individual to enter into an agency relationship or contract, must be made in writing and must disclose all pertinent details on the face of such offer or advertisement.

Agent Team Advertising Agent teams are allowed at Benchmark. However, TREC has created specific guidelines on how they should operate within a firm and under the license of the principal broker: TREC Rule 1260-2-.41. Licensees who hold themselves out as a Team, Group, or Similar Entity within a Firm.

(1) Licensees who hold themselves out as a team, group, or similar entity within a firm must be affiliated with the same licensed firm and shall not establish a physical location for said team, group, or similar entity within a firm that is separate from the physical location of record of the firm with which they are affiliated.

(2) No licensees who hold themselves out as a team, group, or similar entity within a firm shall receive compensation from anyone other than their principal broker for the performance of any acts specified in T.C.A. Title 62, Chapter 13.

(3) The principal broker shall not delegate his or her supervisory responsibilities to any licensees who hold themselves out as a team, group, or similar entity within a firm, as the principal broker remains ultimately responsible for oversight of all licensees within the principal broker's firm.

(4) No licensees who hold themselves out as a team, group, or similar entity within a firm shall represent themselves as a separate entity from the licensed firm.

(5) No licensees who hold themselves out as a team, group, or similar entity within a firm shall designate members as designated firm agents, as this remains a responsibility of the licensed firm's principal broker.

A Note about Team Advertising: It is important that the advertising conducted by the team not be misleading. Therefore, the team name MUST NOT give the impression that the team is a stand-alone real estate company. In addition, the firm name and telephone number must appear on any and all advertising. The firm name must be the prominent name in all advertising. No other phone number can be larger than the company phone number in any ad.

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Internet Advertising (Personal Websites and Social Media Sites)

All real estate advertising by Benchmark agents on the Internet, including Web pages, e-mail, social media sites (Facebook, Twitter, LinkedIn, etc.) bulletin boards and other electronic publications, must display the same type of information as required in print or broadcast advertisements. Tennessee Real Estate Commission rule 1260-02-.12 as well as the Code of Ethics and Standards of Practice of the National Association of REALTORS® are very specific concerning all advertising and most especially Internet advertising. It is company policy that all of our agents will conform to these guidelines by ensuring the following is met for any and all agent real estate related site(s): Licensee and Brokerage Disclosure: On each page of your website(s) your name, state of Licensure (Tennessee), your real estate license number; the firm name (Benchmark Realty, LLC) and office phone number must MUST BE THE PROMINENT NAME DISPLAYED. The Benchmark logo or “Benchmark Realty, LLC” should be placed in a prominent position at the top of your website in order for the public to clearly see you are affiliated with the firm. TREC guidelines say that the company name must be the prominent feature in all advertising, and that no other phone number should be larger than the company phone number. This applies to your website. Social Media Sites (Facebook, Twitter, LinkedIn, etc.): your name, license number, the company name and firm license number should appear on the profile page of your social media sites. On all business Facebook pages the Benchmark logo or “Benchmark Realty, LLC” should prominently appear at the top of the profile page. Internet Data Exchange (IDX): Each page of a website which displays listings from an outside database of available properties must include a statement that some or all of the listings may not belong to the firm whose website is being visited. You and your web hosting provider must receive IDX authorization from RealTracs prior to placing an MLS search portal to a site. (You can contact RealTracs for more information regarding IDX registration.) Presenting a True Picture: In addition, all advertising must present a true picture to the public of what is represented including URL’s and domain names. Listing content, metatags, keywords, or other devices/methods used to drive traffic to an agent’s website cannot be deceptive, manipulative or misleading.

Multiple Listing Service (RealTracs Solutions) Benchmark Realty LLC is a member of RealTracs Solutions and once you join our firm and show proof of membership in one of the seven local associations to which the broker belongs, the office will submit the proper paperwork to RealTracs to add you to our MLS roster – no action is required on your part to accomplish this specific task. Your user name and password will not change. The current user charge is $120/quarter, paid directly to RealTracs. If you are delinquent on paying these fees, Benchmark may charge your credit card on file to pay the MLS dues on your behalf. If your card is declined and the fees remain unpaid, your license may be released as failure to pay your RealTracs fees puts the entire office at risk of suspension. All agents are expected to enter their own listing data into the MLS system. This way, you have control over the information that is in the MLS for your listings and the opportunity for miscommunication is eliminated. RealTracs offers multiple training opportunities for their system. Benchmark agents are strongly encouraged to avail yourself of the generous amount of FREE training available from RealTracs. Most of it offers FREE CE credit and all of it is invaluable in being successful in your chosen career. It is imperative that you familiarize yourself with the proper use of the MLS system and abide by their usage regulations. Of greatest concern are certain prohibitions and penalties which are reproduced here:

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NOTE: There is a $25 fine from Realtracs for withdrawing a listing and re-inputting it back into

their system without waiting 5 days as a new listing under the same brokerage. (If they catch you.) Benchmark’s policy is that regardless of Realtracs’ scrutiny or fines, if you do this, Benchmark will automatically charge you a $50 processing fee. Section VI: MLS PROHIBITIONS 6.1 Any Listing Content filed with MTRMLS, Inc. shall not be made available to any non-participant in MTRMLS, Inc., without the prior consent of the listing broker; however, selected listings may be shared with clients to determine suitability. IN NO CASE SHALL AN MLS COMPILATION (see Section 1.13) BE GIVEN OR LOANED TO A NON-USER. 6.2 Participants shall not solicit a listing on property filed with the Service unless such solicitation is consistent with Article 16 of the REALTORS Code of Ethics, its Standards of Practice and its Case Interpretations. 6.3 Any Listing Content provided by MTRMLS, Inc. to the Participant shall be considered official Listing Content of the Service. Such Listing Content shall be considered confidential and exclusively for the use of Participants and real estate licensees affiliated with such Participants, those Participants who are licensed or certified by an appropriate state regulatory agency to engage in the appraisal of real property and licensed or certified appraisers affiliated with such Participants and other qualified users of the Service. The Listing Content published and disseminated by the Service is communicated verbatim without change by the Service, as filed with the Service by the Participant. The Service does not verify such Listing Content provided, and disclaims any responsibility for its accuracy. Each Participant agrees to hold the Service harmless against any liability arising from any inaccuracy or inadequacy of the Listing Content such Participant provides. 6.4 Use of Listing Content from the MLS Compilation, from an Association’s or Board's "Statistical Report," or from any "sold" or "comparable" report of an Association or Board or MLS for public mass-media advertising by an MLS Participant or in other public representations may not be prohibited. However, any print or non-print forms of advertisement or other forms of public representations based in whole or in part on information supplied by an Association or Board or MLS must clearly demonstrate the period of time over which such claims are based and must include the following, or substantially similar, notice: "Based on information from RealTracs Solutions for the period (date) through (date)." 6.5 Only the "For Sale" Sign of the listing broker may be placed on a property. 6.6 Prior to closing, only the "Sold" sign of the listing broker may be placed on a property, unless the listing broker authorizes the cooperating (selling) broker to post such a sign. Penalties have increased dramatically over the past couple of years. It is suggested that you review this next section carefully. Section X: MLS PENALTIES 10.1 When a user is found in violation of any portion of the Rules & Regulations of the MLS, the MLS Directors have the right to impose appropriate fines and/or fees in keeping with the nature of the offense. Fines and/or fees will be levied on the following violations: (a) Failure to submit or input new listing to the MLS within forty-eight (48) hours, Fine $100.00. (b) Failure to report listing “pending” or “active contingency” once a contract has been accepted by the seller to the MLS within forty-eight (48) hours, Fine $100.00. (c) Failure to report a listing as a Short Sale within forty-eight (48) hours, Fine $100.00. (d) Failure to report listing closed to the MLS within seventy-two (72) hours, Fine $100.00. (e) Failure to report listing changes (excluding those previously mentioned) to the MLS within forty-eight (48) hours, Fine $25.00. (f) Submitting a listing or listing changes with items incorrect or required items omitted, Fine $25.00 per incorrect item. (g) Failure to include a known starting point and accurate directions to the front of the property in the “Directions” field, Fine $50.00.

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(h) Submitting a listing with contact information in any field other than the REALTOR® remarks field, Fine $100.00. (i) It shall be considered a misuse of the SentriLock electronic lockbox system:

(i) to loan a SentriCard to anyone; (ii) to remove the key from the property; (iii) to give or loan the key to anyone else; (iv) to remove a SentriLock from a property without the lockbox owner's permission; or (v) any other misuse of the electronic lockbox system as determined by the Directors. There shall be a fine of $100.00 for misuse of the electronic lockbox system.

(j) Allowing unauthorized use of the MLS Book or other compilation, Fine $100.00. (k) Submitting a listing to MLS without a valid exclusive listing agreement OR signing, or allowing anyone else to sign, forms for the owner, Fine $1,000.00. (l) Upon request from the MLS, Participants must produce proof of a valid exclusive listing agreement and/or substantiating documentation for a property listing submitted to the Multiple Listing Service as follows: i) A valid exclusive listing agreement within twenty-four (24) hours. ii) Substantiating documentation (e.g. HUD-1 Settlement Statement, offer to purchase agreement, etc.) within forty-eight (48) hours. Failure to submit documentation to MLS within the given time frame will result in a $100.00 fine and the potential removal of the listing from the Multiple Listing Service. (m) Violations of Waiver Request, Fine $500.00. (n) There will be a fee of $25.00 assessed to any company for removing a listing and re-submitting it to the MLS as a new listing within five days. **See Benchmark note at the beginning of this section. (o) Misuse of electronic mail service, Fine $50. (See Section 4.12) (p) Sharing an individual's login and password, using another user's login or password, in any way jeopardizing the security of the system, or granting unauthorized access to the system will result in a $500 fine. (q) Granting public access to MLS compilations electronically, Fine of $1,000 for the first offense and $2,000 for subsequent offenses. (See Section 12.4) (r) Failure to report changes of licensee, appraiser, paid assistant or paid office staff/secretary affiliated with the Participant within ten (10) days will result in a $500 fine. (See Section 8.8) (s) Unauthorized use of photographs without permission of the listing broker, Fine $100. (t) Manipulating listing content to circumvent MLS rules, to provide a misleading representation of the listing, to manipulate cooperation with other Participants, or to change information ex post facto, Fine $250.00. (u) Submitting a residential listing without a foundation and with a construction type other than “To Be Built,” Fine $1,000.

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Frequently Asked Questions

A copy of this portion can also be found on the password-protected Agent Portal of Benchmark’s website.

Paperwork 1. Q: What is required in the paperwork I turn in?

A: If it’s on the checklist and not preceded by “if applicable” it is required. So if it’s not on the checklist, there’s no need to turn it in unless it is a component of the contract, such as a special addendum, etc. Please do NOT send us MLS picture printouts, CMAs, Inspection Reports, or tax reports, and remember EVERY listing and contract packet MUST have the checklist as the cover sheet on the initial submission. After that, we do not need the checklist.

Other paperwork we do not need: Buyer Inspection Contingency Releases, Repair Counters, loan commitment letters, inspection reports, rejected offers, other company’s disclosures, and any document with sensitive information (e.g. social security numbers). Special Note If compliance is requesting additional documents, send ALL pages of the document requested, but do not send the entire packet again. For example, if you receive an email from compliance saying buyer forgot to sign the Property Condition Disclosure. Please send ALL pages of the PCD so we can match it up to the correct transaction. Never send only the signature page of a requested document. Always send all pages of the document requested.

2. Q: Why don’t you need other “important” paperwork?

A: TREC requires that the forms listed on our checklists are accessible and fully signed and dated. What TREC requires in the broker file may be different from what is a best practice for YOU, to maintain in your file. Always “Cover Your Assets” by keeping your own files complete. Likewise, TREC requires the maintenance of the broker files for 3 years, but we keep our broker files indefinitely. You can make your own decision, but 3 years is the minimum. There is a reason that E&O Insurance is individual in Tennessee. If a claim is filed, invariably it is against the individual agent – which is why we are strong advocates of maintaining at least $1,000,000 in E&O Insurance, individually. Just know that in case of lawsuit, the details in your file are the basis of your legal defense. Poor file = poor defense, 3 or 4 or 5 years from now.

3. Q: Since Benchmark has working relationships with several title companies, can I expect Benchmark will get my contract docs if I just send them to the title company?

A: Nope. You will need to turn in paperwork to the Pipeline as well the selected title company, just like you would if you were using any title company.

4. Q: What paperwork do I need to turn in for rental listings? A: If the property is listed for sale on the MLS, we should already have your listing agreement on file, and that agreement should state that you have permission to advertise the property for lease also. We don’t need anything more. If the property is NOT listed for sale, all the office requires is the Rental Authorization/Notification form sent to the Pipeline. When you are ready to be paid on a rental/lease commission, you will need to turn in the check, with a check submission form. We do not need a copy of the lease.

5. Q: I’m relisting a property, and the office already has all the listing docs. Do I have to turn

everything in again? A: Nope. If your listing expired, the only paperwork we require is a listing amendment form documenting all the changes from the original listing agreement (term dates, listing price, etc.). If your listing was withdrawn, make sure you also include the Back on Market date. If you want to withdraw a property and save yourself some work, you may submit the request to withdraw, the anticipated BOM date, new term dates, and the new price (if applicable) on a single listing amendment. Remember, MLS rules state that a withdrawn property cannot be re-listed under the same firm for 5 days. Doing it sooner will result in a fine from MLS and a $50 charge from Benchmark for additional paperwork processing.

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6. Q: What paperwork do I need to turn in for a lease/purchase?

A: Turn in all typical contract docs listed on the sales/purchase checklist (Confirmation of Agency, Disclaimer, Property Condition, Affiliated Business Disclosure, etc.), and use TAR form RF421 in addition to the RF401 Purchase and Sales Agreement, tying them together in special stipulations. Remember to make a note at the bottom of the checklist that this sale is a lease/purchase.

7. Q: How can I withdraw my listing on the MLS? A: You can’t personally. Only office staff members with MLS Broker Permissions have the ability to withdraw listings. In order to have a listing withdrawn, you must fill out and sign a Listing Amendment requesting the withdrawal. Your seller must sign and date also. Then send the form to the Pipeline. Office staff is not allowed to withdraw any listing from the MLS without this paperwork. An email or phone request will not suffice except in cases of a serious emergency (i.e., gas leak, theft or vandalism, etc.).

Inbound Check Processing & Commissions 1. Q: I’m expecting a trust money check to come to the office…

A: If a check comes to the office in an envelope addressed to you (whether hand delivered or via mail), it will go into your mailbox and remain there until you come get it. Office staff will not intercept and open your mail. (That’s against the law!) Always request the sending party to address the envelope simply to “Benchmark Realty LLC,” admin will then receive and open it. If you want us to accept and process a dropped-off check, you MUST send us a Check Submission Form PRIOR to the check arrival, otherwise we will hold the check in a general file until we know what to do with it. All trust money or misc. commission check submitted in person should have the Check Submission Form attached. We are required to keep a full accounting of each check that comes through the office and we must be certain that we are assigning the money to the proper file. Unfortunately, most incoming checks have no identifying info on them, so it is usually impossible to determine which file to assign it to unless we have the completed Check Submission form. Please note that our STRONG preference is for the title company to hold the trust/earnest money.

2. Q: What about Title Company commission checks?

A: Closing commission checks need to be submitted directly to the office with a copy of the check AND the Closing Checklist attached (or emailed directly to admin prior to the title company dropping off the check). Do NOT use the Check Submission form for a closing commission check. Please make sure the closing checklist is filled out completely, including how you want to be paid (check or direct deposit), if there are any out-bound referral fees that need to be paid, the address you want your check mailed to, etc. Do not send the Closing Checklist to Paperless Pipeline since we should already have it with the original check. Simply follow the instructions on the form to see what to do with the rest of the closing paperwork.

3. Q: What about paying referral fees?

A: Outbound referral fees should be paid directly from the title company at closing. Our preference is always for the closing agent to handle all extraneous payments. However, if Benchmark needs to remit the referral payment, you must attach the fully executed referral agreement to the Closing Checklist when turning it into admin. ALSO, if we are to pay the referral make a note on the Closing Checklist to that affect.

In regards to inbound referral fees (where a Benchmark agent is receiving the fee), submit to Admin the fully executed referral agreement and a check submission form along with the referral check. Because of the nature of referrals, once the broker signs the referral form, admin does not retain outgoing referral agreements on file. You will receive it back from the broker after they sign it and you will need to include it when it is time to be paid.

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4. Q: My deal has fallen through, and I need trust money released back to the buyer…

A: If your deal has fallen through, send the Trust Money Disbursement form to your broker to sign, then send the fully executed form directly to Central Accounting at [email protected] (NOT the Pipeline). Be sure to communicate “release instructions” in writing in the proper place on the form telling us: (1) to whom the check should be made payable, and (2) the address where the check needs to be sent OR the name of the person who will be picking it up from the office.

If “release instructions” are not articulated, the check will be cut, and then will sit in our files in the Benchmark admin office indefinitely awaiting a pick up.

5. Q: I have a closing where my commission is less than the trust money. What do I do?

A: The best course of action in this scenario is to plan ahead and simply have the title company hold the trust money when writing or countering the offer. However, if we are the holder you will need to transfer the trust money to the title company BEFORE the closing. To do this, email the Trust Money Release to Title Company form to Central Accounting, [email protected] (NOT the Pipeline) 72 hours in advance.

6. Q: When will my commission be ready?

A: We work hard to pay all commissions within 36 business hours after all paperwork has been received and approved. Often, we can get it to you within 24 hours or less after we receive all the closing docs and checks, but THAT IS NOT GUARANTEED. Please remember some days are busier than others – especially the last day of the month during the busy season – and in deference to those in line ahead of you, there may be times when it will take the full 36 hours to get to your file. Remember: making sure your paperwork is fully compliant ahead of time ensures a smooth process and that you get paid quicker.

If you selected to receive your commission as direct deposit, we will email you a record of the deposit once it’s been processed. That email may go to your junk folder, but we will also put a copy on the Pipeline for you. You should know that commission paid via direct deposit does NOT instantly show up in your account. Most likely the deposit will show the next business day, but depending on which regional Fed system your bank is on, it could take longer. We have no control over how long it takes for your bank to accept the deposit and actually put it into your account. Check with your bank.

If you selected to receive your commission in check form, we will always call you when your check is ready to pick up. If you don’t answer, we will always leave a message on your voicemail. Calling the office to ask if your check is ready is unnecessary.

Paperless Pipeline 1. Q: I’ve never used Paperless Pipeline before. Will you help me?

A: We can, but it’s REALLY simple. If you can send an email, you can submit docs to the Pipeline! All you have to do is scan and email your listing and contract packets to the Pipeline email address: [email protected] . You can do this from your scanner at home, or use the pre-programmed one-touch scanner in any Benchmark office. Refer to the “10 Rules of Pipeline” for more info (page 38).

2. Q: My docs aren’t getting to the Pipeline. What am I doing wrong?

A: First, double check the email address. It should be the long, numerical address above. (Make sure you did not include the period at the end of the above sentence!)

Second, make sure your scanner settings are set to a lower-resolution so that you are not generating a huge file. If the file is too big, The Pipeline will automatically reject it. Sending high-res docs to the Pipeline may or may NOT result in a bounce-back message. Sometimes high-res docs just disappear into cyberspace, never making it to the Pipeline, and we have no way of knowing you tried to send them. Keep in mind that a normal doc package file is rarely over about 2mb in size. If your file is larger than that, your scanner settings are set on high resolution. We




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cannot help you with changing the settings on your scanner; refer to the instruction manual that came with your machine.

While you are checking your scanner settings, make sure that it is not generating a password-protected file or adding a security lock to your documents. Also, the file you are creating must be in PDF format. Some scanners are pre-set to create TIF or JPG files and the Pipeline cannot recognize any file format except PDF. Any other file format is automatically rejected. So make sure you are creating a low-res, PDF file from your scanner.

3. Q: I just sent a packet to the Pipeline, and haven’t received a confirmation that you got it.

Can I just call you to make sure it went through? A: Please don’t. Instead, you can log on to the Pipeline at www.paperlesspipeline.com and check it for yourself! You will need to wait 24 hours, though, as you can only see your docs once admin has assigned them to a transaction. If you do not see your paperwork after 24 business hours from submission, check your scanner settings and submit it again. Always, send yourself a copy as well to make sure your email is in fact going out.

We have created a handy reference video to show you how to log in and check your docs on the Pipeline. The video is posted on the Agent Center of the website, but you can access it directly at this location on YouTube: https://youtu.be/_6iASmCFsyw

4. Q: I just had a closing. I’m confused about what needs to go to the Pipeline and what I

need to turn in directly to the office. A: Follow the instructions printed on the closing checklist: turn in (1) the commission check, (2) a copy of the check, and (3) the closing checklist directly to the office. Everything else (Settlement Statement, final property condition disclosure, etc.) should be scanned to the Pipeline. Remember, we will NOT process your commission until we receive the closing checklist and the broker has reviewed and approved your final docs. The closing checklist is the only checklist that does NOT go to the pipeline.

5. Q: But what about documents that need my broker’s signature?

A: Change of Status forms will be “checked” when the broker approves the change on the Pipeline, but will remain unsigned (printing it out just to sign something probably no one else will see defeats the purpose of being paperless). Referral Agreements and Trust Money Disbursement forms should be emailed directly to the broker for signatures, and should not be sent to the Pipeline in the hopes he/she will see it and sign it. In the case of Trust Money Disbursement forms, we will send it to the Pipeline once we have cut the check where you can retrieve a copy for yourself if needed.

6. Q: Can I still forward client email authorizations for a Change of Status form?

(To change a price for example.) A: You can, but remember, Paperless Pipeline only receives PDF attachments, not messages in the body of an email. If you want to use an email authorization in lieu of a seller’s signature, you will need to turn the email into a PDF, and then send it along with the Change of Status form. Be sure the property information is complete and the form signed by you before submitting.

7. Q: Can you email a copy of the Property Condition Disclosure to an outside agent? OR

The lender needs a copy of the trust money deposit – can you send it to me? A: No, but you can. The beauty of Paperless Pipeline is that you have 24-hour access to ALL your transactional paperwork (including closed, expired, and withdrawn files) wherever you have an internet connection. Not only can you print copies for your own records from the Pipeline, but you can also email documents directly from there! It’s all at your fingertips.

Communications 1. Q: I want to send out an announcement to the agents. Can you do that for me?

A: It is our goal to help your business stay efficient by not flooding you with emails from our office that may be perceived as spam or junk; we don’t want to get to the point where no one reads our messages anymore! As reasonable as a request may seem, we have to say, “No, sorry,” to this question. We just do not have the staff to perform such activities.

http://www.paperlesspipeline.com/

https://youtu.be/_6iASmCFsyw

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That being said, we will gladly provide you with an updated roster upon request showing all agents and their contact information. You can then use that info to create your own distribution list. It may also be a good idea to keep this list in your car in case you want to contact other Benchmark agents while you’re on the go. Please do not call the office asking to be transferred to a fellow Benchmark agent, we just do not have the staff to be personal assistants.

2. Q: I don’t think I’m getting email messages from the office – why? A: We send our broadcast emails to all the agents via a service called MailChimp. This is a service that supposedly keeps our messages from being blocked as spam. The email address you will see in your mailbox will be [email protected] OR [email protected]. Make sure you add these email addresses to your “Safe Senders” list and please do not unsubscribe from the list. If you aren’t seeing them, they may be going to your junk folder, or a couple of previous emails may have bounced and the system “delisted” your address. Watch for them to be posted on the Facebook closed group, and if you did not receive one, let us know. These emails contain information that is important to your business. Please READ THEM! As soon as we send a broadcast email, we always post the message to the Benchmark Closed Group on Facebook as well. So if you aren’t paying attention to these two forums, you will be missing critical company information.

3. Q: I’m expecting a fax to come in. Will you send it to me?

A: If the fax message is properly addressed so we can tell who it is for, we will automatically forward it to you. Every fax that comes in is duplicated on the admin email. We will always forward it to you via email, and then put the printed original in your mail box. If there is no name on the fax and we can’t figure out who it belongs to, it will sit on the shelf in front of the printer for a couple of days until it is discarded. Inform senders to always use a cover sheet on all incoming faxes.

4. Q: I just missed a phone call from the office. Did you call me?

A. No. If we called you, we WILL always leave a message. Most likely, we transferred a call to you and the caller disconnected before their number could show up on your caller ID.

Q: Well, do you know what it was about?

A. We have no way of knowing that info. We determine who the person is calling for and then to transfer the call directly to the agent with instructions to leave a message on the agent’s voicemail if they don’t answer. With literally hundreds of calls coming in every day, it is physically impossible to investigate each caller’s intent or take messages for our agents.

Q: Could you look it up on your caller ID then?

A: Commercial phone systems do not store caller ID history. We only know who is calling between the time we pick up the receiver and the time we hang up the receiver. We do not have the capability to look up historical information.



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1. Make sure your documents are fully signed and dated. We prefer late paperwork over incomplete paperwork. If you send

incomplete packets, note on the checklist what is missing and when it will follow.

2. Checklists are a mandatory part of your uploaded documentation. Please make sure the appropriate checklist is included as the

first page of your uploaded packet. Remember our Affiliated Business Disclosure (signed by you and your clients only) is also

required.

3. If you are going to email docs from your personal scanner, make sure the settings are on low-resolution PDF files (the Pipeline

will not accept huge, high-res files), and that there is no security lock on scanned docs.

4. While you’re checking your scanner settings, make sure the file created is a PDF file. The Pipeline does not recognize any

other file format. Likewise, please do not submit documentation in Word format to the Pipeline. Also, make sure all your

software is up-to-date.

5. Only send documents required on the checklist or are an important part of the contract. Please do not send inspection reports,

termite letters, loan commitment letters, tax reports, residential input forms, CMAs, and nothing with sensitive information (e.g.,

social security numbers).

6. Rental authorizations should be sent to the Pipeline. Misc. commission paperwork (inbound referrals, BPOs, etc.) should be

emailed directly to Admin or physically brought to the office. Closing Checklists, Check Submission Forms, and Trust Money

Release to Title Company forms never go to the pipeline. Admin will upload them to the transaction after processing payment.

7. For the title company with whom you are closing, you will need to send your paperwork to them separately, as you cannot give

them access to docs on the Pipeline. Make sure to check with them on what they require, as it may be different from what the

Benchmark office requires. Title companies cannot be given access to docs on the Pipeline.

8. Trust money and misc. commission checks need to be submitted to Admin with the Check Submission Form or emailed to

Admin where the check will be arriving prior to drop off - these forms do NOT go on the Pipeline. Closing Checklists need to be

submitted with the title company check or emailed to Admin where the check will be arriving prior to our receiving the

check. The Settlement Statement documents then go to the Pipeline.

9. There's no need to contact the office asking if we've received your paperwork - just go to www.paperlesspipeline.com and use

your login information to check for yourself! Allow us 24 business hours to assign the paperwork to the transaction, then you'll

see if it's been approved. You can also print or email documentation from the transaction.

10. When emailing paperless docs, the Pipeline only receives attachments. It does NOT collect any part of the actual email

message. If you need to let us know something about the file, write it on the checklist or send admin a separate email.

10 Rules of the Paperless Pipeline

What Goes Where? PAPERLESS PIPELINE:

([email protected])

Listing Packets

Contract Packets

Change of Status forms

Amendments & Addendums

Rental Authorizations

Settlement Statements (HUDs)

Trust Money Disbursement and Mutual

Release if Benchmark IS NOT holding

trust money.

Central Accounting

([email protected])

Check Submission Forms

Closing Checklist

Trust Money Release to Title Company

forms

Trust Money Disbursement and Mutual

Release only if Benchmark IS holding

the trust money

(make sure it has your broker’s

signature before submission)

http://www.paperlesspipeline.com/

Revised 12/21/2016 of 48

Revised 12/21/2016 of 48

RESPA AFFILIATED BUSINESS DISCLOSURE STATEMENT

Date: ________________

Property Address: ______________________________________________________________

Benchmark Client Name(s): _______________________________________________________

Pursuant to the Real Estate Settlement & Procedures Act (“RESPA”) and the regulations adopted pursuant to that statute, Benchmark Realty, LLC hereby makes the following disclosures: In order to facilitate your transaction, Benchmark Realty, LLC has established certain affiliated or related companies or business relationships in the area of mortgage. You are NOT required to use the listed provider as a condition for settlement of your loan or repurchase, sale or refinancing of the subject property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. Benchmark Realty, LLC is a real estate brokerage business providing residential and commercial service to buyers and sellers and receives compensation on those services. Title & Escrow Services Disclosure: Benchmark Realty, LLC or individual owner does not have any interest in

any company offering title and escrow services.

Mortgage Disclosure: Benchmark Realty, LLC has a relationship with Movement Mortgage LLC (NMLS # 174801) for the purposes of offering the buyer efficient and effective mortgage lending services. Benchmark

Realty LLC may receive monetary benefit through a marketing services agreement and/or a space rental agreement with Movement Mortgage LLC.

Home Warranty Insurance Disclosure: Benchmark Realty, LLC or individual owner does not have any interest

in any company offering home warranty insurance. I/We have read this disclosure form, and understand that Benchmark Realty, LLC may receive financial or other benefit as a result of referring me/us to purchase the above-described service provider(s). ______________________________________ Benchmark Client Signature

______________________________________ Benchmark Client Signature

______________________________________

Benchmark Agent Signature Revised 7/7/2016

Revised 12/21/2016 of 48

Revised 12/21/2016 of 48

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