Please send any Awards for Excellence questions to juli@ArkansasRealtors.com so that they can be answered by the AFE Task Force and published into our FAQ’s.
Awards for Excellence FAQ’s for 2016 Recognition
In regards to the new property management category, to claim both sides of the transaction, the agent must provide proof of tenant representation.
Q. We have an agent that does residential listing/sales and property management. On her print out of transactions it shows both–it takes 12 transactions to qualify for an award–can she count the property management along with her residential sales? She has closed 9 properties this year and has 5 with property management.
A. If the rule states that you can combine two categories, but you can’t have more than 20% of the TRANSACTIONS of a different category.
So if she has 14 transactions and 80% of them have to be residential sales she would need 11 sales transactions not just 9.
Q. Can I count a land or farm transaction in a residential category?
A. If an AGRI contract was used in the transaction, it must be listed in the Commercial Category.
Q. Most of our tenants are on a month to month basis now after fulfilling their initial 6 month lease so how do I track them? CARMLS is not set up to track property management very well especially on a month to month basis. It only shows when I put it in as available and when it is leased.
A. If it is month to month they are operating on the original lease and therefore not counted again. Only way it may be counted again is if a new lease is signed.
Q. Would the board be ok with a spreadsheet of each year showing tenants have been in the property at lease 6 months at a time?
A. A spreadsheet may accompany it but they must give us proof copy of the lease (pages needed: all terms and amounts and signature pages signed by all parties. no other way to verify the lease is actual. The terms of the lease is only counted once therefore it does not matter if it is 1 yr or 5 yrs. the lease is counted In its entirety for the year in which it was signed.
Q. We have a husband/wife team that have worked for a developer for several years.They operated as a team for 10 months at the development in 2015.The team no longer works for the developer and works for another company now.They are now wanting to divide everything 50/50 for the year and claim individually.Can they do this?
A. No. The award is for the calendar year of 2015. During that year they operated as a team and therfore will be recognized as a team for that year. They can each receive a certificate stating they were a Gold or Diamond (whatever category they qualified for) but it will be on the certificate that they won it as a team for 2015. And as such they are required to follow all rules regarding advertisements stated in the guidelines for the AFE program.
Q. An agent actually lists and sells residential property, but also sells commercial as in apartment building during 2015.Can they claim the sale of the apartment building under a volume category which will then send them to the level of GOLD rather than bronze
A. Yes, she can claim that sale as part of her volume under the Residential Volume category. However, the Property Management and Commercial categories have different dollar and transaction amounts and to qualify under one of those categories there is an 80/20% ratio that they must meet. See full guidelines and Requirements for details.
Q. Can land transactions be included in the Residential Listings or Residential Sales Category?
Q. An agent actually lists and sells residential property, but also sells commercial as in apartment building during 2013. Can they claim the sale of the apartment building under a volume category which will then send them to the level of GOLD rather than bronze?
A. Yes, the agent can claim that sale as part of their volume under the Residential Volume category. However, the Property Management and Commercial categories have different dollar and transaction amounts and to qualify under one of those categories there is an 80/20% ratio that they must meet. See full guidelines and Requirements for details.
Q. What are the rules for owner financing?
A. If there is a HUD showing a closing and the agent was involved in the sale it counts just like any other sale. No HUD, no sale. It doesn’t have to be in the MLS but you do have to provide the HUD and a signature page of the contract showing all parties signed off.
Q. I am an agent that belongs to 2 local boards. Can I apply to both boards for recognition?
A. You will not be given 2 certificates for the same award, but you can certainly participate in the awards ceremony for each board. You may fill out and turn in your awards sheet to each board you are a paid member of, however you may only have one (1) of the boards send your information to the state. Your state award will reflect your level of participation and mention both boards.
Q. If an agent lists a property only, will they receive 100% credit and if they list and close the same property, will they receive 200% credit?
Q. I sold a FSBO this year, do I get to claim both sides of the transaction? For 200%
A. Yes you would receive 200% credit (100% for each side).
Q. In the Listing OR Sales category, does the agent have to list and sell the same property (10 transactions on 10 properties) or for example, could they be the listing agent on 5 transactions and the selling agent on 5 transactions?
A. To qualify for the Listing OR Sales Category, the Agent must have 10 listings only or 10 Sales only, for a dollar volume of at least 1 Million Dollars. They cannot combine listings and sales.
Q. If the agent applies in the volume category, can they only apply with listings they have closed? (not counting listing side)
A. The “volume” category is a combination of listings and sales that total a minimum of $1.5 Million providing they meet the 12 transactions required for individuals and 14 for teams.
Q. If two people not working as a team, work together on a transaction, can they claim 20% /80% if that was what the commission split was or must it be counted as 50/50?
A. You may claim whatever percentage of the commission you received. However, it WILL NOT count as a transaction. It will only count as a percentage of a transaction. The rules state:
“To every transaction there are only 2 sides. The listing side and the selling side. The listing side, for volume credit toward the award, will be awarded to the listing agency. And the selling side, for volume credit toward the award will be awarded to the Selling agency. If a joint effort was involved in getting the listing or selling closed, each agent within the listing or selling agency participating in the transaction will be entitled to receive credit equivalent to the percentage of commission earned as determined by the agency’s supervising broker.”
Q. What advertisements constitutes a team?
A. A business card that labels them as a team is preferable. Any ads that identify them as a team will work, providing they have acted as a team for the entire year. Simply running an ad in Dec declaring themselves as a team to qualify at a higher level is not allowed. If questioned, they better be able to provide proof in the form of an ad for each quarter of the year.
Several teams also list as agent 1 and agent 2 (3,4,5 etc…) in the MLS. They must be listed like this in all MLS listings.
Public & Agents need to know you are a team.
Every Transaction that is counted, all parties of the team must have received a portion of the commission.
For us: 2 person team – the commission on every transaction is split 50/50
MLS has both agents as co-listing or co-selling,
MLS (on listings) stated, Jones-Smith Team in MLS remarks
Real Estate books have as part of our heading: Jones-SmithTeam
Most all print ads have the team picture or all names stating they are a team.
Q. Do we send our applications straight to the ARA?
A. No, submit them to your local board as usual on or before the deadline.
Q. Who do we make our checks payable to?
A. It is preferred that you make your check out to your local board so that they can send in one check to us with all of the paperwork.
Q. I have a team of 3. Is it $30 for each team member?
A. No, Each team counts as one applicant. It will be $30 total.
Q. As the listing and selling agent of a home will I calculate 200 % (100% for each side)?
Q. Having “teams” in our MLS is a new tool to my members. Some REALTORS® are part of a Team but don’t close listings under the Team AT ALL. Some are part of a Team but also act as individuals so they close some listings under the Team and some individually.
Does advertising as a Team matter if the agent decides at the end of the year to file as an individual?
A. A team is a team. They advertise themselves as a team and present themselves to the public as a team; they will qualify for the AFE as a Team.
To show proof of Team status, teams shall do one or more of the following:
Enter all transactions under a team name in the MLS for the year applied for.
Provide proof of advertising for each quarter of the calendar year under consideration.
Provide a letter from the board President or Awards for Excellence committee chairperson verifying that the team is indeed a team.
Q. In our board we have an agent that has an assistant. The assistant is licensed but does not show, hold open houses or do any duties that a licensed agent would do. She only does things behind the scenes such as measure houses, and file paperwork. Does this agent have to file as a team?
A. No. To qualify as a team REALTORS® must advertise as a team, solicit business as a team and present themselves to the public and other agents as a team.