Mary McPherson MMDSC CHAIR – ATLANTA BOARD OF REALTORS ® Multi-Million Dollar Sales Club Committee

Multi-Million Dollar Sales Club OVERVIEW Volume Requirement The Application Individual New Homes Team Small Team Large Volume Requirements Computing Credit FAQs Additional Questions?

Multi-Million Dollar Sales Club OVERVIEW Minimum Volume Requirement for submitting application to the 2011 Multi-Million Dollar Sales Club is: $3 Million Gross Volume

Multi-Million Dollar Sales Club CATEGORY DEFINITIONS

Multi-Million Dollar Sales Club “Individual” applicants shall have no licensees working for the applicant showing property, writing offers, making listing presentations, making buyer presentations, negotiating contracts or performing administrative functions that require a license on behalf of the applicant at any time (with exceptions for sick leave or vacation leave) during the qualifying year which is paid either directly or indirectly by the applicant and/or brokerage firm. INDIVIDUAL

Multi-Million Dollar Sales Club “Team” applicants shall be defined as those applicants having one or more licensees working for the applicant at any given time during the qualifying year showing property, writing offers, making listing presentations, making buyer presentations, negotiating contracts or performing administrative functions on behalf of the applicant on a regular basis which is paid either directly or indirectly by the applicant. TEAM

Multi-Million Dollar Sales Club “Team Members” shall be defined as those licensees working for a Team applicant at any point during the qualifying year. TEAM MEMBERS

Multi-Million Dollar Sales Club “Team - Small” shall be defined as those applicants that have 2 or 3 licensees working together, including the applicant. TEAM “Team - Large” shall be defined as those applicants that have 4 or more licensees working together, including the applicant.

Multi-Million Dollar Sales Club “New Homes” shall be defined as applicants that have at least 75% of the total volume credit resulting from the "listing side" of the sale of new homes. NEW HOMES

Multi-Million Dollar Sales Club COMPUTING CREDIT

Multi-Million Dollar Sales Club Volume credit claimed for each transaction shall be equal to the purchase price listed on the HUD-1 settlement statement regardless of whether the participating agent is representing the seller, buyer, or is participating as a transaction broker. An applicant may only claim a transaction if their names appears on the purchase & sale agreement.

Multi-Million Dollar Sales Club Partners or multiple agents that are not operating as a Team but are both participating on one side of the transaction shall calculate volume credit by equally dividing the purchase price of the transaction between the number of agents involved. There shall be no unequal allocations of qualifying volume allowed.

Multi-Million Dollar Sales Club Calculating Leases Can I claim a lease? How do I claim the transaction? Yes, if your name appears on the contract, you would take the length of the lease by the monthly rent to determine your volume credit. Ex: Monthly rent $1,000 Term of lease 13 months – Volume Claimed $13,000

Multi-Million Dollar Sales Club FAQ S Can I claim a transaction if my name does not appear on the contract? No, under the new rules the applicants name must appear on the contract in order to claim transaction. If operating as a team, the team member shall be eligible to sign on behalf of the team without having the team leader sign and team application must be submitted.

Multi-Million Dollar Sales Club FAQ S Can I transfer years in another Board's MMDSC toward Life Membership in the Atlanta Board? All Multi-Million Dollar Sales Club credit earned in another association may be transferred to the Atlanta Board as credit toward Life membership and the Phoenix, Crystal and Silver Phoenix Awards.

Multi-Million Dollar Sales Club FAQ S If an agent who cooperated on a transaction with me is NOT going to file for membership in the MMDSC, can I take credit for both sides of the transaction? No, according to the rules No single applicant shall claim more than the purchase price.

Multi-Million Dollar Sales Club FAQ S If I sell my own home, can I take credit for the sale? Yes, according to the new rules you may claim the transaction following the new method of calculation.

Multi-Million Dollar Sales Club FAQ S What happens if my application is turned in after the due date? The application will be submitted to the MMDSC Committee for review and will be labeled as "late". The Committee in most cases will reject the application.

Multi-Million Dollar Sales Club FAQ S Can I let someone else use my banquet ticket if I am not going to attend the banquet? Tickets may only be used by the applicant or by someone that has purchased a ticket.

Multi-Million Dollar Sales Club FAQ S If I sell a property for $200,000 and then by adding extras, etc. the price ends up to be $225,000, how much MMDSC volume credit can be used? The volume credit will always be determined by using the Sales Price listed on the HUD-1 settlement statement.

Multi-Million Dollar Sales Club FAQ S If I execute a lease, may I claim volume on MMDSC application? If so, how do I claim it? 1)you may calculate the total amount of the lease payments and take the volume in the year the lease began OR 2) you may take the total lease payments in each calendar year and count towards that year's MMDSC volume.

Multi-Million Dollar Sales Club FAQ S If I have made application for the ABR, but not yet completed the orientation, can I use closed volume earned before I complete orientation? Volume credit may be counted from the date of application for membership as long as you have attended orientation.

Multi-Million Dollar Sales Club FAQ S If an agent has MMDSC volume of $3 million, should the transaction forms be included with the application? What if the volume is $10 million? Any applicant with volume credit of $10 million and above will need to complete the transaction pages and submit with application. All other agents do not need to submit the transaction forms.

Multi-Million Dollar Sales Club FAQ S What will need to be provided if an application is selected to be audited? The HUD-1 settlement statement pages 1 & 2 Property Legal description page The signature page of the contract Excel Transaction pages approved by the Committee

Multi-Million Dollar Sales Club FAQ S What will need to be provided if an application is selected to be audited? RENTALS The Rental/lease Transaction Form The page of the lease agreement that provides property address and term of lease Signature page

Multi-Million Dollar Sales Club FAQ S How many people are recognized in each Category? Recognition will be provided to the Top 5% of the applicants in each of the four categories with no less than 10 being recognized in any one category. (All calculations will be rounded up to the nearest whole number to determine the number of recipients in each category.)

Multi-Million Dollar Sales Club FAQ S One agent has one licensed assistant working with her/him. In what Category will the agent apply? What if the assistant is unlicensed? If the assistant is licensed, then apply for Team-Small by completing the Team Application. If the assistant is unlicensed, then apply for Individual by completing the Individual/New Homes application.

Multi-Million Dollar Sales Club FAQ S One agent has 2 licensed "partners/assistants" working with her/him. In what Category will the agent apply? Can the licensed partners/assistants apply for the MMDSC? The agent will apply for Team-Small by completing the Team Application. The licensed partners/assistants can apply for the MMDSC if they have achieved the minimum volume requirement for the Multi-Million Dollar Sales Club.

Multi-Million Dollar Sales Club FAQ S Both a husband and wife that are licensed work together and split their commissions 50/50. In which category should they apply? What if they employ a licensed assistant? Partners or multiple agents that are not operating as a Team but are both participating on one side of the transaction shall calculate volume credit by equally dividing the purchase price of the transaction between the number of agents involved. There shall be no unequal allocations of qualifying volume allowed. If they employ a licensed assistant then they would qualify for the Team-Small category and complete the Team Application.

Multi-Million Dollar Sales Club FAQ S One agent has 3 or more licensed "partners/assistants" working with her/him. In what Category will the agent apply? The agent is considered to be the Team Leader and the Team Leader will apply for Team-Large by completing the Team Application.

Multi-Million Dollar Sales Club FAQ S Can Team Members apply to the Multi-Million Dollar Sales Club? Yes, the licensees on the Team (Team Members) will be able to submit their name on the Team Application if they have met the minimum eligible volume. (Eligible volume will be determined using the current MMDSC calculation guidelines and minimum volume requirements) Each Team Member claiming MMDSC volume will be required to pay the application fee.

Multi-Million Dollar Sales Club FAQ S What type of recognition will they receive? Printed/published recognition will only be provided to the Team Member under a new heading: “MMDSC Team Members”. This category will be listed alphabetically with the applicant’s name, company name, and team name. The volume submitted on the application will not be used in any other way than for the Board to certify whether the team member has qualified and will earn a year of recognition.

Multi-Million Dollar Sales Club FAQ S If a licensee (Team Member) operates within a team and leaves the team during the year, can the Team Member take his/her credit for MMDSC with them? The Team Member will have the ability to keep their volume produced for MMDSC under the following circumstances: At the discretion of the Team Leader, as long as the volume is not double counted within the Team Leader’s application and the broker must certify the volume credited to the transferee.

Multi-Million Dollar Sales Club FAQ S If I am a member of ABR but my partner is a member of another board and not a member of ABR, how should I go about applying for MMDSC status? Should I apply as a team or as an individual? My teammate is not interested in being in MMDSC, so he/she will not even be applying at his/her own board so may I claim the total volume? Using the Team application, you will submit application as a Team- Small. Section IV should be completed with partner information and volume. The total team volume will be submitted regardless of Board involvement.

Multi-Million Dollar Sales Club FAQ S If I sell new homes and do not have an assistant do I qualify for Individual Category? Applicants that have at least 75% of the total volume credit resulting from the "listing side" of the sale of new homes should apply for New Homes Category.

Multi-Million Dollar Sales Club ADDITIONAL QUESTIONS?

Multi-Million Dollar Sales Club Due Date: January 18, :00 p.m.

Multi-Million Dollar Sales Club

Multi-Million Dollar Sales Club Thank you!