FAQs
1) Does the DUAL Agency rule restrict any two agents under Sanaa Realty enterprise from being seller and buyer agents in a home sale deal? Yes it does. Another Sanaa Realty agent can be assigned to the other side of the transaction.
2) Does Sanaa assume any risk if the broker misappropriates the Ernest money? The broker is the owner therefore she/he is held accountable for all funds. When additional offices are opened the Managing Broker will be responsible for all funds. Franchisees will be responsible and accountable for all funds within the brokerage they own as a franchisee.
3) Does Sanaa or its brokers/agents receive any portion of forfeited Ernest money? Depends on the circumstances for the Termination and Release.
4) Will the check need to be deposited into the same account? All checks are deposited into the trust account. This applies to franchise owners also. Each franchise must establish their own trust account immediately upon opening a franchise.
5) Do you anticipate the need to provide payments through PayPal, Zelle, Cashapp, and/or other online payment systems? Sanaa Realty does presently disburse funds thorough Zelle
6) Can transfer be done within the same state or only across state line? Please clarify the question
7) Are transfers allowed from agent to agent in the same broker agency? Are you referring to funds? If so, no. All disbursements must be made by the Broker.
8) Can an agent or broker participate in a property sale transaction across state line? Yes this is called a Broker to Broker referral transaction.
9) Can an agent or broker participate in a property sale transaction across state line where they do not have a license? No, you can not sale real estate without an active state license.
10) Within a state, are brokers and/or agents restricted to certain territories or zip codes where they participate in property sales transactions?NO
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11) Can you provide the policy on commissions split between Sanaa enterprise, broker agency, and agents (seller and buyer agents)? Ayanna is working on the new commission splits. Please note it is not categorized by buyer or seller agent.
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12) Is there any formal business relationship between the Independent Contractor and Sanaa? If so, do they need technology to drive this relationship just like what will be offered to brokers and agents? I think you’re confusing independent contractor with agents. All agents are independent contractors because they are not employees of Sanaa Realty.
13) Who is responsible for bad checks provided by the buyer - broker or agent? The agent (independent contractor) who is the party to the transaction is responsible for recovery
14) How can a buyer agent ensure that they are doing business with a listing (seller) agency that is credible when dealing with escrow monies (e.g. Earnest money)? This is not a relevant question for real estate.
15) Are all agents and brokers expected to have Sanaa only assigned email that they use to conduct business and communicate with each other? Ayanna is coordinating this with you. This is an example of a designated brokerage email address Donna Rice <drice@sanaarealtygroup.com>
16) Need clarity on exclusions and risks not covered by agent’s Errors and Omissions insurance and how they are enforced?
17) Are all listings for an agent who works within one of Sanaa’s broker affiliate agency, shown in MLS as owned by Sanaa Realty? It does not necessary say owned by Sanaa Realty but the listings are under the brokerage so therefore they are owned by Sanaa Realty.
18) Please provide copies of the following contracts (GAR contracts, HUD or VA Foreclosure contracts, Licensed Real Estate Company’s contracts, Subdivision Builder Contract) The GAR forms are numerous and it would be hard to provide you copies of everything.