The Arizona Department of Real Estate Rules and Regulations require that
each licensed Designated Real Estate Broker keep records of all real estate
transactions handled by or through the Broker as well as establish a
system to ensure all documents are turned into the Broker in a timely
manner. The records shall be open at all reasonable times for inspection
by the commissioner or his/her representatives. The Broker shall keep the
records of each transaction for a period of at least five years (withdrawn or
rejected—1 year) from the date of termination of the transaction. Access to
the Broker’s files must be arranged through the Broker’s office. Removal
of any file from the Broker’s office may lead to termination.
Arizona Revised Statute 32-2151.01(G) states that the Broker will review
and initial all documents within 5 calendar days of the date of execution.
It is, therefore, the agent’s responsibility to see that the Company is given all
executed contracts, counter offers and addends within 5 days of the last
signature date between the principal parties of the transaction; this would include
MLS printouts and any changes. Associates will also be responsible for ensuring
all relevant documents concerning a transaction are placed in the file.
Once a sale is closed, the complete file with all required paperwork, including
the Settlement Statement from escrow, the disbursements to and from both
sides of the transaction, all correspondence, inspections, contingency waivers,
and related information shall be delivered to the Associate’s Support Staff for
final sign off of completion in the Broker file.
NO COMMISSIONS WILL BE PAID OUT UNTIL THE FILE IS COMPLETE AND
SIGNED OFF BY THE BROKER.
Associates who fail to turn in their documents in a timely manner as
required by the Arizona Department of Real Estate Statutes and
Clients First Realty, LLC Policy and Procedure Manual will be subject
to the Company's Late Paperwork Policy.
It is the policy of Clients First Realty, LLC and the Broker that, whenever
possible, the most current Arizona Association of REALTORS® (AAR) and
Arizona Regional Multiple Listing Service (ARMLS) forms will be used in all
transactions. These forms are available through the local Associations,
through each office, and some forms are available on line at the ARMLS or
AAR website. The Broker also directs agent to obtain the Broker’s
approval (prior to use) in the event any non-approved form is to be used.
Contracts and related forms are updated from time-to-time. It is the policy
of this Company and the Broker to use only the most current version. The
responsibility for the use of any form is the sole obligation of the agent.
Clauses that are not specifically approved for use in contracts by the
Broker are not permitted. Various resources of previously approved
contract clauses are on file in the Broker’s office. Where there are blank
lines or boxes in the contracts or forms draw a line through that box or
blank line.
It shall be the Policy of Clients First Realty, LLC to require a substantially
complete "Seller’s Property Disclosure Statement" (SPDS) or a signed waiver
for all transactions. An agent shall not complete the form for the owner /
landlord. When selling the listing of another office, structure an offer in
such a manner that the current AAR disclosure form shall become a
condition of the buyer or tenant's offer. Should the Seller for any reason,
refuse to provide a Buyer/Tenant the Disclosure Statement, the Associate
shall document a diligent effort was made in order to obtain such
Disclosure.
As an agent associated with this Company, the agent shall disclose all
adverse material facts that may adversely effect the consideration to be
paid by any party. In addition, the agent shall not promote the interest of
one party to the detriment of another in a transaction nor disparage the
conduct, reputation or character of another licensee, in or out of this office.
Any known fact that agent knows or thinks is germane to the property must
be disclosed to the parties to an agreement. Said disclosure shall be made
in writing and shall supplement the agreement between the parties.
Per The Arizona Department of Real Estate, CFR requires that any
contracts or listings be submitted to CFR within 5 days of contract
execution. This includes listing contracts, purchase contracts and lease
agreements. CFR allows paperwork to be submitted via fax, e-mail, or hand
delivery. Each CFR agent is responsible to verify that their paperwork has
been received by the agency. The Company will notify all agents on the
transaction VIA e-mail and/or the online ‘Transaction Tracking System’.
Please be proactive during your transaction to ensure that you resolve any
missing paperwork or broker review items early on in the transaction. We
encourage commission paid direct from the Title Company, as long as all
paperwork is completed. If you wish to pickup your check at title, please
have your paperwork finished at least 72 hours prior to Close of Escrow so
we can inform the Title Company to release your commission.
Clients First Realty, LLC ask that all Agents, Brokers and Staff become
familiar with the Company's Policy and Procedure Manual along with
their individual Independent Contractors Agreements. This will help
expedite the communication process between all parties most of the time.
