This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Kentucky Referral Agreement is a legal contract between a real estate broker and a real estate salesperson, agent, or realtor, outlining the terms and conditions for sharing commission on referred transactions. This agreement serves as a formal arrangement that ensures fairness and transparency between the parties involved. In the Kentucky real estate industry, referral agreements play a crucial role in facilitating collaboration and cooperation among brokers and salespersons or agents. By establishing clear guidelines for commission sharing, these agreements aim to protect the interests of both parties and maintain ethical practices in the industry. The agreement may take various forms, depending on the specific circumstances and requirements of the parties involved. 1. Kentucky Referral Agreement — Exclusive Agent: This type of referral agreement is entered into between a real estate broker and a salesperson or agent who agrees to exclusively refer clients or transactions to the broker. The agreement outlines the commission split and any additional terms specific to this arrangement. 2. Kentucky Referral Agreement — Non-Exclusive Agent: In this type of referral agreement, a real estate broker collaborates with multiple salespersons or agents who can refer clients or transactions to various brokers. The agreement defines the commission sharing terms and other relevant provisions based on the non-exclusive nature of the arrangement. 3. Kentucky Referral Agreement — Split Commission: This agreement pertains to referral scenarios where a salesperson or agent refers a client or transaction to another broker or agent while negotiating a specific commission split. The agreement ensures clear communication and understanding regarding the division of the commission between the referring and receiving parties. 4. Kentucky Referral Agreement — Duration-Based: This type of referral agreement specifies a defined timeframe during which the referring salesperson or agent will be entitled to a share of the commission for transactions resulting from their referral. The agreement ensures that the referring party receives fair compensation while also establishing a time limitation for the scope of the arrangement. Regardless of the type, a Kentucky Referral Agreement typically includes crucial details such as the names and contact information of the parties involved, a description of the referred transaction or client, the commission split percentage or amount, the effective date and duration of the agreement, and any specific provisions related to termination or disputes. When drafting or entering into a Kentucky Referral Agreement, it is advisable for both the real estate broker and the salesperson or agent to seek legal advice to ensure compliance with local laws and regulations. This will help safeguard the interests of both parties involved and foster a mutually beneficial referral relationship within the Kentucky real estate industry.A Kentucky Referral Agreement is a legal contract between a real estate broker and a real estate salesperson, agent, or realtor, outlining the terms and conditions for sharing commission on referred transactions. This agreement serves as a formal arrangement that ensures fairness and transparency between the parties involved. In the Kentucky real estate industry, referral agreements play a crucial role in facilitating collaboration and cooperation among brokers and salespersons or agents. By establishing clear guidelines for commission sharing, these agreements aim to protect the interests of both parties and maintain ethical practices in the industry. The agreement may take various forms, depending on the specific circumstances and requirements of the parties involved. 1. Kentucky Referral Agreement — Exclusive Agent: This type of referral agreement is entered into between a real estate broker and a salesperson or agent who agrees to exclusively refer clients or transactions to the broker. The agreement outlines the commission split and any additional terms specific to this arrangement. 2. Kentucky Referral Agreement — Non-Exclusive Agent: In this type of referral agreement, a real estate broker collaborates with multiple salespersons or agents who can refer clients or transactions to various brokers. The agreement defines the commission sharing terms and other relevant provisions based on the non-exclusive nature of the arrangement. 3. Kentucky Referral Agreement — Split Commission: This agreement pertains to referral scenarios where a salesperson or agent refers a client or transaction to another broker or agent while negotiating a specific commission split. The agreement ensures clear communication and understanding regarding the division of the commission between the referring and receiving parties. 4. Kentucky Referral Agreement — Duration-Based: This type of referral agreement specifies a defined timeframe during which the referring salesperson or agent will be entitled to a share of the commission for transactions resulting from their referral. The agreement ensures that the referring party receives fair compensation while also establishing a time limitation for the scope of the arrangement. Regardless of the type, a Kentucky Referral Agreement typically includes crucial details such as the names and contact information of the parties involved, a description of the referred transaction or client, the commission split percentage or amount, the effective date and duration of the agreement, and any specific provisions related to termination or disputes. When drafting or entering into a Kentucky Referral Agreement, it is advisable for both the real estate broker and the salesperson or agent to seek legal advice to ensure compliance with local laws and regulations. This will help safeguard the interests of both parties involved and foster a mutually beneficial referral relationship within the Kentucky real estate industry.
