Statement of Purpose:  The purpose of this company is to provide a holding place for licenses of those persons who do not currently plan to work in real estate but do not want to lose their license.  It provides a vehicle for earning referral income without facing the costs of membership in real estate associations and multi-listing services.

Company Charges:  The charge for the REPEG holding company is $60 for the license year 11/1/07 to 10/31/08.  Upon notification that the license has been received, 

Benefits of being licensed through REPEG:  Any licensee whose license is held by REPEG and who has paid the company fee is entitled to a continuing education class during the licensing year ending October 31, 2008.  If you take the class after 10/31/08, there will be a late charge of $25.00

A class schedule will be forwarded upon payment of the fee along with your pocket card in the first year of the license cycle or the first year it is held by REPEG.  In the second and third year, the schedule will be available on the REPEG website or will be emailed to you if we have an email address for you.  Registration for class must be accompanied by the enrollment form included with the class schedule.  REPEG will not credit your holding company fee if classes are taken through another continuing education provider.   If you do not receive a schedule by June of the current year, please call and request one or check on the website to find out when and where classes will be held. 

Acceptable Activity
As an associate of the company, the signatory agrees that the only real estate activity s/he can participate in is the referral of leads and receipt of referral fees generated from these leads.  REPEG can not guarantee that the referral of a lead will result in compensation.  However, REPEG will make every effort to insure that proper placement is made.  If a transaction results from the referral, payment will be mailed within two days of its receipt by REPEG.  (Real estate law requires that payment be done through the employing broker, in this case, REPEG.)

Any associate of the company who wishes to participate in real estate actively must transfer to a company that pursues real estate transactions.  To transfer, you must:

The relevant forms are available on the Department website.  You can access the correct area of the website by clicking on the address below and following the directions included.

http://www.michigan.gov/realestatelicense

To link to a Salesperson Transfer appllication, Click or copy and paste this URL:  This form can be completed online and then printed for original signature and forwarded to REPEG with a check payable to State of Michigan - Real Estate.  I will sign it and then forward it to the Department.
www.cis.state.mi.us/bcsc/forms/real/lre050.pdf

Any associate who participates in any real estate activity other than placement of referrals without notifying and obtaining agreement of the Company will immediately be terminated from the company.

Referral Procedures:
To facilitate referrals and insure that any referral commissions due are earned, REPEG will place the referral, assure that a written compensation agreement is signed, and will follow-up on any referrals placed to insure proper handling.  Every effort will be made to insure payment by the broker to whom the referral is made at a rate of 25% of the  referred licensee's portion of the commission on the transaction.  If an associate has a preference as to where and with whom the referral should be placed, the preference will be accommodated as long as the name, company and phone number is provided to REPEG at the time the referral is made.  An agent of REPEG can personally place the referral if an agent is known who can accommodate the buyer or seller.
1.  Each referral must be accompanied by an informatin sheet which will be held on file by REPEG until disposition of the referral through payment or termination notice. A form you can use for this purpose,. called a Referral Information Sheet, is available on the website.  When placing a referral, always e-mail a completed copy of this form along with any other paperwork. 

2.  The fee charged by REPEG for the referral service is 15% of the referral commission earned by the referring licensee. If no transaction results from the referral, no money is due to REPEG, and no payment therefore, is due the agent who made the referral.

By typing my name below, I signify that I have read and understand the policies and requirements of REPEG and agree to them as written.

Date:   ____________________________________     SS#:  ___________________________

Name: ____________________________________     Name  ___________________________
               Signature                                                                                     Print