8. Glossary

(All splits are calculated after 6% CENTURY 21 Fee and referral fees, if applicable)

Adjusted CGI or Adjusted Gross Commission Income means the amount of commission remaining after the deduction of the Franchise Fee. This does not refer to Broker’s Split but rather refers to the commission the Company receives after the Closing and before any Split.

Agreement refers to the Broker-Real Estate Agent Independent Contractor Agreement.

Applicable Law refers to the law of the jurisdiction where Agent is licensed to engage in real estate transactions, or which otherwise governs and controls Broker’s conduct of business.

Applicable Jurisdiction(s) refers to the jurisdiction(s) in which the Agent is licensed to engage in real estate transactions and in which the Agent provides services under the Agreement.

Broker or Company refers to Redwood AdVenture, LLC trading as CENTURY 21® Redwood Realty.

Broker Intellectual Property means and refers to Broker’s trademarks, trade names, service marks, logos, domain names, marketing materials, trade secrets, business cards, letterhead, forms, Listing Content and any other original works of creative authorship (whether or not copyrightable or patentable).

Cap or Cap Amount refers to the amount of Gross Commissions an Agent must meet before the Broker Split is satisfied.

Cap Attainment Date is the date that an Agent reaches the Cap (amount of Gross Commissions established in Cap Program) the Agent earns after which the Broker no longer takes its Split.

Cap Commencement Date or Commission Cap Anniversary Date is the annual date in a given calendar year on which Agent’s Cap Cycle commences. This can be the date that the Agent joined the Broker or the date that an Agent accepts a Commission Cap Program.

CGI or Gross Commission Income means the total amount of commissions Broker receives in connection with the closing of a transaction. This does not refer to Broker’s Split but rather refers to the commission the Company receives after the Closing and before any Split.

Commission Cap or Cap refers to the set amount of commissions paid to the Broker from Agent’s transactions in a given period of time (Cap Cycle) after which the Broker no longer takes its Split.

Commission Cap Program refers to the compensation schedule Broker establishes for its Agents and which Agent accepts under the Agreement and the applicable Compensation Rider.

Company Generated Leads refers to CENTURY 21® Redwood Realty Leads or Relocation Leads.

Compensation Rider or Rider means and refers to the Compensation Rider and any addenda to the Compensation Rider, which is attached to and incorporated into the Agreement by reference. The Compensation Rider governs and controls all aspects of the Agent’s compensation to be earned and paid under the Agreement.

Compensation or commission refers to the compensation that the Agent earns in connection with performance of services under this Agreement.

Franchise Fee means the CENTURY 21 franchise fee of six percent of the Gross Commission that Broker is required to collect and pay from Gross Commissions received.

Gross Commission means the amount that Broker receives from a given transaction before the deduction of any Franchise Fee and the determination of the Split.

Incentive Payment has the meaning ascribed to it in the applicable addendum to Compensation Rider.

Listing Content means all photographs, images, graphics, video recordings, virtual tours, drawings, written descriptions, remarks, narratives, pricing information and any other copyrightable elements Agents or Broker’s control, a multiple listing services, or any other platform or system.

Personal Leads or Personally Generated Leads Date are defined as set forth hereinafter and paid per the terms of the Compensation Rider. These leads count towards an Agent’s Commission Cap.

Any lead generated by an Agent through his or her own personal contacts, network and listings. These are essentially all of the transactions an Agent would perform with an Agency that did not have a Lead Generation and/ or Relo Department.
All leads from any website originating from an Agent's personal listing. These leads are always routed directly to the Listing Agent via LeadRouter. In the event that the Listing Agent is not eligible to receive leads, the lead will be redirected to the Listing Agent by a staff member.
Leads originating from an Agent’s personal website.
Personally Generated Rental Leads shall be paid according to an Agent’s personal lead split and count towards an Agent’s Commission Cap.

Redwood Lead: Paid out on a 50/50 Agent/Broker split. These leads do not count towards an

Agent’s commission cap.

Lead disbursed to an Agent by a CENTURY 21® Redwood Realty owner/staff member. These leads are generally manually assigned to the Agent in lead router with a note stating “50/50 Redwood Lead.”
50/50 split applies to initial round of transactions pertaining to lead. If a Redwood lead buys and sells a home in succession, both transactions are paid out as Redwood leads. After initial round of transactions any future transactions will be paid at the Agent’s personal commission split.
If a Redwood lead initially rents a property, all commissions earned from the initial rental transaction(s) is/are paid out on a 80% split to Agent until the lead enacts a Purchase or Listing transaction (non-rental transaction), in which case the initial transaction(s) is/are paid out at a 50/50 split.

Relocation Leads: Paid out at a 50/50 Agent/Broker split after payment of 41% (or potentially higher) relocation fee. These leads do not count towards an Agent’s annual commission cap.

Any lead generated through our Relocation and/ or Referral networks. These leads are

generally input to lead router with a note stating “50/50 Relo Lead.”

50/50 Agent/Broker split applies to the initial round of transactions and any future transactions as long as the lead remains in the Relocation or Referral network. All future business done outside of the network is paid at the Agent’s personal split.
NOTE: Any “additional commission” transaction fees, as defined within an Agent’s Independent Contractor’s Agreement, does NOT apply to Relocation Leads.

Salesperson refers to the licensed associate real estate broker or real estate Agent who is a party to the Agreement.

Split refers to the share that an Agent or Broker receives from any Gross Commission received (after deduction of Franchise Fee). The Agent’s Split is the quotient of the division of any Gross Commission (less Franchise Fee) received from a transaction by the percentage to be paid to the Agent, e.g. Gross Commission divided by thirty percent (30%) the quotient of which (result) is the Agent’s split with respect to that Commission.

Transaction Fee refers to the fee charged by the Broker on all sales transactions as further defined in the Compensation Rider. This fee may sometimes be referred to as “Additional Commission,” “Transaction Fee,” “Broker Service,” or “Administrative Fee,” or other similar term may be used to refer to Transaction Fee.