FAQ
Frequently Asked Questions
Annual membership is $150 and is renewed each January. There are no additional fees for Multiple Listing Services or Board of Realtor memberships.
[2] Do I need errors and omissions insurance?
No.
[3] Are there real estate commission requirements?
NRS Associates must renew their licenses and complete mandatory continuing education courses as required by the state of licensure.
[4] What is the referral commission I can expect to receive?
Negotiated referral fees are a minimum of 25% of the referred Sales Agent’s commission. The Referral Associate receives 80% of the referral fee collected from the Sales Agent. The Referral Associate must return to NRS a completed and signed Referral Confirmation Form for each transaction.
[5] Are there restrictions on how I can ask for referrals?
No. An NRS Associate can ask for referrals, contact people you know, and assist in contacting your active agent partner to begin the listing or purchase process.
[6] Does is matter which state holds my license?
NRS Associates can be licensed in Pennsylvania, New Jersey or Delaware. However, you can generate leads from anywhere in the world!
[7] What am I not allowed to do?
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Solicit already listed property owners
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Use the MLS or Lockboxes
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Sit Open Houses
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Expect a referral commission “after the fact” if the agent has been working with the client before the referral lead was placed
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Discuss commission percentages
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Qualify the lead – simply get the basic information for the referral to be placed
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Provide the client with advice – that is provided by the active agent
[8] How will I get paid?
Once a Sales Agreement is signed, your partner agent notes your referral fee in the commission breakdown when they submit the paperwork. After settlement a check will be issued directly to you by NRS in that amount.