COE Frequently Asked Questions
General Information
The HRRA Circle of Excellence℠ application fee is $100, which covers the processing and auditing of the application.
GCI is defined as gross commission income to the company. For example, the amount of the commission check going to the company plus the EMD (if applicable), which may be inconsistent with the commission listed on the HUD statement.
As a result of the Application forms being online applicates and brokers are required to sign digitally.
Yes, Credit Card payment must be entered on your application to submit it. If you Credit Card is declined, you will not be able to submit your application. Applications are due by 5:00 p.m. on Wednesday, January 25, 2023.
Looking at the Property Data Form each agent will have the same “Final Sales Price” & the same “Total GCI”. The difference will be noted in the “GCI Reduction” columns & the “Adjusted GCI” columns, depending on the arrangement made between the two agents. Whatever percentage the commission was shared (i.e. 50/50 or 80/20) will be the way it is noted on the form.
Example: Agent A & Agent B are splitting the sale of a house. The information will appear the same in the columns on both of their Property Data Forms (address, closed date, final sale price, total GCI). The rest will be determined by the % of their commission split, for example, say the total GCI that was split was $10,000 and they split it 80/20. Agent A, who made the $8,000, would show the $2,000 in the “GCI Reduction” column and the $8,000 in the “Adjusted GCI” column. The same would be true for Agent B only vice versa.
The final sale price would remain the same. The agent would list whatever total commission was earned for listing and selling the property.
There is no award without an acceptable COE application with required attachments. The application fee includes the multi-media publicity, but the plaque is optional.
Yes, in order to receive an Outstanding Rookie Award, there are two criteria which must be met:
- In the awards year, the Agent’s Adjusted GCI must equal that of a Bronze Award, as a minimum.
- In the agent’s first 12 months after licensure (in any state), he must earn enough Adjusted GCI to qualify for a Bronze Award, based on the criteria requirements in effect in the year he was licensed.
GCI is total commission “in the door” plus the EMD (if applicable). The AGCI is the GCI less referrals to any other HRRA member. .
The Property Managers Guidelines states: “Gross management, leasing, rental and referral fees from all types of real property shall be counted. Revenue gained from the sale of real property shall NOT be counted toward the Distinguished Property Managers award.
Team Guidelines
A Small Team is defined as: two or three HRRA members working together, on a regular and on-going basis, practicing real estate sales and/or property management. A Large Team would consist of four to six team members, and a Mega Team would consist of seven or more team members.
Not necessarily. As of January 1, 2019, all real estate teams in Virginia need to be registered with the Virginia Real Estate Board. Teams must obtain a business entity salesperson’s license from the REB before transacting real estate as a team. Prior to applying to the REB for a business entity salesperson’s license, there must be a formal business entity established with the SCC. It is the responsibility of the Associate to consult appropriate resources regarding setting up a business entity, the form it should take, where to file, etc. A “team” is designed as two or more individuals who:
- Work together as a unit within the same real estate firm,
- Represent themselves to the public as working together as a unit, AND
- Designate themselves by a fictitious [team] name
Note: All three elements above must be met in order for an entity to be considered a team and be required to be registered.
If you submit a team application and are found to not have a business entity license filed with DPOR, you will be notified by HRRA and will be given 15 business days to show your proof of filing with the state or your COE application will be declined.
No, prior production does not count.
Yes, you retain your award history, whether the award was earned as an Individual or a Team Leader/Member.
This agent could be eligible for an Individual award. If an agent is a member of one or more Teams during the award year, their earned GCI from the time they were on those teams during the award year will remain with those Teams. If the individual withdraws from team activity the GCI going forward as an individual remains with the individual and cannot be included in the Team GCI.