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These can hurt clients inadvertently

Small talk in the office about a client is bad.

Sensitive information on bulletin boards – Do Not Do It!!

Never leave client files left unattended.

Promise:

“I agree not to take ANY listings or other pertinent information from my former broker without his/her written authorization/consent and other necessary approvals.”

What Does This Cover ?

Client Lists
Market Research
Forms
Documents
Financial Analysis
Strategic Plans

Broker/Salesperson Transfer Application

An agent has three days to transfer to a new broker.

MREC: When a licensee wishes to transfer from one broker to another, the transferring licensee must file a transfer application signed by the new broker accompanied by the transfer fee and must furnish a statement that the licensee is not carrying any listings or pertinent information belonging to the former broker unless that broker so consents.

______________________________________________________________

Mississippi Real Estate Commission

LeFleur’s Bluff Tower, Suite 300

4780 I-55 North, Jackson, MS 39211 OR

Post Office Box 12685 Jackson, MS 39236-2685

(601) 321-6970 – Telephone * (601) 321-6955 – Fax

Business Address _______________________________________________________________________

(Number & Street) (City/State/Zip) (Office Phone)

I understand that my original wall license must be returned to the Commission by my former responsible broker before a new license will be issued and I can resume work. I agree not to take ANY listings or other pertinent information from my former broker without his/her written authorization/consent and any other necessary approvals.

I will be working in the capacity of broker-salesperson and will not act independently as a broker. I hereby request my license be issued to the above NEW responsible broker. (Check box if this applies to you.)

___________________________________________

Signature of Transferring Broker

SUBSCRIBED and SWORN to before me, this ________________ day of ______________________, 20 _______

My Commission expires __________________________ _______________________________ _______

(County) (State)

___________________________________________ NOTARY PUBLIC

I ___________________________________, hereby certify that I am a duly licensed broker in the State of
(Name of Responsible Broker)

Mississippi and have “carefully investigated” the record of ______________________________________ who has made application for transfer of his/her license to my real estate brokerage business. I hereby approve such application and “accept full responsibility” for this broker-salesperson.

___________________________________________

Signature of Responsible Broker

SUBSCRIBED and SWORN to before me, this ________________ day of ______________________, 20 _______ My Commission expires __________________________ _______________________________ _______

(County) (State)

___________________________________________ NOTARY PUBLIC

__________________________________________________________________________________

C O A “L” D

Confidentiality

‘;Confidentiality’ – the agent must keep private information provided by the principal and information which would give a customer an advantage over the principal strictly confidential, unless the agent has the principal’s permission to disclose the information. This duty lives on after the agency relationship is terminated.

Obedience

‘Obedience’ – the agent agrees to obey any lawful instruction from the principal in the execution of the transaction that is the subject of the agency.

Accountability

‘Full accounting’ – the agent must provide a full accounting of any money or goods coming into the agent’s possession which belong to the principal or other parties.

Loyalty

‘Loyalty’ – the agent must put the interests of the principal above the interests of the agent or any third party.

Disclosure

‘Disclosure’ – the agent must disclose to the principal any information the agent becomes aware of in connection with the agency.

* Reasonable skill, care and diligence’ – the agent must perform all duties with the care and diligence which may be reasonably expected of someone undertaking such duties.

The Client List
Who Owns It?

Salesperson?
Broker?

There is no definitive answer as to who owns the list.

Difficult for Brokers to claim the list…

However, they may protect a list if obtained on company time with company equipment!

Prove It!

Here are some ways brokers can protect proprietary information, but they should always obtain legal advice.

Independent contractor agreements and employment contracts should identify the specific type of information that’s considered proprietary and should bind salespeople not to use it after they leave.
Sensitive information such as policy memos and intranet systems should be marked Confidential and be explicitly prohibited from dissemination outside the company.
Brokers should participate in brainstorming sessions with salespeople so that the ideas generated include the company’s direct and active participation
Brokers should immediately warn a departing salesperson and the new sponsoring broker about misuse of information and specify which information is out-of-bounds.
Departing salespeople should be asked to disclose all information they claim is nonproprietary. That alerts the broker to the salesperson’s intentions and documents nondisclosures or evasive responses that can be cited later in court.
When necessary, brokers should move quickly and aggressively in court. A failure to enforce one’s rights to protect information in one instance might be considered a waiver of such rights in the future.