BROKER PARTICIPATION GUIDELINES

 

1.     A commission/referral will be paid based on the following schedule to any properly licensed real estate broker who submits his or her Broker Registration Form according to the guidelines as outlined below and whose client is the successful purchaser of the property. This client must close on the property and must pay the total contract price for the property.

 

A.    Three percent (3.0%) commission/referral will be paid on the Opening Bid Amount.

B.    One percent (1.0%) commission/referral will be paid on the balance remaining between the      written opening bid amount shown on the Buyer’s Broker Incentive Program form and the Total Contract Price.

 

2.      If no opening bid is written on the Buyer’s Broker Incentive Program form, then one percent (1.0%) of the total contract price of the property(s) purchased by that broker’s client.

 

 

3.    The broker commission/referral will not exceed three percent (3.00%) of the Total Contract Price of the property(s) purchased by that broker’s client

 

4.    In order to be entitled to any commission/referral, the broker must:

 

A.      Register his or her client by filling out the Buyer’s Broker Incentive Program form in full, including the signature of the client on the form.

B.      Submit the Buyer’s Broker Incentive Program form via mail to:
Alaska Auction Company, 1233 E. 76th Ave., Anchorage, AK 99518-3222 or via fax to (907) 349-9872 for receipt before the deadline of 5:00 PM, Day and Date (24 Hrs. prior to Auction Day). Broker forms arriving after the deadline will not be honored. Broker Registration forms sent anywhere other than the above address and fax number will not be honored. BROKER IS REQUIRED TO BRING A COPY OF THIS FORM, WHICH MUST HAVE BEEN ACCEPTED & ACKNOWLEDGED BY ALASKA AUCTION COMPANY, WITH HIM/HER ON SALE DAY.

C.       Attend and register with the client at the auction and encourage bidding.

D.      Abide by the guidelines outlined herein.

 

5.     The broker, by placing his or her signature below, certifies, agrees, and acknowledges that:

 

    1. The broker will not claim any exceptions to the procedures outlined in this document unless made in writing and signed by Seller.
    2. No oral registration will qualify broker for commission/referral.
    3. The broker’s commission/referral will be due at the final closing of the property(s) purchased by the broker’s client after all consideration is paid in full.
    4. Only the first registration of a prospective client will be accepted and honored.
    5. The commission/referral will be payable only at the closing and will be disbursed by the escrow agent.
    6. The broker will hold harmless and indemnify Alaska Auction Company from any and all claims with regard to such commission/referral.
    7. The broker will be paid a commission/referral only as set forth under these guidelines and only as pertaining to the specific property(s) being auctioned.
    8. The broker will not receive a commission/referral without the signature of the client on the Buyer’s Broker Incentive Program form.
    9. The broker cannot participate in the Buyer’s Broker Incentive Program and receive any commission/referral in conjunction with any other co-brokerage or referral agreement between Alaska Auction Company and broker.

 

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      j. The broker will be representing the buyer/bidder (client) listed below as his or her agent.

      k. The broker is not a subagent of Alaska Auction Company and represents his or her client

           (buyer/bidder) as a buyer’s broker.

                      l. This form consists of two (2) pages and that the broker has received both (2) pages.

 

  1. Opening bids may be used to open the bidding at the auction. Opening bids will be taken in the order received. If the same opening bid amount should be submitted by more than one bidder, the form first received by Alaska Auction Company will take precedence.
  2. All opening bids must be submitted in total U.S. dollar amounts.
  3. The broker’s client (buyer/bidder), by placing his or her signature below, certifies, agrees, and acknowledges that:

 

A.                  He or she has inspected the premises of the subject property(s).

B.                   Alaska Auction Company represents the Seller in this transaction.

C.                   Commission/referral shall be paid only to broker representing client (buyer/bidder) as acknowledged in this form.

D.                  He or she shall hold harmless and indemnify Alaska Auction Company and Seller from any and all representations made in the buyer’s broker.

E.                   For further information or questions please call toll free 1-877-349-7078, or (907) 349-7078.

 

 

BUYER/BIDDER SIGNATURE: ______________________________  DATE: _______________

 

BROKER/AGENT SIGNATURE: _____________________________                  DATE: _______________

Text Box: FOR OFFICE USE ONLY:   RECEIVED & ACKNOWLEDGED BY AUCTION INFORMATION  ________/________/________                                                                                                                                 INITIALS    DATE      TIME

 

 

 

 

 

 

 

Please note: In order for a buyer to qualify for the Buyer’s Incentive Program, which is independent and separate from that of the Buyer’s Broker Incentive Program, the bidder must complete the Buyer Incentive Program form. The form must be submitted to Alaska Auction Company by the required deadline. The form must be received and acknowledged by an Alaska Auction Company representative.

 

 

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