Addendum to ICA - Transaction Coordinator
All agents are responsible for ensuring their individual licensed and unlicensed transaction coordinators (TC) and personal assistants (PA) are paid. This responsibility is outlined in the attached Addendum to ICA form (see link below.) The division makes no distinction between TCs and PAs so TC will be used to represent both in this article. A few things should be noted when using a TC:
- A licensed TC can only do licensed work for agents licensed within the same brokerage. A licensed TC can be paid based upon a closing, but only for agents within the same brokerage.
- A TC whether licensed or unlicensed, can only do unlicensed activities when working with agents not in the same brokerage. When an unlicensed TC is doing work for agents outside of the TC's brokerage, the agent is responsible for paying the TC that's NOT based around a commission. TC must be paid hourly or according to another method agreed upon by both parties.
- Unlicensed TCs can only be paid hourly or according to another method agreed upon by them and the agent that is NOT transaction based.