CREBA Multi-Million Dollar Finance Club Rules

DO I QUALIFY FOR AN AWARD?
In order to qualify for a Multi-Million Dollar Finance Club Award, the following conditions must be met:

1. The applicant must have been a full-time licensed real estate broker or salesperson and a member of the Commercial Real Estate Brokerage Association of Greater Washington, DC (CREBA) in good standing on or before February 6, 2019. If you were not a CREBA member in 2018, you may qualify for membership by paying 2018 dues and any other applicable fees. To join for 2019, click here. To purchase 2018 membership for $50, please email info@creba.org. The individual or mortgage banker or broker may be a principal of the firm and/or principal broker, provided that the principal is substantially involved in each transaction submitted. An applicant who changes brokerage firms during the calendar year may select which firm he/she would like to receive credit and a sales award. The appropriate firm will have to verify sales volume.

2. The applicant must have been responsible for generating a minimum of twenty million dollars ($20,000,000) in aggregate finance volume on which settlement occurred in calendar year 2018. Property both listed and sold by the applicant may be credited only once.

3. Financing awards will include all debt and equity placements on behalf of either principal in a given transaction where a commission or fee was paid to the mortgage banker or broker for the brokerage of such financing and can be for commercial buildings, apartment buildings, land and like-kind exchanges of all such property.

4. Joint Ventures will be included toward financing awards, not Sales Club Awards. The total value of a Joint Venture (equity, debt) may be included, provided a commission was paid for the value of a given transaction(s). Any commission paid as a result of introducing two or more parties into a venture that produces several transactions does not allow credit toward a Financing Club Award, unless said broker was paid a commission for each transaction of the venture. Full credit for the venture may be taken in the calendar year in which the partnership is formed and all paperwork is executed by both parties.

The applicant must apply on the online forms on or before Midnight on Wednesday, FEBRUARY 6, 2019. SORRY NO EXCEPTIONS!!! Once the application is submitted there shall be no alterations or additions!!!

Special Rules

1. Allocations of finance transactions between two or more firms:

• Finance proceeds funded is allocated to each participating firm in proportion to the split of the applicant’s fee split.
• The individual applicant receives credit toward the Multi-Million Dollar Finance Club for that portion of the financing amount in direct proportion to the fee split.
• In the event that a Buyer is exclusively represented by one firm and is paid a fee by the Buyer and the Seller, exclusively represented by another firm pays its representative a fee, then both firms may count the gross sales price toward qualification. Each applicant may only count his/her percentage share of the transaction toward qualification.

Example: Two firms participate in a $5 million finance in which the fee is split equally. Each firm receives credit for $2,500,000 and the applicant who handled the transaction within each firm receives $2,500,000 credit toward the qualifying volume of $20 million.

2. Allocation of finance transactions between salespersons within the same firms:

• The gross finance proceeds funded is divided between each participating salesperson on the same percentage basis as the fee is divided between each participating salesperson.
• Management overrides are not included within the percentages and does not count toward the minimum qualifying finance volume.
• In the event that a Buyer is exclusively represented by one agent and is paid a fee by the Buyer and the Seller, exclusively represented by another agent pays its representative a fee, then both agents may count the gross sales price toward qualification. Each applicant may only count his/her percentage share of the transaction toward qualification.

Example: The finance fee for a $5 million transaction is divided as follows: 25% to salesperson A; 25% to salesperson B; 5% to sales manager; 45% to firm. Salesperson A and B receive credit for $2,500,000.

3. A committee of not less than two members shall be appointed by the CREBA president to review all applications and the decision of the committee shall be final with respect to any questions of eligibility or interpretations of these rules as they might apply to a given transaction.

4. In general, as a rule of thumb, each participating agent can only claim the same percentage of a transaction as indicated on the commission voucher.

Additional Finance Club Awards

1. New Life Member: Must have been a member of CREBA Multi-Million Dollar Commercial Finance Club for five years, not necessarily consecutive.

2. Life Member Qualifying Again: Names of life members qualifying again will be published.

3. Finance Transaction of the Year: Please refer to the Sales & Finance Transaction of the Year rules.

How do I submit for an Award?

Click here for more information about submitting for an award.

The applicant must apply on the online forms on or before Midnight on Wednesday, FEBRUARY 6, 2019. SORRY NO EXCEPTIONS!!! Once the application is submitted there shall be no alterations or additions!!!

QUESTIONS? For more information regarding the RULES or online application forms, please contact: info@creba.org by phone at 301.503.5425.