invites YOU to become a
What is a Realty+ Partner?
A Realty+ Partner is a qualified Real Estate salesperson who wishes to increase his or her income on each real estate transaction by originating loans with Novelty Financial
Group., under its mortgage broker licenses.
Novelty Financial offers its clients competitive rates with top lending institutions including
Chase, Citibank, Countrywide, Indy Mac and Wells Fargo which match or beat these institutions' own retail rates! Realty+ Partners make money by sharing in the premium pricing these lenders offer large wholesale mortgage brokers like Novelty Financial
Group.
Becoming a Realty+ Partner is easy. All you have to do is register with Novelty Financial and you can start originating today. An Account Executive will be assigned to you who will quickly get you up to speed on our loan programs. Our Account Executives will be available to guide and support you whenever you need them.
What are the benefits of becoming a Realty+ Partner?
When you join Novelty Financial as a Realty+ Partner you will substantially increase your income while offering your clients complete and efficient services at a reduced overall cost. As a Realty+ Partner you will immediately be able to originate mortgage loans by utilizing our automated loan processing sys tem.
What are my responsibilities as a Realty+ Partner?
As a Realty+ Partner you will be responsible to (a) collect and enter the basic client information into our web-based loan processing system, (b) establish a credit profile on your client, (c) print a Pre-Approval letter based on the information entered and the credit score obtained, (d) teach your client about the mortgage process by providing them with educational materials obtained through our website, and (e) congratulate your clients on a quick closing.
What can you tell me about Realty+?
Novelty Financial Group has become one of the largest mortgage brokers in New York
State. The continued success and growth of Novelty Financial is achieved both by continuing to develop proprietary web-based technologies and by hiring excellent seasoned industry personnel.

What type of support will I receive from the corporate office of Novelty
Financial Group?
Novelty Financial Group is an industry leader in the areas of placement, compliance, processing, closing and funding of mortgage loans. To this end, we have hired an expert staff of seasoned personnel to be at your disposal who will answer all your questions at each stage of the process. More importantly you will have access to your loan status on our online database 24 hours a day.
What are the legal ramifications of Dual Agency?
Dual Agency is completely legal under New York State law provided disclosure is made to the clients and the broker. The Realty+ Partner must obtain a signed disclosure of the po tential for dual compensation and the client’s ability to obtain financing elsewhere. To receive 1099 compensation from Novelty Financial Group under our Independent contractor agreement, Novelty Financial Group will file an undertaking of accountability with the Banking Department which will register each
Realty+ Partner with New York State as a mortgage professional.
What are some other benefits of Realty+ Partnership?
There are several other innovative business solutions bundled with your rights as a
Realty+ Partner. For example, if you desire, once closing takes place your real estate company’s brokerage commission can be wired directly into your company’s bank account. Instead of collecting a physical check at closing and having the hassle of getting it to the bank and waiting for it to clear, the money you earned for your work as the client’s real estate broker will be available as soon as the closing takes place.
There are so many other innovative benefits of Realty+ Partnership we can inform you about, for example, no closing cost sales and realtor drawn sales contracts.
Call us at (718) 848.2585 ext#227 to begin your Realty+ Partnership & ask For Bryan or Frank or visit
NoveltyFinancial.net

Name- _______________________
Social Security #- ________________________
Street Address- ________________________
City/ State/ Zip- ________________________
Phone- ( ) _____________________Cell- ( ) ________________________
E-Mail Address- ________________________
Employer- ________________________
Occupation- ________________________
Employer's Address- ___________________City/State/Zip- _________________
Employer's Phone- ( )____________Fax- ( )____________Email- _________
**PLEASE COMPLETE AND RETURN THIS ENTIRE PACKET ALONG
WITH A COPY OF YOUR DRIVER'S LICENSE AND SOCIAL SECURITY
CARD
Packet includes the following:
•
•
•
•
Independent Contractor Agreement
Credit reporting policy
Authorization(s) to obtain Consumer Information
Summary of rights under the fair credit reporting Act
•
•
Harassment Policy
•
•
Felony Certification
Acknowledgements
W-9
• Employment Eligibility Verification
• Classification Form

This Agreement, dated the day of ,2007 between Novelty Financial, LLC, a registered
Mortgage Broker hereinafter referred to as ("the company"), having offices at 132-18 Rockaway Blvd. S
Ozone Park, NY 11420 and ("Independent Contractor") residing at
WITNESSETH:
WHEREAS, the company is a registered Mortgage Broker in the state of New York, and Independent
Contractor is experienced in the business of residential mortgage origination, counseling consumers on their financial capabilities, and business development; and,
WHERAS, the company desires to retain the services of Independent Contractor and Independent
Contractor desires to be retained under the terms and conditions hereinafter set forth:
NOW, THEREFORE, the parties intending to be legally bound agree as follows:
1. The company hereby retains Independent Contractor and Independent Contractor is hereby retained as a Loan Originator and Business Development Representative of and for the Company.
Independent Contractor understands and agrees that in accordance with the laws of the state of New
York, Independent Contractor may not engage in regulated mortgage brokerage or mortgage banking activities on behalf of any person or entity other than the company for the term of this
Agreement.
2. Subject to the ultimate control and responsibility of the officers and managers of the company,
Independent contractor shall exercise general direction, management and control over loans originated by Independent Contractor under this Agreement, and have such powers and duties as generally pertain to a Loan originator of the Company .
3. Independent Contractor shall be compensated a percentage of the origination fee charged to the borrower. The percentage paid to the Independent Contractor will be based upon the number and level of services provided to the borrower. Below is a list of compensable services that may be provided by the Independent Contractor to a borrower.
Independent Contractor's Agreement general responsibilities shall include, but are not limited to: a) Completing the mortgage pre-approval application with the borrower(s). b) Analyzing the borrower(s) income, debt and pre-qualifying the borrower(s) to determine the
maximum mortgage loan that he/she/they can afford. c) Educating the borrower(s) in the home buying and financing process.
Advising the borrower(s) about the different types of loan products available and
demonstrating how closing cost and monthly payments would vary under each product. d) Collecting financial information, eg., tax returns, bank statements, etc., and other related
documents that are part of the application process. e) Assisting the borrower(s) in understanding and clearing credit problems. f) Maintaining regular contact with the borrower(s), realtor(s) and lender between application and
closing to apprise them of the status of the application and to gather any additional information
as needed. g) Initiating or ordering verifications of employment and verification of deposits. h) Initiating or ordering requests for mortgage loan and/or other loan verifications. i) Initiating or ordering appraisals j) Initiating or ordering inspections and / or engineering reports. k) Providing disclosures, eg. Truth-in-lending, good faith estimate, etc., to the borrower(s).
I) Ordering legal documents. m) Determining whether the property is located in a flood zone. n) Participating in the loan closing.
To be paid any portion of the origination fee, the Independent Contractor must provide and perform at least six (6) of these services.
4. This Agreement shall have a term of one year. This Agreement may be canceled and terminated at the option of either party, either with or without cause, upon thirty (30) days written notice to the other party; provided, however, that the Company shall have the right to terminate this
Agreement immediately for cause. For purposes of this Agreement "cause" shall mean, a) The commission of an act of fraud, illegality, or theft in the course of the Independent
Contractor's, performance of his/her duties hereunder on behalf of the Company, or b) Any substantial neglect of duty or gross misconduct, arrest or the commission of any

act or any inaction that might cause the Company to lose any of its approvals (whether with a state or a federal agency, or with an investor) or that might cause the Company to suffer a loss.
In the event that this Agreement shall be terminated by Independent Contractor, then for a period of two years following the date of such termination, Independent Contractor shall not hire any
Independent Contractor, employee or agent of the Company; contact or solicit mortgage loan business from any of the Company's clients and or referral sources; or use or disseminate any confidential information of the Company including without limitation, mailing lists, and the names of clients, referral sources and lenders. No later than thirty (30) days following the termination of this
Agreement by either party for any reason, Independent Contractor shall deliver to the Company a) All company property issued to the Independent Contractor, including without limitation, all mailing lists and names of clients, referral sources and lenders. b) All copies of such company property, and all reports, extracts and other documentation containing or reflecting such company property. The obligations of the Independent Contractor set forth in this section are essential to this Agreement, and in the event of a breach or threatened breach of these obligations by Independent Contractor, whether directly or indirectly, the Company may enforce these obligations by obtaining immediate injunctive relief before any court having jurisdiction, in addition to other rights and remedies as the Company may have.
5) In the event that the Agreement is terminated by the Company without cause, the independent
Contractor shall be entitled to receive compensation hereunder, in accordance with paragraph 3, with respect to any loans that close within thirty (30) days following such termination. In the event that this Agreement is terminated by the Company for cause (as defined in Paragraph 4 above) or by the
Independent Contractor for any reason, the Independent Contractor shall be entitled to receive compensation hereunder, in accordance with paragraph 3, with respect to a loan if and only if this Agreement has not yet been terminated on the date the loan closes.
6) If any provision of this Agreement shall be declared invalid or unenforceable, in whole or in part, the remainder of the Agreement shall continue in full force and effect to the fullest extent permitted by law.
7) This Agreement contains the entire Agreement between the Company and Independent
Contractor with respect to the subject matter thereof. This Agreement may not be amended, or waived except in writing by the party against whom such amendment or waiver is charged.
8) This Agreement shall be governed by and construed in accordance with the jurisdiction of the
State of New York. Each of the parties hereto consents to the jurisdiction of the Supreme Court of
New York for all , purpose in connection with this Agreement, and for all actions arising there from.
9) The Independent Contractor is entering into this Agreement and undertaking the obligation contained herein as an Independent Contractor of the Company. Nothing herein contained shall be deemed or construed to create a partnership, agency or joint venture between the parties hereto.
10) In signing this Agreement, the Independent Contractor represents that his/her performance
hereunder will not result in his/her breach of any existing contract to which he/she is a party.
The Independent Contractor hereby holds the Company harmless and agrees to indemnify
the Company against any financial liability or loss, including attorney's fees, resulting from the
Independent Contractor's alleged breach of an existing Agreement by entering into and performing
under this Agreement.
11) The Independent Contractor and the Company agree to cooperate with one another in connection with any governmental filing that may be required in connection with the services to be rendered by the Independent Contractor to the Company, including, without limitation, the filing of any statement of accountability with the New York State Banking Department.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this day and year above written.
Novelty Financial, LLC: (Company)
Name: ________________________
Title: ________________________
Signature: ________________________
Independent Contractor:
Name: ________________________
Title: ________________________
Signature: ________________________

** ALL Novelty Financial Group BRANCHES WILL MAINTAIN A CREDIT CENTER RESPONSIBLE
FOR:
1. CREDIT REPORTS. Credit reports will only be run for those borrowers that have provided an executed authorization to run credit, or for borrowers who provided a verbal authorization to run credit accompanied by a Mortgage Pre-approval Application. Under no circumstances will a credit report be run without proper authorization. Under no circumstances should a credit report be requested without proper authorization.
2. CREDIT REPORT LOG. The credit report log is currently maintained on-line.
3. BORROWER AUTHORIZATIONS. Copies of borrowers' authorizations to obtain credit report must be maintained for a minimum of 12 months.
4. CONFIDENTIALITY. As the information contained in the credit reports is personal and sensitive in nature, no discussion of the information is permitted other than for internal 1st Capital Home Mortgage use for processing a mortgage loan application. Under no circumstance will credit reports or copies of credit reports be faxed, given or mailed to any person not employed by 1sl Capital Home
Mortgage and not .directly involved with the processing and/or closing of a mortgage loan. Under no circumstance will a credit report. be provided by 1st Capital Home. Mortgage directly to the borrower(s)
.
5. HOW TO OBTAIN CREDIT REPORT. The credit center, processors and/or loan officers will provide the borrower(s) with the toll free telephone number of the credit agency and the account number of the credit report, so the borrower(s) can obtain a copy of the report, free of charge, directly from the credit agency.
The corporate office will periodically review the logs, procedures and/or files of the branch office credit centers to insure compliance to corporate credit report policy.
I understand the Novelty Financial Credit Report Policy. I understand that prior to requesting a credit report I must obtain the required borrower authorization to run a credit report.
I also understand that failure to adhere to this Policy may result in disciplinary action including but not limited to suspension and/or termination.
Signature ________________________ Date ____________
Print name _______________________

In our efforts to assess your background, 1st Novelty Financial Group may seek information about you from a consumer reporting agency. If we do obtain a consumer report or an investigative consumer report for you, the information contained in it may be used to assist us in making decisions regarding your employment or potential employment.
I hereby authorize Novelty Financial Group to obtain from a credit reporting agency of its choice a consumer report or an investigative consumer report, which may provide information as to my character, general reputation, personal characteristics and mode of living obtained through personal interviews with neighbors, friends, associates, acquaintances or others who may have knowledge concerning such items of information. I understand that the information obtained may be used for hiring and other employment purposes and that Novelty Financial Group may obtain subsequent reports in connection with an update, renewal or extension of my application for employment.
I understand that upon my request, I will be informed whether any consumer report or investigation consumer report has been sought and of the name, address and telephone number of the agency asked to prepare such reports(s). I have the right to request in writing, within a reasonable period of time after the date below, additional information concerning the nature and scope of any investigative consumer report.
Signature ________________________ Date ____________
Print name _______________________
Signature ________________________ Date ____________
Print name _______________________

I hereby authorize Novelty Financial Group (hereafter "the Company"), it's employees, agents, private investigators or any representative of the aforesaid Company, to perform investigations into my background, my past behavior, my character, my reputation and mode of living. In addition, I further authorize investigations as to the following:
Investigative Consumer Reports: I authorize the Company to perform investigative consumer reports that may include but are not limited to credit reports, criminal history or arrest records and or military records, compensation histories, motor vehicle records, unemployment and employment records and or military records.
Education: I authorize schools, colleges and all scholastic institution to release any and all information requested. This includes transcripts, grades, attendance records and any other information requested.
Emplovment: I authorize all current and former employers to release any and all information regarding my employment history. This includes all information contained in my personnel file, salary history, condemnations and all other pertinent information. I further authorize my supervisors and other work associates to disclose their opinions and observations of my work habits, qualities, competency and skills. Furthermore, I authorize full disclosure of any and all drug and alcohol testing results.
Authorization to release: I authorize custodians of the records of any agency, government agency or company as described above to release such information upon request of any investigator, agent or representative of the Company. I understand that any or all of these investigations or inquires can be performed prior to and periodically throughout the duration of my employment.
Re-disclosure: I understand that the information requested is for use by the Company and may be re-disclosed only as authorized by law. I understand that I have the right to request from the
Company a written disclosure of the nature of the scope of any investigation conducted pursuant to this authorization.
Indemnification: I herby indemnify, release and hold harmless the Company, any agents of the
Company or others reporting to or for the Company, any investigators, former employers, reporting agencies 'and all those supplying references and character references, from any and all claims, including but not limited to defamation and or demands arising out of, or related to, such investigations, disclosures or admissions.
Signature: Copies and facsimile transmission of this authorization that show my signature are valid as the originally executed release.
Full Name ________________________
Present Address ________________________
Social Security Number ________________________
Date of Birth: ____________
Drivers License Number ________________
Previous Names / AKAs: _________________________________________
Prior States and Countries Lived In:
State County Dates From-To
Signature ________________________ Date ____________
Para informacion en espanol, visite www.ftc.gov/credit 0 escribe a la FTC Consumer Response
Center, Room 130-A 600 Pennsylvania Ave. N. w., Washington, D. C. 20580.

A Summary of Your Rights Under the Fair Credit Reporting Act:
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a summary of your major rights under the FCRA. For more information, including information about additional rights, go to www.ftc.gov/credit or write to: Consumer Response Center, Room 130-A, Federal
Trade Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580.
• You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment- or to take another adverse action against you - must tell you, and must give you the name, address, and phone number of the agency that provided the information.
• You have the right to know what is in your file. You may request and obtain all the
Information about you in the files of a consumer reporting agency (your "file disclosure"). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free. You are entitled to a free file disclosure if:
• a person has taken adverse action against you because of information in your credit report;
• you are the victim of identify theft and place a fraud alert in your file;
• your file contains inaccurate information as a result of Fraud;
• you are on public assistance;
• you are unemployed but expect to apply for employment within 60 days.
In addition, by September 2005 all consumers will be entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. See www.ftc.gov/credit for additional information.
• You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.
• You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. See vvww.ftc.gov/credit for an explanation of dispute procedures.
• Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information.
Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
• Consumer reporting agencies may not report outdated negative information. In most cases,' a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
• Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need -- usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.
• You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry. For more information, go to vvww.ftc.gov/credit.
• You may limit "prescreened" offers of credit and insurance you get based on Information in your credit report. Unsolicited "prescreened" offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1-888-5-0PTOUT (1-888-567-8688).
• You may seek damages from violators. If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court.

• Identity theft victims and active duty military personnel have additional rights. For more information, visit www.ftc.!lov/credit.
States may enforce the FCRA, and many states have their own consumer reporting laws.
In some cases, you may have more rights under state law. For more information, contact your state or local consumer protection agency or your state Attorney General.

Date
Borrower(s)
Congratulations!
Based upon a preliminary review of the credit, income and asset information you provided we are pleased to pre-approve your application for a home loan based upon the following terms and conditions:
Loan Amount up to: $700,000.00
Term: 360 Months Type:
Conventional Max LTV up to 100%
This is not a mortgage commitment. A firm mortgage commitment can only be issued by a lender after a complete credit application has been made, including a satisfactory appraisal of the subject property. For questions regarding this pre-approval please contact the undersigned at
(516) 845-7555.
Sincerely, Loan Officer
REGISTERED MORTGAGE BROKER NYS BANKING DEPARTMENT
ALL LOANS ARE ARRANGED THROUGH EXCELLENT 3RD PARTY PROVIDER

For any loans where the Realty+ Partner is the originator of the file and the loan officer of record, and where the Realty+ Partner and/or one of its Associates performs the necessary steps to complete the origination and closing of the file as directed by Novelty Financial, Novelty Financial agrees to pay the Realty+ Partner
Fifty (50) percent of mortgage broker fees collected on said loans. Said mortgage broker fees shall include any and all front and back points and yield spread but it shall not include the application, processing or any other fees on the file. The
Realty+ Partner shall compensate its Associates out of its percentage.
Novelty Financial Group:
Printed name:__________________ Title________________ Date: ___________
Signature: _____________________
Realty+ Partner:
Printed name:__________________ Title________________ Date: ___________
Signature: _____________________

YES!
I am interested in becoming a Realty Plus Partner.
Please send me the sign up package asap.
Realty Plus Partner Individual Name :
Company Name :
Address :
Phone :
Fax :
Email :
Name of Landlord:
Number of Associates at my Realty Plus Partner location: __
Notes:
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________

HUD’S GUIDELINES: WHEN A MORTGAGE COMPANY
MAY PAY A FEE TO A THIRD PARTY FOR LOAN ORIGINATION
WORK WITHOUT VIOLATING RESPA
Copyright © 2004
Legal Affairs
National Association of REALTORS



HUD’S GUIDELINES: WHEN A MORTGAGE COMPANY
MAY PAY A FEE TO A THIRD PARTY FOR LOAN ORIGINATION
WORK WITHOUT VIOLATING RESPA
HUD has issued guidelines for when a mortgage company may pay a fee to a third party
(such as a real estate salesperson) for loan origination work without violating § 8 of RESPA. See
HUD Informal Op. No. 13 (Feb. 14, 1995), 2 Fed. Reg. Real Estate and Mortgage Lending
(West) at App. 2B1-6-8 (June 2004). HUD has made clear that the mere taking of a loan application is not sufficient work to justify a fee under RESPA.
1
To determine whether sufficient loan origination work has been performed to justify a fee, HUD will look at the specific facts of each case, including: (1) whether an agreement calls for certain work to be performed in exchange for a fee; (2) whether such work was actually performed; (3) whether the services were necessary for the transaction; and (4) whether they were duplicative of services performed by others.
HUD generally would be satisfied that no § 8 RESPA violation had occurred if a real estate salesperson (1) took information from the borrower and filled out the loan application; (2) performed at least five additional items on the Loan Origination Services List (attached hereto); and (3) received a fee reasonably related to the market value of the services performed.
HUD expressed particular concern that a fee for steering a customer to a particular lender could be disguised as compensation for “counseling-type” activities. Therefore, if a salesperson relies on taking the application and performing only “counseling-type” services – items (b), (c),
(d), (j) and (k) on the Loan Origination Services List – to justify his fee, HUD will also look to
1
Just last year, HUD announced the settlement of a case involving the alleged violation of this rule. World Savings
Bank, a large California-based lender with operations nationwide, paid up to $100 to real estate agents for filling out and submitting on-line loan applications for prospective borrowers. HUD stated that it had "long considered that a real estate agent may not be compensated for merely filling out a loan application. This compensation may even be considered a fee for the referral of business in violation of Section 8(a) of RESPA." World Savings agreed to discontinue the program and pay the Government $7,557. See HUD Press Release, No. 03-082 (July 28, 2003).
2

see that meaningful counseling, not steering, is provided. In this circumstance, HUD would be satisfied that no § 8 RESPA violation had occurred if (1) the counseling gave the borrower the opportunity to consider products from at least three different lenders; (2) the salesperson performing the counseling would receive the same compensation regardless of which lender’s product was ultimately selected; and (3) any payment made for “counseling-type” services is reasonably related to the services performed and not based on the amount of loan business referred to the lender.
3

Attachment
Loan Origination Services List
According to HUD, some or all of the following services are normally performed in the origination of a loan:
(a) taking information from borrower and filling out application;
(b) analyzing borrower’s income and debt and pre-qualifying him to determine maximum mortgage he can afford;
(c) educating borrower in home buying and financing process, advising him about different types of loan products available, demonstrating how closing costs and monthly payments would vary under each product;
(d) collecting financial information (tax returns, bank statements) and other related documents that are part of application process;
(e) initiating/ordering verifications of employment and verifications of deposits;
(f) initiating/ordering requests for mortgage and other loan verifications;
(g) initiating/ordering appraisals;
(h) initiating/ordering inspections or engineering reports;
(i) providing disclosures (truth in lending, good faith estimate, others) to borrower;
(j) assisting borrower in understanding clearing credit problems;
(k) maintaining regular contact with borrower, realtors and lender between application and closing to apprise them of status of application and to gather additional information needed;
(l) ordering legal documents;
(m) determining whether property is located in flood zone (or ordering such service); and
(n) participating in the loan closing.
HUD Informal Op. No. 13.

DISCLOSURE REGARDING DUAL AGENCY ROLE IN RESIDENTIAL REAL ESTATE TRANSACTIONS
THE FOLLOWING DISCLOSURE AND ACKNOWLEDGMENT APPLY TO THOSE TRANSACTIONS IN WHICH THE
REAL ESTATE BROKER OR AGENT REPRESENTING THE SELLER AND THE MORTGAGE BROKER
REPRESENTING THE BUYER/BORROWER ARE THE SAME PERSON OR ENTITY.
I must explain what dual agency means to you.
DUAL AGENCY
1 . As a real estate licensee in the pending transaction (Name of Real Estate Broker) represents the seller in the sale of the residential real property and as such the primary responsibility is to the seller.
2. As a mortgage broker Novelty Financial Group represents the buyer/borrower in the acquisition of the mortgage loan and as such the primary responsibility is to the buyer/borrower.
YOUR RIGHTS UNDER DUAL AGENCY
1. I may represent you only with the knowledge and informed consent of each of you.
2. By consenting to Dual Agency you are giving up your right to undivided loyalty. You should carefully consider the possible consequences of a Dual Agency relationship before agreeing to such representation.
3. Since I am not a legal expert or an attorney you may wish to consult one before signing this form.
4. You the buyer may retain the services of a real estate broker or mortgage broker who will represent only you in the transaction.
5. You the seller may, subject to any existing contract of sale and/or any real estate agreement which you have already signed, retain the services of a real estate broker who will represent only you in the transaction.
6. I place mortgage loan applications with more than three mortgage lenders. ACKNOWLEDGMENT OF
PROSPECTIVE BUYER AND SELLER TO DUAL AGENCY
(1) I have received and read this disclosure notice.
(2) I understand that as a real estate/mortgage broker you may be representing the interests of the seller in the sale of the residential real property and the buyer in the acquisition of the mortgage loan and that you will be unable to offer the full range of fiduciary duties to each of us.
(3) I understand that subject to the terms of any existing contract of sale and/or any real estate agreement which I may have already signed I the seller may engage my own broker as a real estate broker who will not act as a mortgage broker for any potential buyer/borrower in this transaction; or that I as a buyer/borrower may engage my own broker as a mortgage broker and/or my own broker as a real estate broker who will not act as a real estate broker for the seller in this transaction.
(4) I understand that you as a mortgage broker will ordinarily place mortgage loan applications with more than three mortgage lenders.
DATED:
SELLER:
SELLER:
BUYER:
BUYER: