For Christies International Real Estate, what are Participating Broker Agreements (PBAs)?

According to the 2025 Christies International Real Estate FDD, Participating Broker Agreements (PBAs) are license agreements under which certain CHRISTIE'S INTERNATIONAL REAL ESTATE Affiliates operate. Specifically, these are Affiliates that commenced operation prior to December 1, 2021. The FDD also clarifies that all independent CHRISTIE'S INTERNATIONAL REAL ESTATE licensees or businesses are referred to as "Affiliates," and for the purposes of the document, particularly Exhibit F, these Affiliates are also referred to as "franchisees" or "franchised outlets."

In simpler terms, if someone became a Christies International Real Estate affiliate before December 1, 2021, their agreement is designated as a Participating Broker Agreement. This distinction seems to be relevant for how Christies International Real Estate categorizes and refers to its affiliates within the Franchise Disclosure Document. The document uses the terms "Affiliates," "franchisees," and "franchised outlets" interchangeably to describe these independent businesses.

For a prospective franchisee, understanding this definition is important for interpreting Exhibit F of the FDD, which lists current affiliates. It clarifies that the term "franchisee" in that exhibit includes those operating under PBAs. This information helps in understanding the structure and history of the Christies International Real Estate franchise network.