What information is Exit required to collect regarding the associate's real estate license?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
onship with EXIT, divulge, disclose or communicate to any person or entity other than EXIT [Trade Name], or use to the detriment of EXIT [Trade Name] or for the benefit of any other person or entity, or misuse in any other way, any Confidential Information. For any Confidential
Information that consists of trade secrets, the non-disclosure obligations shall remain in effect so long as the Confidential Information continues to be treated as a trade secret under applicable law. Sales Representative shall exercise utmost diligence to protect and guard all Confidential Information of EXIT [Trade Name].
j) License. The Sales Representative shall maintain a valid real estate broker's or sales representative's license under state law, as well as membership in good standing in the local Board of Realtors having jurisdiction over the office location of EXIT [Trade Name]. Sales Representative shall abide by all of the rules and regulations of each local Multiple Listing Service (MLS) in which EXIT [Trade Name] participates. Sales Representative shall abide by all national, state and local laws governing real estate transactions and the rules of ethical conduct established by the National Association of Realtors, local Board of Realtors, and any other real estate board having jurisdiction over Sales Representative.
As EXIT [Trade Name] will be the broker of record on all real estate transactions, consistent with the requirements of applicable law and industry standards, Sales Representative shall follow all procedures and use all disclosure statements, business contracts and other forms prescribed by EXIT [Trade Name]. Sales Representative shall maintain its real estate license with EXIT [Trade Name] and shall comply with all state real estate practice licensing requirements.
- k) Insurance.
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, Sales Representatives must maintain a valid real estate broker's or sales representative's license under state law. They must also maintain membership in good standing with the local Board of Realtors that has jurisdiction over the Exit office location. The sales representative must follow all rules and regulations of each local Multiple Listing Service in which Exit participates. They must also abide by all national, state, and local laws governing real estate transactions and the rules of ethical conduct established by the National Association of Realtors, local Board of Realtors, and any other real estate board having jurisdiction over Sales Representative.
Exit will be the broker of record on all real estate transactions. Sales Representatives must follow all procedures and use all disclosure statements, business contracts, and other forms prescribed by Exit. The Sales Representative must maintain their real estate license with Exit and comply with all state real estate practice licensing requirements.
For Sales Representatives, the effective date is defined as the date that (1) the Sales Representative's license is formally transferred under Franchise's Real Estate Broker's License, (2) the Sales Representative has executed a Sales Representative's Agreement which has been approved by EXIT, and (3) the EXIT Associate Profile has been completed. The signing of the contract, the transfer of the real estate license and completion of the Associate Profile are prerequisites to generate the remuneration package. Exit Associates may not make use of the Exit trade name or any other proprietary marks of Exit, on business cards, signage or in any published media until these prerequisites have been met.