What is the minimum combined single limit of liability required for automobile liability insurance for Exit Sales Representatives?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
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. Sales Representative shall acq
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 automobile liability insurance to cover business use of their vehicle. The minimum required coverage is $1,000,000.00 combined single limit of liability.
Alternatively, Sales Representatives can opt for bodily injury liability insurance with limits of at least $250,000.00 for any one person and $500,000.00 for more than one person arising out of a single accident. However, if state law requires higher amounts, the Sales Representative must adhere to those higher limits.
This insurance requirement ensures that Sales Representatives are adequately protected against potential liabilities while conducting business on behalf of Exit. It is the Sales Representative's responsibility to acquire and maintain this insurance at their own expense throughout the term of their agreement with Exit.