(1) Transferring Leases.
For the transferring of leases on any premises, from one tenant subletting to another, a rate of 2½% of the total balance due on such unexpired lease shall be charged to the tenant subletting, with a minimum charge of $3.
(m) Real Estate Loans.
(1) On loans of $1,000 or more on improved store, flat or residence property, not less than 2½% on amount of loan, and in addition thereto, attorney's fees for examination of title, fees for extra services rendered by attorney or broker in matter of completing loan; recorder's fee for recording the necessary documents, and the cost of a complete abstract of title brought down to include the deed securing the loan, or a guarantee policy in lieu of abstract continuation.
(2) On loans below $1,000 on improved store, flat or residence property, from 2½% to 5% on amount of loan; the minimum commission to be $15.
(3) On loans on unimproved property, 5% on amount of loan; the minimum commission to be $20.
(4) On building loans of $1,000 or more, 2½% to 3½% on amount of loan, and a reasonable fee for extra service.
(5) On building loans below $1,000, 3% to 5% and a reasonable fee for extra service; the minimum commission to be $25.
(6) On loans outside of Cook County, or outside of the State of Illinois, 5% on amounts of $1,000 or more, and from 5% to 7% on amounts below $1,000; the minimum commission to be $25.
(7) On loans on theatres, .churches, factories, livery stables, storage and warehouses and other properties, not specifically classified, from 2½% to 5%.
(8) The commission for renewals of all loans shall be at the same rate as when loan was originally made.
(9) The rate of discount for purchase of real estate mortgage paper to be the same as the rate established for making new loans.
(10) Commission to brokers placing loans with other brokers in no case over 1% on amount of loan.
(n) Buyer's Agent.
Where a broker is employed to purchase real estate, he shall receive from the party so employing him the same commission on the amount of the purchase as though he were employed by the seller in the sale of said premises.
Where an agent represents a tenant or lessee for the purpose of leasing any premises, he shall be entitled to the same commission or charges from said tenant or lessee as though he represented the owner or lessor in the leasing of said premises.
(o) Auction Sales.
For the sale of real estate at auction, the same commissions shall be charged as herein provided for the making of sales of real estate in or outside of Cook County, and in addition thereto the owner to pay all expenses of advertising and conducting the auction sale. Commission fee to be paid on all property at the time of sale.
When property is advertised for sale at auction and is sold by the owner previous to the day of sale, or thirty days thereafter, the agent shall nevertheless be entitled to his commisssion.
(p) Expert Testimony.
A minimum fee of $25 shall be charged. For attendance at court, a fee of $10 to $100 per day shall be charged, payable in advance.
Any member of the Cook County Real Estate Board employing a salesman, shall request a reference from the former employer.
When a salesman is under contract or indebted to any other member of the Cook County Real Estate Board, such salesman shall not be accepted or employed until an offer has been made by him to adjust his differences to the satisfaction of said other member.
It is understood that where a salesman is employed on "a commission basis" that all sums advanced to said salesman shall be charged against all commissions that may be earned by him, and in the event of his resignation or discharge, all such sums charged to him shall immediately become due and payable.
Where a salesman is employed on "a guarantee basis" and has failed to earn a sum sufficient to pay the amount paid to him, in the event of his resignation or discharge, all such sums paid to said salesman shall be considered as salary for services.
When two or more salesmen are employed upon any one particular deal, the commission shall be credited as follows:
Salesman representing the purchaser shall be credited with an interest in 50% of the total commission.
Salesman representing the seller Shall be credited with an interest in 50% of the total commission.
Where a salesman is employed on a commission basis, he should be allowed a listing fee for all property listed by him, in the event that same is sold within six months from date of listing by said salesman, through the office he is connected with (with the understanding that his information and particulars were of use in effecting a sale).
Such listing fee shall be not more than 5% of the sale commission received. 10% of the sale commission received should be allowed if property is listed exclusively and the sale is made through the office he is connected with. Sale to be made during the term of exclusive agency.
The 5% and 10% credit, however, to be allowed and earned only in the event that the salesman does not effect the sale nor benefits in any other way in sale commissions.
When a salesman resigns or is discharged by the office he has been associated with, all previous or pending business shall remain the property of said office.
(r) Forms of Contracts, Etc.
Forms of contracts and other approved papers shall be prepared under the direction of the Directors, and be offered for sale to all members, who will be requested to use the same in conducting their business.1
(s) Deposits, Earnest Money and Escrows.
On the sale or lease of real estate a deposit of 5% to 10% of the consideration shall be deposited by the purchaser at the time of signing and delivering of the contract, and same shall be held in escrow by the agent representing the owner. In case a deposit is forfeited by the purchaser the whole thereof, except the commission of the agent negotiating the sale or lease, together with the expense connected therewith, shall belong to and be paid over to the owner of the property.