Broker Agreement

• "Broker" means a licensed real estate broker or agent registered on the Platform.
• "Principal Broker" means the licensed broker supervising agent activities.
• "Commission" means the fee earned by the Broker for successful transactions.
• "Platform" means Victorian Condominiums.
• "Client" means a property owner or buyer represented by the Broker.

• Brokers must provide valid license information and proof of registration with relevant authorities.
• Agents must be sponsored by a licensed Principal Broker.
• Registration is free but requires verification of credentials.
• Brokers must maintain active professional liability insurance.
• Any changes to license status must be reported within 7 days.

• Provide accurate and truthful information in all listings and communications.
• Respond to client inquiries within 24 hours.
• Maintain confidentiality of client information.
• Comply with all applicable real estate laws and regulations.
• Display the Victorian Condominiums logo on your professional materials.
• Provide regular updates on listing performance and client feedback.

• Brokers may list properties on behalf of clients with written authorization.
• Each listing must include the listing price, property details, and accurate photos.
• Listings must comply with fair housing laws and anti-discrimination policies.
• Brokers must update listing status (active/pending/sold/rented) within 24 hours of change.
• Duplicate listings of the same property are prohibited.

• Brokers must disclose their agency relationship to all parties.
• Written representation agreements are required for exclusive listings.
• Brokers owe fiduciary duties to their clients (loyalty, confidentiality, disclosure, obedience, reasonable care, accounting).
• Dual agency is only permitted with written consent from both parties.
• Brokers must maintain records of all client transactions for 5 years.

• Act honestly, fairly, and with integrity in all dealings.
• Not engage in misleading or deceptive conduct.
• Not make false or unsubstantiated claims about properties.
• Respect other brokers and agents on the Platform.
• Not poach clients from other brokers through improper means.
• Not engage in price-fixing or anti-competitive behavior.

• Brokers must comply with all applicable laws including the Nigerian Real Estate Regulation.
• Brokers must maintain active license status with the Real Estate Developers Association of Nigeria (REDAN) or appropriate body.
• Brokers must complete continuing education requirements as mandated by law.
• Brokers must report any disciplinary actions or license suspensions within 7 days.

• Commissions are paid via bank transfer or Platform wallet.
• Payment is made within 30 days of transaction closing.
• Commission statements are available in the Broker Dashboard.
• Disputed commissions are held in escrow until resolution.
• The Platform deducts applicable taxes from commission payments.

• Either party may terminate this Agreement with 30 days' written notice.
• Upon termination, pending listings will be deactivated or transferred to the client.
• Commissions for transactions in progress will be honored.
• Termination does not relieve either party of accrued obligations.

• The Platform may suspend a Broker's account for violation of this Agreement.
• Suspension may be immediate for serious violations (fraud, illegal activities).
• Suspended brokers may appeal the decision within 14 days.
• During suspension, no new listings may be added.

• The Platform is not liable for Broker's actions or representations.
• Brokers must maintain errors and omissions insurance (minimum ₦5,000,000 coverage).
• Brokers indemnify the Platform against claims arising from their conduct.
• The Platform's liability is limited to the commission paid.

• Disputes between Brokers shall first be mediated by the Platform.
• Commission disputes are subject to binding arbitration.
• Disputes with clients follow the Dispute Resolution Policy.
• Legal action shall be in Lagos State courts.

This Agreement is governed by the laws of the Federal Republic of Nigeria, including the Arbitration and Mediation Act 2023 and the Evidence Act 2011.