Section Rea 703.01 - Cooperative Brokerage Agreements(a) A licensed New Hampshire broker may cooperate with an out-of-state broker with respect to a specific commercial real estate transaction provided the out-of-state broker complies with the laws of this state and both brokers agree in writing to all of the terms expressed in a cooperative brokerage agreement prior to the commencement of any brokerage activity.(b) The licensed New Hampshire broker shall request a copy of the out-of-state broker's license or the license of the out-of-state salesperson working under the direct supervision of the out-of-state broker or other proof of licensure from the jurisdictions where the out-of-state broker or out-of-state salesperson maintains a license as a real estate broker or salesperson.(c) To comply with (a), above, New Hampshire brokers shall obtain from the commission, a "Cooperative Brokerage Agreement Form", effective June 2017.(d) The New Hampshire broker shall complete a "Cooperative Brokerage Agreement Form", by supplying the following:(1) Date the agreement was entered into by the parties;(2) Date the agreement will expire, provided however, a cooperating broker agreement shall not have a term that exceeds one year;(3) Provision for any extension or early termination of the agreement;(4) Name, telephone numbers and address of the owner(s) of the commercial properties or, when the agreement involves buyer or tenant representation, the name, telephone number, and address of the buyer(s) or tenant client(s);(5) Location or legal description of the commercial properties, or both, when applicable;(6) A statement which requires the parties to agree to the type of relationship the agreement will covers with the consumer;(7) A statement that both the New Hampshire broker and the out-of-state broker agree that all negotiations, including the showing, advertising, and listing of the property, shall be handled under the direct supervision of the New Hampshire broker, with the New Hampshire broker recognizing her or his responsibility under RSA 331-A;(8) A statement that the out-of-state broker agrees not to advertise the listing in any manner unless the New Hampshire broker is included in the advertising and that such advertising shall be with full knowledge of and under the direct supervision of the New Hampshire broker, giving the name and telephone number of the New Hampshire broker equal prominence with the out-of-state broker;(9) A statement that by signing the cooperative brokerage agreement, the out-of-state broker and any out-of-state salespersons working under the direct supervision of the out-of-state broker is:a. Agreeing to abide by New Hampshire law and the rules of the commission; andb. Is formally granting an irrevocable consent and power providing that legal actions can be commenced against said broker in the proper court of any county of this state in which a cause of action does arise or in which the plaintiff resides by service of process or pleading authorized by the laws of this state on a member of the commission or its executive director, the consent or power stipulating that such service of process or pleading shall be taken in all courts to be valid and binding as if personal service had been made upon the nonresident in this state;(10) A statement requiring the New Hampshire broker to accept the responsibility for determining that the out-of-state broker and any out-of-state salespersons working under the direct supervision of the out-of-state broker is licensed as a broker or salesperson in another state and agreeing to notify the commission immediately if the out-of-state broker or out-of-state salesperson violates any part of the cooperative brokerage agreement;(11) A statement that if the out-of-state broker or out-of-state salesperson fails to comply with any provision of RSA 331-A:22-a he or she shall be considered in violation of RSA 331-A:34;(12) The commissions or other compensation, stated as a dollar amount, percentage, or other specific consideration;(13) A statement that if any earnest monies or deposits are received, accepted, or held in accordance with RSA 331-A:13 and Rea 702.01, the same shall be placed in the escrow account of the New Hampshire broker;(14) The name, address, and witnessed signature of the New Hampshire broker; and(15) The name, address, and witnessed signature of the out-of-state broker.(e) The commissions or other compensations resulting from the purchase, sale, rent, or lease, or management of the commercial property, and which are earned during the period the agreement is in force, shall be divided between the New Hampshire broker and the out-of-state broker on a negotiable basis;(f) The parties shall execute 2 completed original cooperating agreements. The New Hampshire broker and the out-of-state broker shall each receive one of these originals.N.H. Admin. Code § Rea 703.01
#7267, eff 5-6-00; ss by #7522, eff 6-28-01; ss by #8835, eff 5-1-07
Amended by Volume XXXVI Number 06, Filed February 11, 2016, Proposed by #11030, Effective 1/28/2016, Expires 7/26/2016.Amended by Volume XXXVII Number 28, Filed July 13, 2017, Proposed by #12213, Effective 6/18/2017, Expires 6/18/2027.