Question 1

Is Cornerstone Referral Network a real estate brokerage?

Accepted Answer

Yes, Cornerstone Referral Network is a fully licensed brokerage with TREC license # 9008378, however it is considered a LFRO (Limited Function Referral Office). We sponsor licensees and we receive and pay referral commissions. However, the Cornerstone Referral Network agents are prohibited from listing, selling, leasing, renting, managing, counseling or appraising real property.

Question 2

What type of agents would benefit from Cornerstone Referral Network?

Accepted Answer

All of our agents are currently active licensees with TREC, however they work on a referral basis only. Typically, these agents are changing careers, moving to another state, taking a temporary break, retiring, or new agents that are not yet ready to engage in active sales.

Question 3

Are Cornerstone Referral Network agents Realtors® ?

Accepted Answer

No. Referral agents are active licensed Texas real estate agents, however they are not members  of the National Association of Realtors which would give them the right to use the Realtor® trademark.

Question 4

Do Referral agents have access to the MLS?

Accepted Answer

No, referral services do not require access to the MLS since the agents are prohibited from listing, selling, leasing, renting managing, counseling or appraising real property. Not having to pay MLS or local, state and national Association fees is part of the savings of a referral agent.

Question 5

What if my license is inactive or expired?

Accepted Answer

No problem!  It’s pretty easy to reinstate your license online with TREC as long as you meet the time and continuing education requirements. Give us a call and you can check on www.trec.state.tx.us.

Question 6

How much does it cost to transfer my license to Cornerstone Referral Network?

Accepted Answer

As of January 1, 2020, TREC no longer charges to transfer your license.

Question 7

Do I still have to do continuing education with my license at Cornerstone Referral Network?

Accepted Answer

Yes, you must keep your license in “Active” status which requires continuing education to do so.

Question 8

Can I act as an agent on my own personal transactions?

Accepted Answer

No, however you can refer the transaction to an agent and negotiate the referral fee.

Question 9

Can I refer clients to out of state real estate agents?

Accepted Answer

Yes, our agents can provide referral services to consumers seeking brokerage services in any state since Section 535.131 of the TREC rules permits a licensed Texas real estate broker to cooperate with and share commissions with brokers licensed in other states.

Question 10

Can a referral agent refer to any agent at any brokerage?

Accepted Answer

Yes, our agents can specifically send a referral to any licensed agent or brokerage in Texas or any state. There is a simple referral form that is filled out and signed by both brokers.

Question 11

Can a referral agent list homes or represent buyers?

Accepted Answer

No, referral agents are strictly prohibited from listing, selling, leasing, renting, managing, counseling or appraising real property.

Question 12

Can I collect a referral check from a builder?

Accepted Answer

Yes, you would refer the buyer to a builder. The builder will have us sign a referral agreement and once it has closed, you will receive your referral check. Reminder, you cannot represent the buyer or counsel them through the process.

Question 13

Will I be signing a contract with Cornerstone Referral Network?

Accepted Answer

Yes, it’s an easy process! You would fill out a form under Agent tools and once received we will review it. Once approved, we will send you our documents to include the contract between us, a policy manual and an IRS W-9 form.

Question 14

What happens if I engage in full service brokerage services if I’m sponsored by Cornerstone Referral Network?

Accepted Answer

Any agent who breaches the Independent Contractor Agreement with Cornerstone Referral Network will be automatically terminated at TREC. The agent will then be responsible to join a full service brokerage and to pay the full amount of dues to NAR, TAR and GEPAR. Please refer to the policy manual for any damages that may have been incurred.

Question 15

Do I have to sign up with Cornerstone Referral Network for a specified time period?

Accepted Answer

No, you can transfer your license back to a full service brokerage at any time. However, please contact your local board to obtain the fees that you may have to pay to transfer your license.

Question 16

Are there any typical real estate fees that we pay now?

Accepted Answer

No, there are no local, state or national association fees, MLS fees, lockbox fees or E & O Insurance fees.

Our fees are simple: $124.00 upon sign up (prorated on the month you join) then billed every December for the following year. However we will waive the following years fee (one year) if you get a referral check above the $124.00 the previous year.

Question 17

How do we get paid when I earn a referral check?

Accepted Answer

Once Cornerstone Referral Network receives a referral check, we then take 10% and you get 90%. For example: Referral check is $1,300 x 10% = $130.00 (Cornerstone Referral Network) and $1170.00 to Cornerstone Referral Network agent.

Question 18

How do I receive my referral check?

Accepted Answer

We can mail the check or you can pick it up. We can also wire the fee, however there will be a wiring fee. Keep in mind that there are no taxes deducted so you will be receiving a 1099 form at the end of the year and you will be responsible for paying your own taxes.

FAQs

Frequently asked questions