Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-08-02
REAL ESTATE SALES.
ORGANIZATION AID PURPOSE OF TIE
EXCHANGE.
Proyisions in Regard to Business, Writins
Of Deeds. Leases, &C., and Fees
10 Be Charged.

working out the purposes for which It was
designed and organized.
The officers are as follows: J. L. Apper-
son, president; II. Seldom TAYLOR. vice presl-
dent; S. T. Pulliam, secretary; james II.
Elan. treasurer. Directors; J. l.. Apper-
son, II. Seldom Taylor, James b Elan. ~.
W. Bowc, John I. Goddin, Frank ID. Hill,
Louis Rawlings, Edward :. Rose, Frank Il.
Sutton, and George :. Vashon. Jr.
OBJECTS or THE ASSOCIATION.
Its objects are:
1, To secure Uniform rates ~ commission
IN sll rental, real estate, and aucIion transac-
tons, brokerage on loans, fees for writing
deeds and leases, appraisement OF property,
&c, &c.
.. To protect the business from the en-
croachmonts OF unlicensed persons.
3. To maintain principles Of fair dealing
in the operations Of licensed zeal estate
agents and auctioneers.
4. To discourage and prevent the division
Of commissions With persons not In The
business.
). To establish the real estate business on
a plane OF dignity and res sponsibility in this
community, and to initiate measures to plsce
il upon a foundation OF influence and per-
manency.
MEMBERSHIP.
All candidates for membership must be
recommended by three members OF the eX.
change. Two negative votes OF the board
reject. No person will be admitted 10 mem.
bersbip ln the Exchange unless he has
license as a real estate auctIOreer. No men,
bership is for less term than one year. but
any member nav Withdraw SO any time upon
paving his dues for the current year: pro-
yided, always. MAT he IS not under any
charges for violating the rules Of the associa-
ti0n aud alldhe members Of the Exchange
pledge themselves to aid ip the enforcement
OF the existing laws requiring all real estate
AGENTS 10 take out city and state license,
and further to'assstin procuring such addi.
tiona legislation from tue TO time as VIII
protect its members and procure the indict-
ment and punishment OF oil yI0latOrs OF the
laws of the state and city in this regard.
COMMISSIONS FOR COLLECTING RENTS or RENT
ING AND COLLECTING.
The constitution provides as follows:
On rent Of each piece Of property yielding
$3.50 Der annum or more not hess than per
cent, on other rentals not Tess than y per
cent, except where any member has from
any one patron a mixed class OF collections
Yielding per cent. commission and over
such collections may be made for . per cent.
on the whole.
For renting. where collection is withdrawn
from agent. y per cent. on the entire rent
contracted and withdrawn from agent or
without charge, at the discretion Of the men,
Der.
BROKERAGE on LOANS.
On loans OF three years or under not less
than Der cent. on loans OF over three years
not less than J. per cent.
COMMISSIONS on SALES.
On first $1,000, 3 per cent; on the next
$4,000, % per cent. on the next $4,000, 2
Der cent. on the next $4,000, Il per cent. (;
on sales in excess OF $4,000, special con.
tracts may be made; on sales OF farms, not
less than 3 per cent; on all fiduciary sales,
except farms, II per cent: on ait tiduciary
sales Of farms, p per cent, except thatOn all
sales IN excess Of $50, 900 special contracts may
be made. No sales other than those made by
order OF court or for a trustee selling solely
10 collect debt 20 be considered a. iiduciary
sales. In addition 10 the rates c0utSined In
this section shall be added the tax Imposed
by the state oi Virginia on agents or auc-
tioneers msklng such safes.
Where salcs are made and the commission
amounts 10 less than $40 fee OF Sl0sEall be
charged for maKing such sale-the fee for
writing deed OF Conveyance in such eases 10
be charged or moi, in the discretion. Il 81
agent.
FEEs FOR DEEDS, &C.
For writing ordinary deeds and leases,
IS each; but no fee shall be charged for
Leases where collection OF the rent Is left
with the agent. The fees for all deeds writ.
ten IN consummating any sale shall be paya-
bic from the seller, except the fee for writing
trust deeds 10 secure unpaid purchase money,
which shall be payable from the buyer; in
other matters the fee shall be payable from
the party for whom the service was per.
formed.
Where sales are made 10 net party any
specified amount, then a suniciency Gt least
shall be added TO come within the above
rules.
Commissions shall be considered earned
when the price and terms are arranged, pro-
vided such sale was by public outcry. or II
made by private negotiation has been re-
duced TO a written contract and with re-
sponsible purchaser.
Should sale not be c0nsummated in cons
sequence Of a detective title or For any de.
ilult on the part Of the seller, full c0mmls.
siens may be charged.
Where properts Ia sold aud a part OF the
purchase-money remains on mortgage or re-
deemable ground rent, the commission shall
be chargeablcon the eutire principal or value
of the property.
The charge for apprasing real or leasebold
property located in the cities Of Richmend
or Manchester or country around shall be moi,
less than go, ichere an examination Is neces-
Sdru For an Office valuation a fee OF not
less than 81 shall be charged, or without
charge, al the pleasure Of the member.
DIVISION, REBATE, &C.
Any member OF the Exchange who shall,
in addition TO the commission or fees herein
above provided for. receive for himself from
any workman, mechanic, or tradesman any
commission, rebate. or discount on any bill
rendered IN respect Of any work done In or
about any property under the management
OF snch member, shall be liable to fine, sus-
pension, or expulsion from the Exchange, as
the gravity OF the case may deserve.
No member OF this Exchange. under PEN
atty Of fine, suspension, or expulsion, as the
gravity OF the case may deserve, shall in
consideration OF any business grant any
compensation 10 or divide his commission
with any person not 4 member OF thh Ex-
change; but this rule shall not prevent
WttNbtTn ~ Hft IL titNNf' f'3 tpAtf 80 wv w
books as agents from making such arrange
ments between themselves for division of
commissions rs they may choose 70 agree
upon, nor shall it apply 10 nonresident agents
having no office IN the city OF Ricamond.
FINES, &C.
ANY member OF this Exchange who may
knowingly deceive or practice fraud upon
any patron or member OF the Exchange
shall be liable TO be fined, suspended, or
expelled, or fined and expelled, as the
gravity OF the case may deserve.
All fines shall accrue 10 the Exchange,
and IL not paid be recoverable by suit. Ia
cases OF expulsion the name OF such men,
ber. with cause Of expulsion, shall, upon a
two-thiris vote OF the whole Board Of Die
rectors, be published for at least one week
In one or more Of the daily papers published
In the city of'Rchmond, Va.
The rules and regulations OF this Exchange
are not to be so construed as 10 alter or dis
mrb any bona tide existing contracts OF
agents with their principals for the manage
ment OF any estates now In their hands for
rent or sale, provided said contracts ior
rents or sale must expire on or before Janu-