BY-LAWS OF THE HOWARD COUNTY MILLION DOLLAR CLUB

ARTICLE I

NAME

This organization shall be known as the "Howard County Real Estate Million Dollar Club, Inc."

                                                                 ARTICLE II

OBJECTIVES

1. To educate and enlighten members on matters relating to the real estate industry and
community involvement.

2. To identify and contribute to local charitable organizations.

                                                                 ARTICLE III

CRITERION

1.  A REALTOR must settle $1,000,000 worth of business within the preceding calendar year.

2.  Referral fees do not count toward volume.

3.  A listing REALTOR who sells his/her own listing shall receive credit for both the listing and sale (i.e.
Jones sells his own listing for $150,000, he would receive credit for $300,000).

4.  Volume for leases will be credited to the year the commission received (i.e. a five year lease with
commission being paid annually, credit volume will be 1/5 each year).

5.  If two or more REALTORS® in the same firm split the commission on the same side of the
commission, the volume of the sale will be divided proportionately to the commission split (i.e. Jack & Jill of ABC Realty list a $150,000 house. When it sells, Jack & Jill will each get credit for $75,000 of the sale).
  
6.  Regarding REALTORS® who work as builders’ representatives, if fifty one percent (51%) or more of a REALTORS® settled volume is derived from resale transactions, one hundred percent (100%) of new 

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