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home sales volume will be credited toward total volume. If less than fifty one percent (51%) of the total volume is derived from resales, seventy percent (70%) of new home sales volume will be credited toward the total.

ARTICLE IV

QUALIFICATIONS

1. Membership

a. REALTORSŽ deriving their real estate income from commission sales and who are members of a REALTORŽ board or association are eligible for membership.

b. REALTORSŽ who qualify for membership must submit his/her prior year's performance on the application furnished by the organization, accompanied by full payment for the annual dues, by February 15th of each year. A late fee may be charged from February 16th through March 1st. Applicants must supply all information requested.

c. If a REALTORŽ elects to join the club as a new member after the published/announced application deadline, he/she may do so at any time during the membership year, provided that he/she meets the qualifying guidelines at the time of the application submission, submits his/her prior year's performance on the application furnished by the organization, and pays dues, which may be prorated.

d. Each new member will receive a link to the online copy of the By-Laws upon receipt of application and dues.

2. Life Membership

a. To obtain Life Membership, a member must qualify four (4) out of five (5) years or four (4) consecutive years. A REALTORŽ becomes a Life Member in the year after four years of qualifying production of $2,000,000 or more.

b. Any REALTORŽ who is currently a Life Member in another Million Dollar Club can transfer into the Howard County Million Dollar Club as a Life Member.

c. Life Members are not required to submit a regular performance record annually. However, an application must be submitted with the words "Life Member" written or typed on same and all requested information completed with a signature.

3. Legacy Membership - A Life Member who is retired (i.e., no longer holds an active real estate license) is eligible to become a Legacy Member. A Legacy Member will have a lower dues rate, will not be eligible to be an officer or a coordinator, and may be required to pay an additional fee for each lunch attended.

4. Dues