ICON Program Terms/Glossary
Company Dollar Cap - The term “Company Dollar Cap” means that once the amount of Company Dollar received from an advisor's closed Transaction reaches Full Cap within an advisor's Capping Period, eXp will no longer collect the Company Dollar portion of the commission split and the advisor will thereafter be considered to be in a “Capped Status” until the expiration of the then-current Capping Period.
Capping Period - An advisor's “Capping Period” is a consecutive twelve (12) calendar month period during which time the amount of Company Dollar collected on an advisor's Transactions is accrued towards the Company Dollar Cap.
Cap Reset Date - The “Cap Reset Date” is the date upon which each new Capping Period begins and the amount of Company Dollar paid by an advisor that has accrued towards the Company Dollar Cap will be reset to zero. The Cap Reset Date will be the same as an advisor's Anniversary Date, except as otherwise expressly agreed to the contrary by a separate written addendum to that advisor's ICA.
Cultural Commitment - Community is one of our core values. Successful agents giving back to our agent population feed into the proverbial “rising tides lift all boats” by giving back to eXp and/or eXp’s agent population and thereby satisfying the Cultural Commitment requirements.
Full Cap - This is the amount of the Company Dollar Cap as specified in the ICA.
ICON Cultural Benefit Year - The ICON Cultural Benefit year is defined as the 12-month period following ICON status achievement. Example: If you are recognized as a January 2020 ICON (meaning you qualified in December), your ICON Cultural Benefit year would be January 2020 to January 2021.
ICON Qualifying Date - The ICON Qualifying date is the date the advisor qualifies for ICON Status. Once the verification of the ICON qualifying date occurs, the ICON Benefit Year will commence the following month.
ICON Qualifying Fee - ICON Qualifying Fee is equal to $5,000 less Capped Status Transaction Fees paid.
Settled Transaction - Transaction where the advisor has been paid. It will show in Enterprise as “closed.”
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Defined terms used but not otherwise defined in this ICON Program Terms/Glossary shall have that meaning as ascribed within the ICA or eXp Policies and Procedures, as applicable.
To the extent there may be any conflict between the terms or definitions contained within this ICON Program Terms/Glossary, on the one hand, and the ICA or eXp Policies and Procedures, on the other hand, the terms contained within the ICA and eXp Policies and Procedures shall be controlling.