REAL ESTATE AGENCIES — all employees — including Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons
The entire remuneration of each employee shall be included, subject to a maximum of $154,700 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.
This classification applies to real estate agencies that represent buyers, sellers, lessees and lessors in real estate transactions.
The operation or management of rental property, construction and remodeling operations shall be separately classified.
This classification also applies to non-residing leasing agents of a property management company who are engaged exclusively in the rental or leasing of property to clients and who have no other duties of any kind except clerical office work and the property management company retains separate employees to manage the property.
Employers that specialize in residential and commercial mortgage brokerage or mortgage banking operations that do not engage in the direct lending of mortgage funds shall be classified as 8743, Mortgage Brokers.
Employers that specialize in the direct lending of funds for residential and commercial mortgages shall be classified as 8749, Mortgage Bankers.
USRP, Part 3, Section IV, Rule 8, Property Management/Operations
USRP, Part 3, Section III, Rule 4, Standard Exceptions, Subrule c, Standard Exception Classification Procedures
USRP, Appendix IV, Classifications Including Clerical Office Employees, Clerical Telecommuter Employees or Outside Salespersons
| Shown below is the previously published phraseology and footnote | Effective Date |
|---|---|
Phraseology: REAL ESTATE AGENCIES — all employees — including Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons The entire remuneration of each employee shall be included, subject to a maximum of $149,500 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period. Footnote: This classification applies to real estate agencies that represent buyers, sellers, lessees and lessors in real estate transactions. The operation or management of rental property, construction and remodeling operations shall be separately classified. This classification also applies to non-residing leasing agents of a property management company who are engaged exclusively in the rental or leasing of property to clients and who have no other duties of any kind except clerical office work and the property management company retains separate employees to manage the property. Employers that specialize in residential and commercial mortgage brokerage or mortgage banking operations that do not engage in the direct lending of mortgage funds shall be classified as 8743, Mortgage Brokers. Employers that specialize in the direct lending of funds for residential and commercial mortgages shall be classified as 8749, Mortgage Bankers. Industry Group/Related Classifications: | 9/1/2022 |
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