Can someone please tell me what is expected in that first contract with a broker? Is there a minimum or maximum length? I start the classes next month for the salesperson license in IL. I have become friends with a broker who is more into the commercial end and doesn't have a free standing office. He is offering me a 90/10 split on residential contracts I bring in. I have no problem with cold calling, generating leads, motivation, etc because I have owned an unrelated business for over 12 years and am ready to do what it takes to become successful in real estate. Also, would a name agency be better than someone I just described for a first time salesperson? Thx in advance as I have learned much from this forum by just reading the newbie posts.

The Independent Contractor Agreements that I have seen, and been a Party to, have been on-going and did not have a specific Termination Date; but they usually contain clauses regarding cancellation by either or both of the Parties.

Once you have business on the books, in the form of Contracts with Sellers and Buyers, your business will be on-going, as a function of their Contracts running their course and being constantly replaced by others. Consequently, there won't ever be a convenient end date for your Contract with the Broker.

After you've completed your classes, and actually passed the examination, you'll be in a much better position to participate in negotiating such a Contract. Plus, the Broker will know that you've actually made the commitment of completing these initial steps, and should take you more seriously.

Many people take an interest in becoming a licensee, but a substantial percentage never get to the point of becoming qualified for licensure.

My contracts have never had a specific end date. Realisticaly if you want to leave or the broker wants you to leave, its done. The exit clause is whats important.

A 90/10 split for a new agent is generous. You have to decide if its a good deal. As you said you will be residential, your broker is commercial. Not a bad deal for an experienced agent who can navigate the process with minimal problems.