EMPLOYMENT AGREEMENT

This Employment Agreement (?Agreement?) is dated as of the Effective Date (as hereinafter defined), by and between Realogy Corporation, a Delaware corporation (the ?Company?) and Anthony E. Hull (the ?Executive?).

WHEREAS, Cendant Corporation (?Cendant?) has determined to distribute all of the common stock of the Company directly to its stockholders pursuant to a pro rata dividend (the ?Transaction?); and

WHEREAS, the Company desires to employ the Executive, and the Executive desires to serve the Company, in accordance with the terms and conditions of this Agreement.

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

SECTION I

EFFECTIVENESS

Subject to and upon the consummation of the Transaction (the ?Effective Date?), (i) the Executive shall be an employee of the Company, shall no longer be an employee of Cendant, and all agreements between the Executive and Cendant pertaining to his employment with Cendant and the terms thereof shall terminate and be of no further force or effect and (ii) this Agreement shall become effective.

SECTION II

EMPLOYMENT; POSITION AND RESPONSIBILITIES

The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, for the Period of Employment as provided in Section III below and upon the terms and conditions provided in this Agreement. During the Period of Employment, the Executive shall serve as Executive Vice President, Chief Financial Officer and Treasurer of the Company. The Executive shall report to, and be subject to the direction of, the President of the Company through December 31, 2007, and the Chief Executive Officer of the Company thereafter for the remainder of the Period of Employment (the ?Supervising Officer?). The Executive shall perform such duties and exercise such supervision with regard to the business of the Company as are associated with his respective positions, as well as such reasonable

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additional duties as may be prescribed from time to time by the Supervising Officer. The Executive shall, during the Period of Employment, devote substantially all of his time and attention during normal business hours to the performance of services for the Company. The Executive shall maintain a primary office and conduct his business in Parsippany, New Jersey (the ?Business Office?), except for normal and reasonable business travel in connection with his duties hereunder.

SECTION III

PERIOD OF EMPLOYMENT

The period of the Executive?s employment under this Agreement (the ?Period of Employment?) shall begin on the Effective Date and shall end on the third anniversary of the Effective Date, subject to earlier termination as provided in this Agreement. No later than 180 days prior to the expiration of the Period of Employment, the Company and the Executive will commence a good faith negotiation regarding extending the Period of Employment; provided, that, neither party hereto shall have any obligation hereunder or otherwise to consummate any such extension or any new agreement relating to the Executive?s employment with the Company.

SECTION IV

COMPENSATION AND BENEFITS

For all services rendered by the Executive pursuant to this Agreement during the Period of Employment, including services as an executive officer, director or committee member of the Company or any subsidiary or affiliate of the Company, the Executive shall be compensated as follows:

(a) Base Salary

The Company shall initially pay the Executive a fixed base salary (?Base Salary?) of not less than $475,000, per annum, and thereafter the Executive shall be eligible to receive annual increases as the Company deems appropriate, in accordance with its customary procedures regarding salaries of senior officers. Base Salary shall be payable according to the customary payroll practices of the Company, but in no event less frequently than once each month.

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