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Posted by PRO
Thu, 16 Mar 2006 16:30:00 GMT
Authority
The bylaws of Pinellas Suncoast Association of REALTORS®, Inc., establish the Multiple Listing Service (MLS). The MLS is governed and operated by PRO Biz, Inc., a subsidiary of the Pinellas Suncoast Association of REALTORS®, Inc. The name of the MLS is the Suncoast MLS.
Purpose
The purpose of the MLS is:
· To correlate and disseminate listing information to Participants and Subscribers in an orderly manner in order to better serve the buying and selling public by making listing information more readily available
· To provide a means by which authorized participants make blanket unilateral offers of compensation to other participants
· To provide a means of enhancing cooperation among participants
· To provide a means by which information is accumulated and disseminated to enable participants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers
· To provide a means by which participants engaging in real estate appraisal contribute to common databases
Posted in Authority, Purpose, Qualifications
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Posted by PRO
Wed, 22 Mar 2006 12:49:00 GMT
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Posted by PRO
Thu, 16 Mar 2006 16:38:00 GMT
Participant
A Participant is a licensed real estate broker or a state certified appraiser who is a principal, partner, corporate officer, or branch manager acting on behalf of a principal.
Eligibility for REALTOR® Participant
- Must be a REALTOR® Member of an Association of REALTORS®.
- Must hold a current, valid real estate broker’s license or certification as an appraiser in the state of Florida.
- Must be a principal, partner, corporate officer, or branch manager acting on behalf of a principal of a real estate or appraisal firm.
- Must agree in writing to abide by the rules and regulations and policies and procedures of the Multiple Listing Services (MLS).
- Must agree to complete a course of instruction on the MLS Rules and Regulations, Policies and Procedures, training in the use of the MLS computer system, and pass an open book written examination as required by the MLS.
- Must agree to be responsible for all affiliated real estate licensees and appraisers’ monetary obligations to the MLS and their compliance with the MLS rules and procedures and training obligations.
- Must agree to ensure that all affiliated real estate licensees and appraisers are registered with the MLS and all MLS fees are paid within 30 days of licensees/appraisers’ affiliation with the Participant.
- Must agree to register and ensure that all MLS fees are paid for all unlicensed office and personal administrative personnel who will have access to and use of the MLS before they access and use the MLS on behalf of the Participant or on behalf of any of the Participant’s affiliated Subscribers.
- Must pay all fees, fines and charges assessed by the Multiple Listing Service, including any unpaid amounts owed by affiliated Subscribers.
Eligibility for Non-REALTOR® Participant
- Must abide by all the requirements of REALTOR® Participants except the requirement to be a member of a REALTOR® Association. In addition:
- Must supply satisfactory evidence that applicant has
- No record of recent or pending bankruptcy.
- No record of official sanction involving unprofessional conduct.
Subscriber
A Subscriber is a licensed real estate associate broker or sales associate or a licensed, registered or certified appraiser affiliated with a real estate brokerage or appraisal firm who is not a principal or officer in the real estate brokerage or appraisal firm.
Eligibility for Subscribers
- Must hold a current, valid real estate license or appraisal certification, license, or registration (either associate broker, sales associate, or appraiser) in the state of Florida.
- Must be affiliated with a real estate broker or, in the case of appraisers, a real estate broker or certified appraiser.
- Must agree in writing to
- Abide by all the rules and regulations and policies and procedures of the Multiple Listing Service.
- Complete a course of instruction on the MLS Rules and Regulations, Policies and Procedures, training in the use of the MLS computer system, and pass an open book written examination as required by the MLS.
- Must pay all fees, fines, charges, and other monetary obligations assessed by the Multiple Listing Service. (See Bylaws of the PINELLAS SUNCOAST ASSOCIATION OF REALTORS®, INC.)
Administrative Users
Administrative users are unlicensed individuals or registered trainee appraisers under the direct supervision of an MLS Participant or Subscriber who perform only administrative and clerical tasks that do not require a real estate license or an appraiser’s certificate. Note: An individual who has an active license in a referral company is not an unlicensed individual. An unlicensed individual is one who either has no real estate license or who has an inactive real estate license.
Each Participant shall provide the MLS with a list of all administrative users employed by or affiliated as independent contractors with the Participant or the Participant’s affiliated Subscribers and shall immediately notify the MLS of any changes to the list by registering administrative users with the MLS prior to their accessing the MLS.
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Unauthorized Application for UOA (Unlicensed Office Assistant) or UPA (Unlicensed Personal Assistant): A fine of $2500 will be assessed to any MLS Participant or Subscriber who applies for Unlicensed Assistant access for any person not directly employed by the Participant or Subscriber. MLS shall have the right to request paperwork verifying direct employment to include W2 and/or 1099 forms.
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MLS Certification-Level One
Participant and Subscriber applicants shall complete a MLS Certification-Level One program of no more than eight classroom hours devoted to:
- The MLS rules and regulations, policies and procedures, and training related to the MLS data information system within 30 days after joining the Multiple Listing Service.
- To successfully complete the MLS Certification-Level One program, Participants and Subscriber applicants must attend the eight hour MLS Certification-Level One course and pass a written examination with a score of 80% or higher within 30 days after joining the Multiple Listing Service.
- Participant and Subscriber applicants who do not successfully complete the MLS Certification-Level One program within 30 days of joining the Multiple Listing Service will have their MLS access suspended until they have successfully completed the MLS Certification program.
Participants and Subscribers who have not been active, paid users of the MLS for over one year must successfully complete the MLS Certification-Level One program within 30 days of reinstatement.
Penalty
A Participant or Subscriber who has repeated infractions of the MLS rules and regulations, policies, or procedures shall be required to attend an MLS Certification program or other prescribed MLS education program and also to pay any monetary fines.
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Posted by PRO
Thu, 16 Mar 2006 16:56:00 GMT
There are five property classes in the Multiple Listing Service.
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Residential. Single family homes, condos, co-ops, townhouses, condo-hotel, mobile with land (owned), boat slip and fractional ownership properties use the residential (RES) profile sheet. Mandatory
Note: Properties with fractional ownership where the buyer(s) receives a recorded deed (e.g. interval or time share) may be submitted to the MLS by the Participant. Several types of legal restrictions can apply to fractional ownership: state real estate law, local real estate law, private deed restrictions and federal state and securities law.
Note: Properties submitted to the MLS that are registered as an SEC security, (e.g. Innisbrook) may require additional licensure, such as a securities dealer’s license.
Note: Boat slips that have a county use code of condominium may be submitted to the MLS by the MLS Participant.
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Residential Multifamily. Multifamily residential buildings with two to four units use the multifamily (MUL) profile sheet. Mandatory
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Land. Residential vacant land and subdivided residential vacant land use the land (LAN) profile sheet. Mandatory
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Commercial. Commercial properties for sale, lease, exchange or for business opportunities use the commercial (COM) profile sheet. Voluntary
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Rental. Residential and vacation rentals use the rental (REN) profile sheet. Voluntary
The following applies to all listings.
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Participants and Subscribers must use a written listing contract acceptable to the MLS.
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Listing contracts must be an Exclusive Right to Sell, Exclusive Brokerage, or other exclusive arrangement that clearly identifies the Participant responsible for the brokerage relationship.
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The listing must be for the sale and purchase or lease of real property or an interest in real property only. Any personal property involved in the sale or lease is incidental. When a pending sales contract specifically prohibits assignment of contract, such interest in the property may not be listed in the MLS.
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The listing contract, which includes the signatures of all parties and an effective and expiration date, must be legally enforceable in the state of Florida.
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The listing must be filed with the MLS within two business days after receiving all necessary signatures of sellers unless another date is specified in writing and signed by the seller.
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Listings cannot be entered into the MLS database prior to the effective date of the listing contract.
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Posted by PRO
Thu, 16 Mar 2006 17:36:00 GMT
The PRO Biz, Inc. Multiple Listing Service is a mandatory MLS for residential, multifamily (two to four units), and vacant land listings located within Pinellas County.
Properties that are listed subject to a real estate broker’s license and that are located within the territorial jurisdiction of PRO Biz, Inc. must be taken by Participants on forms acceptable to the MLS and shall be filed with the MLS within two business days of receipt after all necessary signatures of sellers have been obtained. Properties located outside the territorial jurisdiction of Pinellas County may be filed with the MLS at the Participant’s option.
Listings of any property class that are located outside the territorial jurisdiction of Pinellas County are voluntary.
Note: Participants and Subscribers must have a valid real estate license in the jurisdiction, if required by that jurisdiction, (State or Country) where the property is located in order to place that property in the MLS.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to file a residential, multifamily or vacant land listing with the MLS within two business days after all necessary signatures have been obtained. |
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Posted by PRO
Thu, 16 Mar 2006 17:45:00 GMT
Only written listing contracts approved by the MLS or other listing contracts that comply with Section 4.3 can be filed with the MLS.
The MLS will accept the following written listing contracts:
- Exclusive right-to-sell (including those with special arrangements)
- Exclusive brokerage (formerly Exclusive Agency)
- Limited-service listing
- Statistical Entry Only
Note: MLS does not accept net listings because they are deemed unethical. The MLS does not accept open listings because they do not usually include the authority to cooperate with and compensate other brokers, which is not an incentive for cooperation.
This does not prohibit a member from accepting these listings to be handled outside the MLS.
Any listing taken on a contract to be filed with the MLS is subject to the Rules and Regulations of the Service upon signature of the seller(s).
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failing to disclose a limited service or exclusive brokerage (exclusive agency) listing type in the MLS database.
Entering verbal, net or open listings in the MLS database.
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Posted by PRO
Fri, 17 Mar 2006 11:15:00 GMT
All listing contracts that are to be filed with the MLS are subject to the MLS Rules and Regulations when all sellers or their agents who are required to sign the deed signs the listing contract.
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Posted by PRO
Fri, 17 Mar 2006 11:33:00 GMT
MLS does not require a Participant to submit listings on a listing contract other than the form the Participant chooses to use provided the listing is of a type accepted by the MLS. An approved profile sheet is required. Upon advice of legal counsel, the following applies:
- The MLS reserves the right to refuse to accept a listing contract that fails to adequately protect the interest of the public and the Participants.
- No listing contract filed with the MLS establishes, directly or indirectly, a contractual relationship between the MLS and the client (buyer or seller)
- The listing must comply with all provisions of the MLS and is subject to the rules and regulations of the MLS.
- The listing contract must include a provision explicitly granting the listing broker authority
- To advertise
- To file the listing with the MLS
- To provide timely notice of status changes of the listing to the MLS.
- To provide sales information including selling price to the MLS upon sale of the property
- If the listing Participant intends to offer compensation to buyer agents, transaction brokers, and nonrepresentative brokers, the listing contract must contain the seller’s written authorization to compensate agents of prospective purchasers.
- The listings submitted to the MLS must offer compensation to cooperating brokers on a blanket, unilateral basis. The listing broker retains the right to determine the amount of compensation offered to other Participants (acting as buyer agents, transaction brokers or as non-representative brokers). The compensation offered to each type of cooperating brokerage may be the same or different amounts.
- The MLS will not accept any listing in which the seller is to compensate a cooperating broker directly.
- The listing contract must include the seller’s authorization to submit the listing to the MLS and to any acceptable Internet form of advertising or other advertising medium.
- The Participant must obtain seller’s informed written consent (in either the listing contract or an addendum thereto) to disclose the potential short sale circumstance to cooperating brokers, buyers and the public.
Note: The FAR listing contracts provide all the required language. Other contracts should be carefully reviewed to ensure they comply.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Filing listings that do not meet the requirements of the MLS for listing contracts. |
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Posted by PRO
Fri, 17 Mar 2006 12:06:00 GMT
Listings filed with the MLS automatically expire at midnight on the date specified in the listing contract unless the Participant renews or extends the listing in the MLS prior to its expiration.
Following are the rules governing renewals and extensions dated after the expiration date of the original listing:
- If a listing expires and an extension is signed within 72 hours of the original expiration date, the Participant may call the MLS to extend the current listing; otherwise a new listing contract must be secured, and
- It must be signed by all parties who signed the original listing.
- It must be filed with the MLS and published as a new listing.
- If a listing is "under contract" and has not closed by the expiration date, it will automatically expire unless an extension is entered into the database.
- The MLS requires all extensions, including those "under contract," to have the seller’s authorization for the extension.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to file an extension with the MLS within two business days of obtaining the seller’s signature.
Entering an extension into the MLS database without the seller’s authorization and signature.
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Posted by PRO
Fri, 17 Mar 2006 12:13:00 GMT
Listings entered into the MLS must bear a definite expiration date as negotiated between the listing Participant and the seller. No date may be entered or changed in the MLS without the seller’s written authorization.
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Posted by PRO
Fri, 17 Mar 2006 12:40:00 GMT
The MLS accepts exclusively-listed property that is subject to auction. These listings must adhere to the same rules, regulations, and policies that apply to all exclusive listings, including, but not limited to, showing a listed price. The price may be the minimum bid required.
The first line in the Realtor Only Remarks section of the MLS database should state:
This is an auction property. Call the listing agent for details.
Posted in Listings
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Posted by PRO
Fri, 17 Mar 2006 17:11:00 GMT
When a Participant jointly lists a property with another Participant, the following rules apply:
- Only one Participant of the MLS may submit the listing to the MLS.
- The listing Participant is solely responsible for the terms and conditions of the listing, including but not limited to, the offer of compensation to cooperating Participants.
- The listing must be of a type permitted by the MLS and conform to all rules, regulations, and policies of the MLS.
- The agent who is listing the property in the MLS must have written authorization from the other listing broker permitting the listing to be placed in our MLS
- The agent who is listing the property in the MLS must have written authorization from the seller authorizing the joint listing of the property.
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Posted by PRO
Fri, 17 Mar 2006 17:21:00 GMT
Participants can be suspended or expelled from the MLS for two reasons.
- Failure to abide by the MLS rules, regulations, policies and procedures
- Failure to pay appropriate dues, fees, fines, or other financial obligations
Suspended/Expelled for Failure to Abide by the MLS Rules, Regulations, Policies and Procedures
When an MLS Participant is suspended or expelled because of failure to abide by the rules, regulations, policies and procedures, the MLS retains (at the Participant’s option) all listings that are currently filed until sold, withdrawn, or expired. The MLS does not renew or extend the listing beyond the expiration date that is in effect when the suspension becomes effective.
Suspended or Expelled for Failure to Pay Appropriate Dues, Fees, Fines, or Other Financial Obligations
When an MLS Participant is suspended or expelled from the MLS because of a financial obligation, the MLS is not obligated to provide MLS services, or to continue to include the Participant’s listings in the MLS compilation of current listing information. Prior to removal of the listing, MLS advises the Participant in writing that the listing will be removed so that the Participant can notify clients or customers.
When an expelled Participant is reinstated, the Participant must re-enter all listings.
If a Participant has a company with more than one office, the suspension is imposed only against that office which is delinquent in dues, fees, fines, or other financial obligations. Suspended Participants remain subject to the MLS rules and regulations with respect to listings currently filed with the MLS.
Posted in Listings
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Posted by PRO
Fri, 17 Mar 2006 17:27:00 GMT
When a Participant resigns from the MLS, the MLS is not obligated to include the resigned Participant’s listings in the MLS compilation of current listing information.
Before the Participant’s listings are removed from the MLS, the MLS will advise the Participant in writing that the listings will be removed so that the Participant can notify clients and customers.
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Posted by PRO
Fri, 17 Mar 2006 17:42:00 GMT
The following are the listing Participant’s responsibilities when listing a property:
- To ensure the listing contract has signatures of all persons (or their agents) who are required to sign the deed.
Note: A listing agreement that is to be filed with the MLS is subject to the MLS Rules and Regulations when the sellers (or their agents) sign the listing agreement.
- To ensure the signature of seller’s authorized designee is obtained and retained by the Participant.
Note: A valid written authorization is obtained and retained by the listing Participant where a listing is signed for a seller, either by a co-owner or an individual with power of attorney.
- To sign the listing contract or have an authorized designee sign it. The signature of the Participant’s authorized designee must be on file with the MLS.
- To ensure that all listing data is entered into the database completely, clearly, and accurately. No data is allowed in any field except that for which the field is designed.
Note: 1. Participants shall not deliberately mislead property owners as to the market value of their property.
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Required Signatures: For failure to have all required signatures at the time the property was entered in MLS, the Participant shall be assessed a fine up to $2,500.00 as determined by the Board of Directors upon recommendation of the MLS Task Force for each occurrence.
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The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to file a residential, multifamily or vacant land listing with the MLS within two business days after all necessary signatures have been obtained.
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Failure to enter accurate and complete listing data.
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Note: If MLS staff enters the listing, it is the listing Participant’s responsibility to check for errors and promptly request corrections in writing.
To submit requested supporting documentation to the MLS within 24 hours.
Note: The MLS has the right to call at anytime for any and all supporting documentation on listings. The Participant must submit the documentation within 24 hours of a verbal request from the MLS.
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Failure to provide all requested and substantiating paperwork on all listings within 24 hours of when the MLS makes a verbal request of the Participant for such documentation.
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Failure to have appropriate paperwork such as executed listing agreement, profile sheet, office-exclusive certification, executed extensions, and price changes on file when the MLS staff requests the documentation for review. |
- To disclose to any MLS Participant who specifically requests this information, conditions that may affect cooperation or compensation to other MLS Participants.
Note: All listings must offer some amount of compensation in order for the MLS to accept them. See Section 8.7 to see how compensation should be listed in the listing.
- Participants must not charge MLS fees to other Participants in the compensation or any other field. Only the MLS has the authority to charge MLS fees.
Posted in Participant's Responsibilities
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Posted by PRO
Mon, 20 Mar 2006 10:21:00 GMT
Listing Participants must complete a property profile sheet along with the listing contract for each listing, and it is their responsibility to ensure the profile sheet meets the following criteria:
- It must be legible.
- It must have all required areas completed.
- It must bear the seller’s signature or the signature of the seller’s authorized designee.
- It must bear the signature of the Participant or the Participant’s authorized designee.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to complete a property profile sheet including all required signatures (sellers and broker).
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Posted in Participant's Responsibilities
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Posted by PRO
Mon, 20 Mar 2006 10:35:00 GMT
When listing Participants enter a property into the database, it is their responsibility to enter it only in the major area and sub-area (map area and grid) in which it is physically located, as defined in the current REALTOR® map.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to enter property listings in the correct map area and grid in the MLS database. |
Posted in Participant's Responsibilities
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Posted by PRO
Mon, 20 Mar 2006 10:38:00 GMT
It is the listing Participant’s obligation to check the database before filing a listing with the MLS to determine if the property is already listed.
- If more than one Participant lists the same property and it is entered twice into the MLS by different Participants, the MLS will
- Call for paperwork.
- Determine which Participant had authorization from the Seller first.
- Request the second Participant to remove the listing.
- Remove the second listing if the Participant fails to do so within 24 hours.
- A Participant must not knowingly enter a listing into the MLS database more than once or under more than one class of property. The following are the exceptions:
- A property may be listed once under commercial and residential if the property is zoned for residential and commercial use.
- A property may be listed once under rental and residential if the owner plans to sell or rent the property.
- Multizoned/multitype properties are not considered duplicates and may be placed in the system according to the allowed property class.
The MLS staff will remove duplicate listings, except for the exceptions, within 24 hours if the Participant fails to do so.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Improperly filing duplicate listings of the same property in the MLS database.
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Failure to remove a duplicate listing from the MLS database within 24 hours after being notified.
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Note: Only legally multi-zoned and multi-typed properties or property that the seller is willing to rent or sell may be entered into the database multiple times. If a seller indicates that a property is multi-zoned or multi-typed, but the zoning in public records or on the property card does not support the seller’s statement, the property must not be entered in the MLS as multi-zoned or multi-typed. Properties must be entered with their correct zoning and type according to official property records.
Posted in Participant's Responsibilities
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Posted by PRO
Mon, 20 Mar 2006 10:53:00 GMT
When sellers refuse to permit the MLS to disseminate their listing, the listing Participant may take the listing as an office-exclusive, but it is the Participant’s responsibility to obtain the sellers’ instructions in writing, with their signatures, that they do not desire the listing to be disseminated by the MLS. The Participant shall submit such instructions to the MLS within two business days.
Note: The MLS staff has the right to call at anytime for all supporting documentation on listings, which must be submitted within 24 hours.
Posted in Participant's Responsibilities
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Posted by PRO
Mon, 20 Mar 2006 11:00:00 GMT
All parties to the original listing agreement must date and sign the Listing Status Report when there is
- A change in price.
- An expiration date extension.
- A withdrawal.
- A change in terms and conditions.
Listing Participants are responsible for
- Entering the appropriate change into the MLS system within two business days after they receive it.
- Maintaining current information in the MLS database.
In instances where the participant has repeatedly refused or failed to timely report status changes, the MLS is authorized to remove the Participants listings from the database. Prior to the removal of any listing(s) from the MLS, the participant shall be advised of the intended removal so the participant can advise his or her client(s).
Note: The database must contain the latest authorized information because it is used to write offers to purchase, which includes current price, terms, and conditions offered.
There will be a $500.00 fine for each occurrence of the following violation:
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Failure to report a status change for an active with contract or a pending sale within two business days after the written acceptance of an offer.
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The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to report status changes (other than active with contract or pending) within two business days after the written acceptance of an offer.
- price change, listing status change, contract category, closed sale, withdrawal
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Failure to report correctly information such as correct listing price, selling price, closing date, and cooperating broker. |
Posted in Participant's Responsibilities
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