Section 4.2: Listing Contracts
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:
 |
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. |