Section 4.0: Property Class of Listings

Posted by PRO Thu, 16 Mar 2006 16:56:00 GMT

There are five property classes in the Multiple Listing Service.

  • 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.  

  • Residential Multifamily. Multifamily residential buildings with two to four units use the multifamily (MUL) profile sheet. Mandatory

  • Land. Residential vacant land and subdivided residential vacant land use the land (LAN) profile sheet. Mandatory

  • Commercial. Commercial properties for sale, lease, exchange or for business opportunities use the commercial (COM) profile sheet. Voluntary

  • Rental. Residential and vacation rentals use the rental (REN) profile sheet. Voluntary

The following applies to all listings.

  • Participants and Subscribers must use a written listing contract acceptable to the MLS.

  • 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.

  • 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. Listing of a non-equitable interest in real property, such as an Option Contract, is not permitted in the MLS.

  • 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.

  • 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.

  • Listings cannot be entered into the MLS database prior to the effective date of the listing contract.


Note: An option is a contract to between a property owner (optionor) and a prospective buyer (optionee) in which the optionee, for a consideration, has the right, (but not the obligation) to purchase or lease the property at a specified price during a designated period. The optionee pays for the option right and has no other obligation until he/she decides to either exercise the option right or allow the option to expire. At the time the option is signed by the parties, the owner does not sell, and the optionee does not buy.

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