Section 5.0: Listing Participant's Responsibilities for Accurate Information and Signatures
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. |
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. |
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.