Section 8.3: Blanket Unilateral Offers
Posted by PRO Fri, 24 Mar 2006 14:32:00 GMT
When Participant files a property in the MLS, they are making a blanket unilateral offer of compensation to other MLS Participants. Therefore, they must specify on each listing the compensation being offered.
Cooperating brokers have the right to know what the compensation will be prior to their endeavor to sell.
Note: In such instances where the gross commission is subject to court or to lender approval and either the potential reduction in compensation payable to cooperating brokers or the method by which the potential reduction in compensation will be calculated may be modified, that information must be clearly communicated to potential cooperating brokers prior to the time they produce an offer that ultimately results in a successful transaction.