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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.
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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.
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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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