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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.
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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.
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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.
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Posted by PRO
Mon, 20 Mar 2006 10:21:00 GMT
Listing Participants must complete a property profile sheet along with the listing contract for each listing, and it is their responsibility to ensure the profile sheet meets the following criteria:
- It must be legible.
- It must have all required areas completed.
- It must bear the seller’s signature or the signature of the seller’s authorized designee.
- It must bear the signature of the Participant or the Participant’s authorized designee.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to complete a property profile sheet including all required signatures (sellers and broker).
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Posted by PRO
Mon, 20 Mar 2006 10:35:00 GMT
When listing Participants enter a property into the database, it is their responsibility to enter it only in the major area and sub-area (map area and grid) in which it is physically located, as defined in the current REALTOR® map.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to enter property listings in the correct map area and grid in the MLS database. |
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Posted by PRO
Mon, 20 Mar 2006 10:38:00 GMT
It is the listing Participant’s obligation to check the database before filing a listing with the MLS to determine if the property is already listed.
- If more than one Participant lists the same property and it is entered twice into the MLS by different Participants, the MLS will
- Call for paperwork.
- Determine which Participant had authorization from the Seller first.
- Request the second Participant to remove the listing.
- Remove the second listing if the Participant fails to do so within 24 hours.
- A Participant must not knowingly enter a listing into the MLS database more than once or under more than one class of property. The following are the exceptions:
- A property may be listed once under commercial and residential if the property is zoned for residential and commercial use.
- A property may be listed once under rental and residential if the owner plans to sell or rent the property.
- Multizoned/multitype properties are not considered duplicates and may be placed in the system according to the allowed property class.
The MLS staff will remove duplicate listings, except for the exceptions, within 24 hours if the Participant fails to do so.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Improperly filing duplicate listings of the same property in the MLS database.
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Failure to remove a duplicate listing from the MLS database within 24 hours after being notified.
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Note: Only legally multi-zoned and multi-typed properties or property that the seller is willing to rent or sell may be entered into the database multiple times. If a seller indicates that a property is multi-zoned or multi-typed, but the zoning in public records or on the property card does not support the seller’s statement, the property must not be entered in the MLS as multi-zoned or multi-typed. Properties must be entered with their correct zoning and type according to official property records.
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Posted by PRO
Mon, 20 Mar 2006 10:53:00 GMT
When sellers refuse to permit the MLS to disseminate their listing, the listing Participant may take the listing as an office-exclusive, but it is the Participant’s responsibility to obtain the sellers’ instructions in writing, with their signatures, that they do not desire the listing to be disseminated by the MLS. The Participant shall submit such instructions to the MLS within two business days.
Note: The MLS staff has the right to call at anytime for all supporting documentation on listings, which must be submitted within 24 hours.
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Posted by PRO
Mon, 20 Mar 2006 11:00:00 GMT
All parties to the original listing agreement must date and sign the Listing Status Report when there is
- A change in price.
- An expiration date extension.
- A withdrawal.
- A change in terms and conditions.
Listing Participants are responsible for
- Entering the appropriate change into the MLS system within two business days after they receive it.
- Maintaining current information in the MLS database.
In instances where the participant has repeatedly refused or failed to timely report status changes, the MLS is authorized to remove the Participants listings from the database. Prior to the removal of any listing(s) from the MLS, the participant shall be advised of the intended removal so the participant can advise his or her client(s).
Note: The database must contain the latest authorized information because it is used to write offers to purchase, which includes current price, terms, and conditions offered.
There will be a $500.00 fine for each occurrence of the following violation:
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Failure to report a status change for an active with contract or a pending sale within two business days after the written acceptance of an offer.
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The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to report status changes (other than active with contract or pending) within two business days.
- price change, listing status change, contract category, closed sale, withdrawal
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Failure to report correctly information such as correct listing price, selling price, closing date, and cooperating broker. |
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Posted by PRO
Mon, 20 Mar 2006 11:03:00 GMT
With the seller’s written permission, a property listing may be withdrawn from the MLS by the listing Participant prior to the expiration date on the listing contract. A withdrawn listing must be recognized as either
- Conditional. A conditional withdrawal means there are conditions to be met before the seller is free to list with another broker. In some cases, the seller has an obligation to the listing broker until the listing expires. Conditional withdrawals are not available to be solicited by other brokers.
- Unconditional. An unconditional withdrawal means the listing is withdrawn without any terms or conditions the seller has to meet before the seller is free of any obligation to the listing broker. These listings may be solicited by other brokers.
Note: A withdrawn listing cannot be treated the same way as an expired listing. A Participant who wishes to solicit a listing from a seller must always check to determine if the seller has a continuing obligation to the original listing broker.
The listing Participant must provide a copy of the withdrawal agreement between seller and Participant if the MLS requests it.
Note: Sellers do not have the unilateral right to require an MLS to withdraw a listing without the listing Participant’s concurrence. However, when sellers can document that their exclusive relationship with the listing Participant has been terminated, the MLS may remove the listing at the seller’s request.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to notify or file with the MLS the following changes within two business days after all signatures have been obtained.
- price change, listing status change, contract category, closed sale, withdrawal
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Withdrawing a listing prior to the expiration date of the contract without the signature of the Seller and the Participant.
Withdrawal of the listing prior to the expiration date and reinstating or relisting the property in order to affect the days on market calculation or to make the listing appear on a hot sheet.
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Posted by PRO
Mon, 20 Mar 2006 11:09:00 GMT
- Listing Participants shall not misrepresent the availability of access to show or inspect listed property.
- If the property is unavailable for showing at the time the listing contract is signed, it shall not be submitted to the MLS until the property is available for showing.
- If the property is in the MLS and becomes unavailable for showing for 7 days or longer, it must be withdrawn from the database by changing the status to “withdrawn conditional.” When the property is available for showing once more, the status must be changed to active as long as the listing has not expired. (Note: the listing will expire automatically on the expiration date.)
- If the listed property is unavailable for showing for less than 7 days, the listing may remain in an active status but must state on the first line of the Public Marketing Remarks field “Temporarily Off Market from {date} through {date}.”
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Posted by PRO
Mon, 20 Mar 2006 11:29:00 GMT
Any contingency or condition of any term in a listing shall be specified and noticed to the Participants.
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Posted by PRO
Mon, 20 Mar 2006 11:36:00 GMT
When listing Participants list or relist a property on which there is a contract that can be assigned already in effect, it is their responsibility to make the fact known to other Participants in the MLS database in the Public Marketing Remarks field and by showing the correct contract status in the MLS database. The information in the Public Marketing Remarks field must be clear that an interest in the contract is being offered.
Note: All contracts are assignable unless
- the contract prohibits an assignment;
- the contract involves obligations of a personal nature; or
- public policy reasons prohibit an assignment.
If a contract contains a provision that states that the contract is not assignable, then the contract itself prohibits the assignment.
Examples of a contract that cannot be assigned: A real estate contract involving obligations of a personal nature that is not assignable is a real estate contract requiring a seller to hold a purchase money mortgage. This is deemed to be an obligation of a personal nature because the seller agreed to hold a purchase money mortgage based on the credit worthiness of the specific buyer, not an unknown third party.
Note: An assignment of a contract merely results in an additional party becoming responsible to perform the buyer’s obligations. This means that both the original buyer (assignor) and the new buyer who agreed to the assignment (assignee) are both obligated to perform the agreement. In the event the contract does not close, the seller could proceed against either or both buyers for breach of agreement, if the seller was not in default. Should the original buyers want to limit liability on the original agreement, they should request that the seller execute a written release in the buyers’ favor.
Example of an assignable contract in the MLS
Broker A lists a property and Buyer B enters into a contract on the property with an assignability clause in effect. Buyer B then decides he wants to sell his interest in the property before it closes and lists the same property with Broker C at a higher price. Both listings can be in the MLS simultaneously. Broker A’s listing is shown as either Active with Contract or Pending Sale. Broker B’s listing is shown as an active listing.
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Posted by PRO
Mon, 20 Mar 2006 11:42:00 GMT
The listing Participant must state the full gross listing price in the listing contract and the MLS database unless it is subject to auction.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Entering an incorrect price range, such as $0 for the low price, in the MLS database. |
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Posted by PRO
Mon, 20 Mar 2006 11:44:00 GMT
If a multiple-unit listing is to be or may be sold separately, the listing Participant must file each unit as a separate listing.
When part of a listed property is sold, the Participant must update that particular property in the MLS.
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Posted by PRO
Mon, 20 Mar 2006 11:50:00 GMT
The listing Participant must enter an exterior photo or artist’s rendering of elevation of all residential, rental and multifamily property types into the MLS database within three business days of entering the property into the MLS database.
The photo or imagery must be of the listed property only; it cannot contain additional information or imagery. If a photo is in violation of this rule, MLS staff will replace it with a photo showing the MLS logo.
Photographs or renderings submitted by a Participant shall not be copied by other Participants or Subscribers for use in a subsequent listing of the same property without the permission of the Participant who originally submitted the photograph or rendering.
The listing Participant or Subscriber grants the MLS and other Participants and Subscribers the right to reproduce and display the photographs in accordance with these rules and regulations. The MLS owns the copyright to all photos in the MLS compilation jointly with the submitting Participant.
Example: Photos on listings e-mailed to or printed for clients/customers is a use in accordance with these rules.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to supply at least one exterior photo or artist’s rendering of elevation for RES, Rental and MUL properties within three business days from the listing date.
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Adding or including inappropriate advertisement or information, such as company or agent logos, agent or company name, Web or e-mail address, agent photo, commissions, bonuses, or any contact information, in the photo section. |
Note: The most effective listings have three to four photos, but all listings must have at least one photo.
Note: The MLS is for the use of MLS Participants and Subscribers; it is not a means of advertisement to the public.
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Posted by PRO
Mon, 20 Mar 2006 13:12:00 GMT
The listing Participant may enter a virtual tour of all classes of property into the MLS.
The virtual tour or imagery must be of the listing only; it cannot contain additional information or imagery such as signage.
Note: Tours entered into the MLS must not display the listing office’s, Participant’s, or Subscribers identification, logo, contact information, Web site URL, e-mail address, or anything other than the photos or video of the property. Tour Provider’s (non-interactive) logo only may be displayed.
The listing Participant or Subscriber grants the MLS and other Participants and Subscribers the right to reproduce and display the tours in accordance with these rules and regulations. The MLS owns the copyright to all tours in the MLS compilation.
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Adding or including inappropriate advertisement or information to virtual tours such as, but not limited to, company logo, agent or company name, Web or e-mail address. |
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Posted by PRO
Mon, 20 Mar 2006 13:17:00 GMT
Only the listing Participant has the authority from the seller to advertise the listed property. Other Participants must not advertise the listed property without the listing Participant’s consent.
Exception: Refer to Section 16.1 - Section 16.22, which relates to advertising active listing information on the Internet through the Internet Data Exchange.
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Posted by PRO
Mon, 20 Mar 2006 13:23:00 GMT
Participants and Subscribers who have an ownership interest in property being listed in the MLS, must disclose this ownership interest in the Public Remarks field.
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Posted by PRO
Mon, 20 Mar 2006 13:26:00 GMT
Participants and Subscribers who want to acquire an ownership interest in property listed with another listing Participant must disclose their interest in writing to the listing Participant before an offer to purchase is submitted to the listing Participant.
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