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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With the seller’s written permission, a property listing may be withdrawn from the MLS by the listing Participant prior to the expiration date on the listing contract. A withdrawn listing must be recognized as either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 An unconditional withdrawal means the listing is withdrawn without any terms or conditions the seller has to meet before the seller is free of any obligation to the listing broker.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Note: A withdrawn listing cannot be treated the same way as an expired listing.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 in Participant's Responsibilities
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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}.”
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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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. |
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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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. |
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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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.
Posted in Participant's Responsibilities
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Posted by PRO
Mon, 20 Mar 2006 13:28:00 GMT
The listing Participant must report active with contract and pending sales contracts to the MLS immediately.
There shall be a $500 fine for failure to report a status change within two business days after the written acceptance of an offer.
Sales shall be reported in one of the following ways:
- Active with Contract (Code AC) Active with Contract means there is a contract on the property with a contingency; however, the MLS Participating Office will continue to market the property. If the Seller specifically requests in writing that the property on which there is a contract stay "active" in the MLS database, the listing will be changed to the AC status. An Active with Contract listing will be treated as an "Active" listing for export purposes, for example, Realtor.com and IDX websites.
- Note: MLS Staff may request paperwork to verify the Seller’s request.
- At least one contingency must be indicated when this status is chosen, and when the contingency is satisfied, the status must be changed to Pending Sale within twenty-four hours (one business day). One or more of the following contingencies must be selected:
- Kick-out Clause
- 1st Right of Refusal
- Financing
- Miscellaneous
- Back-ups Requested
- Pending 3rd Party Approval
- Inspections
- Pending Sale (Code PS) Pending Sale means there is a contract on the property and the MLS Participating Office will not market the property. One or more of the following contingencies must be selected:
- Kick-out Clause
- 1st Right of Refusal
- Financing
- Miscellaneous
- Back-ups Requested
- Pending 3rd Party Approval
- Inspections
- No contingency
Note: In a possible short sale circumstance, where Bank or Lender Approval is required, the Contract to purchase must be reported to the MLS, in one of the two ways as stated above. In instances where all parties to the contract to purchase agree to continue to market the property, the status in the MLS must be Active w/ Contract. There are no exceptions to this rule. If a sales contract is not signed by the seller, it will remain in active status in the MLS. Listing brokers must disclose this information in the Realtor remarks: "Contracts will be submitted directly to third parties without seller’s signature."
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 after the written acceptance of an offer.
- price change, listing status change, contract category, closed sale, withdrawal
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Posted in Reporting
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Posted by PRO
Mon, 20 Mar 2006 13:44:00 GMT
The listing Participant shall report to the Multiple Listing Service within twenty-four hours (one business day) that a contingency, in either Active with Contract or Pending Sale status, has been fulfilled or renewed, or the agreement cancelled.
Posted in Reporting
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Posted by PRO
Mon, 20 Mar 2006 13:49:00 GMT
The listing Participant shall report immediately to the Multiple Listing Service the cancellation of any Pending Sale or Active with Contract sale, and the listing shall be reinstated immediately, unless the listing has expired, in which case an extension or new listing contract is required.
Posted in Reporting
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Posted by PRO
Mon, 20 Mar 2006 13:56:00 GMT
The listing Participant is responsible for reporting closed sales to the MLS immediately after the closing is complete. See Section 5.21 for reporting closings on sales that occurred outside the MLS or sales that took place after the listing was withdrawn or expired.
All pertinent sales information must be complete and correct, including:
- Cooperating Participant information and selling office.
- Cooperating associate information.
- Sold price.
- Sold date.
- Terms.
The cooperating Participant will provide instructions to the listing Participant as to which Subscriber should be credited with the sale. The listing Participant must enter the information immediately in the MLS. If the listing Participant does not comply with this requirement, the MLS will enter the information at the request of the cooperating Participant and bill the listing Participant for data entry of the information.
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 after the written acceptance of an offer.
- 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 in Reporting
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Posted by PRO
Mon, 20 Mar 2006 13:59:00 GMT
It is the selling Participant’s responsibility to complete the appropriate paperwork and enter into the MLS database the sold or closed information for property that is not filed or not current with the MLS under the following circumstances.
- A Participant sells a property that was never entered into the MLS database.
Report the listing type as Statistical Entry Only.
Note: This is ideal for sales that occurred outside the MLS (FSBOs, new home sales, and foreclosures) .
- The listing was withdrawn or deleted and subsequently sells.
- A listing expires and subsequently sells.
Posted in Reporting
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Posted by PRO
Mon, 20 Mar 2006 14:09:00 GMT
Access to Property
Cooperating Participants and Subscribers must
- Contact the listing broker unless given other specific instruction in the MLS.
- Disclose their brokerage relationship or other status to the listing broker.
- Arrange an appointment to show or enter the property. The fact that a property has a lockbox available for use does not authorize other Participants and Subscribers to enter or show the property without first contacting the listing broker.
The listing broker must set appointments for showings and negotiations with the seller for the purchase of the seller’s listed property except under the following circumstances:
- In the Realtor Only Remarks field of the database, the listing broker gives the cooperating broker specific authority to show or negotiate or both.
- The listing broker cannot be contacted after a reasonable effort. When this occurs, the cooperating broker must keep the listing broker informed of all negotiations and of offers accepted in writing.
Posted in Selling Procedures
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Posted by PRO
Mon, 20 Mar 2006 14:17:00 GMT
The listing broker shall make arrangements to present an offer as soon as possible or give the cooperating broker a satisfactory reason for not doing so.
Posted in Selling Procedures - Offers
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Posted by PRO
Mon, 20 Mar 2006 14:19:00 GMT
Listing Participants, in response to inquiries from buyers or cooperating brokers, shall, with the seller’s approval, disclose the existence of offers on the property. Where disclosure is authorized, the listing Participant shall also disclose whether offers were obtained by the listing Participant in the listing firm, or by a cooperating broker.
Posted in Selling Procedures - Offers
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Posted by PRO
Mon, 20 Mar 2006 14:22:00 GMT
The listing broker submits to the seller all written offers until closing unless prevented by law, government rule, regulation, or an agreement in writing between the seller and the listing broker.
Unless the subsequent offer is contingent upon the expiration of an existing contract, the listing Participant must recommend that the seller obtain the advice of legal counsel prior to its acceptance.
Posted in Selling Procedures - Offers
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