Table of Contents - Click here to hide
Posted by PRO
Mon, 20 Mar 2006 14:23:00 GMT
The cooperating broker or the cooperating broker’s representative has the right to be present in person or by phone when a secured offer is presented by the listing broker to the seller. However, if the seller or lessor gives written instructions to the listing broker that the cooperating broker is not to be present when an offer the cooperating broker secured is presented, the cooperating broker has the right to a copy of the seller’s written instructions.
The cooperating broker does not have the right to be present at subsequent discussions or evaluations of the offer by the seller and the listing broker.
The listing broker maintains the right to control the establishment of appointments for such presentations.
Posted in Selling Procedures - Offers
back to top
Posted by PRO
Mon, 20 Mar 2006 14:25:00 GMT
The listing broker or his representative has the right to participate in the presentation of counter-offers made by the seller or lessor. However, if the purchaser or lessee gives written instructions to the cooperating broker preventing the listing broker’s presence when a counter-offer is presented, the listing broker has the right to a copy of the purchaser’s or lessee’s written instructions.
The listing broker does not have the right to be present at the discussions or evaluations of a purchaser’s or lessee’s counter-offer.
Posted in Selling Procedures - Offers
back to top
Posted by PRO
Mon, 20 Mar 2006 14:27:00 GMT
If the seller refuses to accept a written offer that satisfies the terms and conditions stated in the listing, this information is to be transmitted immediately to the MLS and to all Participants.
Posted in Selling Procedures - Offers
back to top
Posted by PRO
Mon, 20 Mar 2006 15:14:00 GMT
Listings filed with the MLS are not made available to brokers or firms that are not a member of the MLS without the consent of the listing broker.
A listing, extension, or status change may not be filed with MLS until the listing agreement, profile sheet, and listing status report form have all required information and signatures.
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:19:00 GMT
Only the listing broker’s For Sale sign may be placed on the property.
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:21:00 GMT
Prior to closing, only the listing broker’s Sold or Contract sign may be placed on the property unless the listing broker authorizes the cooperating (selling) broker to post a Sold sign.
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:22:00 GMT
Participants shall not solicit a listing on property filed with the MLS unless such solicitation is consistent with Article 16 of the REALTORS® Code of Ethics, its Standards of Practice and its Case Interpretations.
Note: This section is to be construed in a manner consistent with Article 16 of the Code of Ethics and particularly Standard of Practice 16-4. This section is intended to encourage sellers to permit their properties to be filed with the Service by protecting them from being solicited, prior to expiration of the listing, by brokers and salespersons seeking the listing upon its expiration.
Without this protection, a seller could receive hundreds of calls, communications, and visits from brokers and salespersons who have been made aware through the MLS that the listing date will expire and who desire to substitute themselves for the present broker.
This section is also intended to encourage brokers to participate in the MLS by assuring them that other participants will not attempt to persuade the seller to breach the listing contract or to interfere with their attempts to market the property. Without this protection, listing brokers would be reluctant to disclose the identity of the seller or the availability of the property to other brokers.
Note: This section does not prevent solicitations of listings that are advocated in Article 16 of the REALTORS® Code of Ethics, its Standards of Practice and its Case Interpretations.
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Tue, 22 Jan 2008 19:08:00 GMT
No MLS participant, subscriber or licensee affiliated with any participant shall, through the name of their firm, their URLs, their e-mail addresses, their website addresses, or in any other way represent, suggest or imply that the individual or firm is an MLS, or that they operate an MLS.
Participants, subscribers and licensees affiliated with participants shall not represent, suggest or imply that consumers or others have direct access to MLS databases, or that consumers or others are able to search MLS databases available only to participants and subscribers.
This does not prohibit participants and subscribers from representing that any information they are authorized under MLS rules to provide to clients or customers is available on their websites or otherwise.
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:25:00 GMT
When Participants, Subscribers, and Administrative Users apply for participation in the MLS, they must purchase an MLS Security Token which will provide a unique password for each time the user accesses the MLS database. The MLS will also issue a user identification number to be used as the User Name when logging on to the MLS.
User Security Tokens and PIN Rules
- Security Tokens are issued to an individual user, and it is strictly prohibited to share, loan, give or borrow a token from any other user. All MLS Users must have their own security tokens.
- Administrative Users must obtain their own security tokens.
- Each Participant, Subscriber and Administrative User will have a personal identification number (PIN) which they select. This number is to be kept strictly confidential and not disclosed to any other person.
Note: Third-party vendors must obtain a license from MLS to provide services using MLS data. This includes (but is not limited to) IDX or Web developers who require an ftp feed of MLS data to Participants’/Subscribers/ Web sites.
 |
Unauthorized Access: A fine of $5000 will be assessed to any Participant/Subscriber/Assistant who allow access to MLS by an unauthorized person.
|
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:35:00 GMT
The lockbox fields in the MLS are located in the Showing Instructions under Residential Features.
- Lock Box Coded – Used to indicate that the lockbox on the dwelling has a CBS code set in the approved SUPRA electronic lockbox. A CBS code is a call-before-showing code that gives access to the property only to those specifically authorized by the listing agent to enter the property. The cooperating broker must call the listing broker prior to opening the lockbox because the CBS code blocks all SUPRA keys until the proper CBS code is entered.
This field may also be used to indicate other devices that give access to the property. Cooperating brokers must call the listing broker to determine the instructions for accessing the property.
Do not enter lockbox CBS or other codes in the MLS.
- Lock Box – Used to indicate that there is a lockbox on the dwelling.
- Special Access Hours – Used to indicate there are specific hours the property occupant has given permission to show the property. Typically, the hours are 8:00 a.m. to 9:00 p.m. Eastern Standard Time. Listing agents can modify those times to accommodate the property occupant’s schedule.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
|
Publication, in any field, of access codes, combination lockbox codes, security gate codes, security system alarm codes or any other codes for equipment or systems designed to ensure the security of the property. |
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:37:00 GMT
Participants must enter all information into the MLS database fields in such a manner as not to impair the capabilities of the database such as, but not limited to, the following:
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
- Entering information in the address field other than the legal address or adding address incorrectly such as Unit # in the Street Name field, etc.
- Revising List Price in order to affect Hot Sheet reports.
- Failure to correct tax identification number after being notified by the MLS.
- Failure to respond to notice of inaccurate information on a listing within forty-eight hours or to provide copies of documents within forty-eight hours (excepting weekends and holidays) when requested by the MLS.
- Failure to report a Planned Unit Development (Y/N) correctly in the MLS system.
Posted in Participant Prohibitions or Limitations
back to top
Posted by PRO
Mon, 20 Mar 2006 15:47:00 GMT
Information entered in this section is available for only REALTORS® to review. This data is not displayed on any client reports generated by the MLS.
Members may use this section to communicate:
- Contact information.
- Showing instructions.
- Advertising.
- Bonus criteria.
- The MLS requires the following statements for potential short sale or pre-foreclosure information: “Possible short sale, third party approval required. Compensation may be affected; call agent for details.” Review Suncoast Rules and Regulations Section 8.3, for more details.
- Other data about the listing that is not in the profile sheet.
Posted in Participant Prohibitions and Limitations - Remarks
back to top
Posted by PRO
Mon, 20 Mar 2006 15:56:00 GMT
MLS displays the information in this section on client reports. Members may use this section to communicate property information and additional property features that are not on the standard profile sheet.
- The information in this section should be limited to property description, explanations and clarifications that are not on the profile sheet, and features.
- With seller’s written consent, disclosures to the Public such as pre-foreclosure, possible short sale, 3rd party approval required and Participant as seller are permitted in the Public Marketing Remarks.
- REALTOR® information such as "vacant," "lockbox," or "showing instructions", including Open House information, are not allowed in the Public Marketing Remarks field.
- The public marketing remarks shall not include any agent, broker, company, URL information or affiliated businesses, advertisement, showing instructions, or other inappropriate information; however this information may be entered in the Realtor Remarks field, if deemed necessary.
- The public marketing remarks shall not include instruction to contact sellers, agents, agencies, telephone numbers, or other contact information.
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
|
Adding inappropriate advertisement, instructions, or information in the public remarks.
Failure to correct information entered in the Public Remarks after being notified by the MLS.
|
Posted in Participant Prohibitions and Limitations - Remarks
back to top
Posted by PRO
Thu, 23 Mar 2006 17:29:00 GMT
The listing broker has an affirmative obligation to disclose the existence of a dual- or variable-rate commission arrangement.
Dual or variable commission arrangements occur on listings in which the seller/landlord agrees:
- To pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale/lease results through the efforts of a cooperating broker; or
- one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker either with or without the assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller/landlord.
Participants must disclose these arrangements to all other Participants via the Special Listing Type field in the MLS.
The listing Participant must disclose the existence of such arrangements to potential cooperating brokers. The listing Participant shall, in response to inquiries from cooperating brokers, disclose the differential that will result in either a cooperative transaction or in a sale/lease that results through the efforts of the seller/landlord.
If the cooperating broker is a buyer/tenant representative, the cooperating broker must disclose the information to the buyer before the buyer makes an offer to purchase or lease.
| Dual-Rate Example: |
Broker A lists a property with a 15 percent commission in a dual commission arrangement. The seller agrees to pay Broker A only a 10 percent commission if the seller finds the buyer. The differential to disclose is 5 percent.
|
Variable-Rate Example:
|
Broker A lists a property with a 15 percent commission payable by the seller if another broker brings the buyer. The seller will pay the listing broker 10 percent commission if the property is sold by the broker’s own company (in-house) and will only pay 5 percent commission if the seller finds the buyer. The differential to disclose is 5 percent and 10 percent: 5 percent difference between a co-op sale and an in-house sale and 10 percent difference between a co-op sale and a sale assisted by the seller.
|
The following violation is subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
|
Failing to disclose a Variable Rate or Dual Rate commission arrangement. |
Posted in Commission Rates and Fees, Division of Commissions
back to top
Posted by PRO
Thu, 23 Mar 2006 17:39:00 GMT
The MLS shall make no rule on the division of commissions between Participants and non-Participants. This remains solely the responsibility of the listing Participant.
Posted in Commission Rates and Fees, Division of Commissions
back to top
Posted by PRO
Thu, 23 Mar 2006 17:43:00 GMT
The listing Participant must specify on each listing filed with the MLS the compensation offered to other MLS Participants for their services in the sale. This offer is unconditional except that a cooperating broker’s performance or the procuring cause of the sale or lease determines entitlement to compensation.
Participants shall, with respect to offers of compensation to other Participants timely communicate any change of compensation to the other Participants prior to the time a potential cooperating broker produces a prospective buyer who has signed an offer to purchase on the property.
The listing broker’s obligation to compensate a cooperating broker as the procuring cause of the sale or lease may be excused if through arbitration it is determined that the listing broker exercised good faith and reasonable care and through no fault of his or her own it is impossible or financially unfeasible for the listing broker to collect a commission.
In these situations, an arbitration hearing panel determines the question of entitlement to cooperative compensation offered through MLS. The panel bases its decision on all relevant facts and circumstances including, but not limited to the following:
- Was it is impossible or financially unfeasible for the listing broker to collect some or all of the commission?
- At some point in the transaction did the listing broker know (or should have known) that some or all of the commission might not be paid?
- How promptly did the listing broker communicate to cooperating brokers that the commission might not be paid?
Posted in Cooperative Compensation
back to top
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.
Posted in Cooperative Compensation
back to top
Posted by PRO
Fri, 24 Mar 2006 14:34:00 GMT
The listing Participant retains the right to determine the amount of compensation offered to other Participants for each type of brokerage relationship.
Posted in Cooperative Compensation
back to top
Posted by PRO
Fri, 24 Mar 2006 14:40:00 GMT
The listing Participant can offer an MLS Participant compensation other than the compensation indicated on listings published by the MLS
- Provided the listing Participant informs the other Participant in writing in advance of the other Participant producing an offer to purchase.
-AND-
- Provided that the modification in the specified compensation is not the result of an agreement among all or any other Participants in the MLS.
Superseding offers of compensation must be expressed as either a percentage of the gross sales price or as a flat dollar amount.
back to top
Posted by PRO
Fri, 24 Mar 2006 14:43:00 GMT
The MLS will not
- Have a rule requiring the listing broker to disclose the amount of the total negotiated commission in the listing agreement.
- Publish the total negotiated commission on a listing that has been submitted to the MLS by a Participant.
- Disclose the total commission negotiated between the seller and the listing broker.
Posted in Cooperative Compensation
back to top
