Article 5.3: Optional Listing Types
Article 5 - Listing Procedures
Section 3: Optional Listing Types. The following classifications of property may be placed with MFR
A. New Construction. Properties of an owner who is licensed to build may have properties excluded from MFR
B. Participant/User Owned: Properties owned by Participants or Users.
C. Fractional Listing: A Fractional listing, wherein the buyer(s) will receive 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.
1. Rules upon Entry into MLS. If a Participant chooses to enter a Fractional Listing into the MLS:
i. “Fractional” under the “Ownership” field must be selected
ii. “Public Remarks” must include the words “Fractional Ownership and #shares included/total shares in the first line of remarks.
iii. Fractional listings must be entered on the residential (RES) profile sheet.
D. Joint Listing: When a Participant jointly lists a property with another Participant, the following rules apply:
1. Only one Participant of the MLS may submit the listing to the MLS.
2. 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.
3. The listing must be of a type permitted by the MLS and conform to all rules, regulations, and policies of the MLS.
4. 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
5. The agent who is listing the property in the MLS must have written authorization from the seller authorizing the joint listing of the property.
