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Posted by MFRMLS
Mon, 05 Jun 2006 16:50:00 GMT
Participant’s listings of real or personal property of the following types which are located in Hillsborough, Lake, Orange, Osceola, Pinellas, Polk, Seminole and Volusia County shall be submitted to the MFRMLS within 48 hours (excepting weekends and holidays) after all necessary signatures of the owners(s) have been obtained:
All new listings with the exception of vacant land will show up under “PH” status and will not show as active listing until one front exterior photo is added in the 1st slot of MLXchange.
- Single family homes for sale or exchange;
- Condominiums, co-ops and townhouses for sale or exchange;
- Vacant residential lots or parcels for sale or exchange;
- Mobile homes with land for sale or exchange;
- Duplexes, triplexes or quadruplexes for sale or exchange;
- Long Term rental units (more than 6 months) and properties outside these counties will not be required.
Listings of property located outside these counties will be accepted if submitted by a Participant, but are not required by MFRMLS.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Fri, 27 Jul 2007 19:11:00 GMT
These entries are optional, please follow the following guidelines.
- Listings must be loaded within 60 days of the closing date.
- Must upload one front exterior photo. (Broker Load option only)
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Fri, 27 Jul 2007 19:14:00 GMT
- Are not required to have a photo, driving directions or address.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Wed, 06 Feb 2008 19:49:00 GMT
In instances where the listing broker becomes aware that the sale price may be insufficient to pay the total of all liens and costs of sale and the seller may not be able to bring sufficient liquid assets to the closing to cure all deficiencies (the Potential Short Sale Circumstance), the listing broker shall:
(1) Obtain seller’s informed written consent (in either the listing agreement or an addendum thereto) to disclose the Potential Short Sale Circumstance to cooperating brokers, buyers and the public;
(2) Clearly and promptly disclose the Potential Short Sale Circumstance to all cooperating brokers and, when and if appropriate, disclose that the sale of the listed property may be conditioned upon the approval of a court, a lender, or other third party. Such disclosures may occur at any time, but it is suggested they occur at the time of MLS input, if known, or within one (1) business day upon receipt of knowledge. Such disclosure must be included in the "Realtor Only Remarks" and the Public Sections of the listing. If after the initiation of negotiations the listing broker receives knowledge of the existence of a Potential Short Sale Circumstance, or that the sale of the listed property may be conditioned upon the approval of a court, a lender, or other third party, then such disclosures may be made in writing in the "Realtor Only and Public Remarks" Sections of the MLS listing and in either the Contract for Sale and Purchase or an addendum thereto. All confidential disclosures and confidential information related to short sales must be communicated through dedicated fields or confidential "remarks" available only to participants and subscribers. In making the permitted disclosures, ONE of the following provisions must be used:
a. OPTION ONE: If the listing Broker DOES NOT want to bind the cooperating Broker to acceptance of a reduced commission amount as determined by seller’s lender(s), then the following remarks should be used:
"Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller’s lender(s)."
b. OPTION TWO: If the listing Broker DOES want the cooperating Broker to be obligated to accept a reduced commission amount as determined by seller’s lender(s), then the following remarks should be used:
"Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller’s lender(s), and such approval may be conditioned upon the gross commission being reduced."
Although it is not mandatory under these Rules, MFRMLS considers it a best practice under the above Option Two, for the listing Broker to also disclose in the listing how any reduction in the gross commission will be apportioned between listing and cooperative Brokers. IF THE LISTING BROKER ELECTS NOT TO DISCLOSE TO A COOPERATING BROKER HOW ANY REDUCTION IN THE GROSS COMMISSION WILL BE APPORTIONED BETWEEN THE BROKERS, THEN THE LISTING BROKER WILL BE OBLIGATED TO PAY THE COOPERATING BROKER THE COMPENSATION STATED IN THE LISTING. TIMELY DISCLOSURE OF THE MANNER OF APPORTIONMENT OF ANY COMMISSION REDUCTION MAY BE MADE BY EITHER PLACING THE DISCLOSURE IN THE LISTING OR PROVIDING THE DISCLOSURE TO THE COOPERATING BROKER PRIOR TO THE COOPERATING BROKER PRODUCING AN OFFER OF PURCHASE.
An offer of compensation to cooperating Brokers made in a Potential Short Sale Circumstance which states that it may be adjusted by a third party after execution of a contract for sale and purchase, is an allowed exception to the general rule that offers of compensation must be unconditional.
Other than as permitted in Section 1.(C)(2)., compensation may not be discussed in any field other than the designated "Compensation" field. Compensation must be listed as a dollar amount, a percentage, or a combination of both.
Contracts which are subject to approval by a court, lender or other third party must be reported as "pending" consistent with Article 4 Section 15 of these Rules.
Posted in Article 4 Listing Procedures | Tags sale, short
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Posted by MFRMLS
Mon, 05 Jun 2006 16:53:00 GMT
Participants in MFRMLS may submit the following types of listing(s) forms:
- Exclusive Right of Sale - The Exclusive Right of Sale Listing in which the Listing Participant is authorized by the seller(s) to cooperate with and to compensate other brokers. It gives the Listing Participant the right to sell the property and to collect a commission if the property is sold by anyone, including the owner, within the listing period.
- Exclusive Agency - The Exclusive Agency Listing authorizes the Listing Participant, as exclusive agent, to offer cooperation and compensation on a blanket unilateral basis, but also reserves for the seller the right to sell the property themselves and not be obligated to pay a commission.
- Limited Service Listings – Listing Participant will place listing in the MLS and will provide limited services.
The listing agreement must include the seller’s written authorization to submit the agreement to the MFRMLS.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 16:55:00 GMT
The following classifications of property may be placed with MFRMLS at the option of the Participant:
- Properties of an owner who is licensed to build may have properties excluded from MFRMLS when listing with a Participant.
- Properties owned by Participants or Users.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 16:56:00 GMT
MFRMLS does not accept the following types of listings:
- Net Listings - A Net Listing is an agreement to pay the seller a "net" price for their property regardless of the sales price.
- Open Listings - An Open Listing is expressed or implied. Since it is not in writing, it does not include authorization to cooperate and compensate other brokers and offers a disincentive for cooperation.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 16:58:00 GMT
MFRMLS does not regulate the type of listings Participants may take, but it does not accept every type of listing. Participants of MFRMLS are free to accept other types of listings to be handled outside MFRMLS. If a Participant wishes to submit a special type of listing to MFRMLS that is not an Exclusive Right of Sale, Exclusive Agency or Limited Service, they may seek approval of the MFRMLS Board of Directors.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:00:00 GMT
Exclusive Right of Sale Listings, Exclusive Agency and Limited Service agreements with "named prospects" exempted must be clearly distinguished by indicating Exclusion on the MLS data entry form.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:01:00 GMT
MFRMLS accepts listings from Participants representing their customers as single agents, transaction brokers or non-representatives.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:02:00 GMT
Participants shall utilize the current approved MLS data entry form, complete all required fields and obtain all required signatures.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:04:00 GMT
MFRMLS may, through its legal counsel, refuse to accept a listing form which fails to adequately protect the interest of the public and the other Participants, and must assure that no listing form establishes or attempts to establish any contractual relationship between MFRMLS and the owner.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:06:00 GMT
If the seller refuses to permit the listing to be disseminated by MFRMLS, the broker may then take the listing ("office exclusive") and such listing shall be filed with MFRMLS but not disseminated to the Participants. Filing of the listing should be accompanied by certification signed by the seller that they do not desire the listing to be disseminated by MFRMLS.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:08:00 GMT
These sections shall not include any reference to a lockbox agreement, website link, contact information for Participant, User or Company, Logos, vendor information or seller name or contact information. These items may only be placed in the “Realtor Only Remarks”.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:09:00 GMT
Any price change or change in the terms and conditions from the original listing agreement shall be made only when authorized in writing by the seller and shall be filed with MFRMLS within forty-eight hours (excepting weekends and Holidays) after the signed authorization is received by the Listing Participant.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:10:00 GMT
Properties must be entered with an accurate address as shown in the current county property appraiser’s record. A property listing cannot be entered into two different cities. By entering the correct Property ID number, the listing will be geo-coded and searchable by the Maps.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:11:00 GMT
Listings may be withdrawn from MFRMLS by the listing broker before the expiration date of the listing agreement if agreed to in writing by the listing broker and the seller(s). A copy of the agreement must be available upon request by MFRMLS. If the Participant determines that the proceeds which the sellers would reasonably expect to receive from the sale will not be sufficient to pay the compensation due to the Participant, then the contract may be terminated by the Participant upon three days written notice to the sellers. Sellers do not have the unilateral right to require the MFRMLS to withdraw a listing without the listing broker’s concurrence. However, when the sellers can document that their exclusive relationship with the Listing Participant has been terminated; MFRMLS may remove the listing at the request of the sellers.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:12:00 GMT
When a contract on a property includes a Right of First Refusal clause, the property will be allowed to remain in an active status only if a change is submitted to MFRMLS. The first line of the Marketing Remarks must state:
“Contingency, Contract Pending – Right of First Refusal. Call Listing Office.”
All listings with an executed contract must be changed to “pending” status within two business days, with the exception of Right of First Refusal. Properties with any other contingencies are not allowed to remain in active status. Pending status must be chosen and additional items may be selected under the Contract Status field. For example, if the sellers wish to solicit back up offers, this option is available under the Contract Status field.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:16:00 GMT
All properties which may be sold together or separately must be indicated individually in the Listing and on the MLS data form. When part of a listed property has been sold, proper notification must be given to MFRMLS.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:17:00 GMT
Under the long-established policy of MFRMLS and the National and Florida Association of REALTORS®, the Participant’s compensation for services rendered in respect to any listing is solely a matter of negotiation between the Participant and the sellers and is not fixed, controlled, recommended, or maintained by any persons not a party to the listing agreement. MFRMLS does not fix, control, recommend, suggest, or maintain commission rates or fees for services to be rendered by Participants. Further, MFRMLS does not fix, control, recommend, suggest, or maintain the division of commissions or fees between cooperating Participants or between Participants and Non-Participants.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:18:00 GMT
In filing a property with MFRMLS the Participant makes a blanket unilateral offer of compensation to the other Participants, and therefore specifies on each listing the compensation being offered by the Listing Participant to the other Participants. The Listing Participant shall specify on each listing filed with MFRMLS the compensation offered to other Participants for their services in the sale of such listing. This is necessary because the cooperating Participant has a right to know what their compensation shall be prior to commencing their endeavor to sell. The Listing Participant retains the right to determine the amount of compensation offered in other agency or non-agency capacities which may be the same or different.
MFRMLS does not have a rule requiring the Listing Participant to disclose the amount of total commission in the listing contract, and MFRMLS will not publish the total commission. The compensation specified by MFRMLS shall be shown as a percentage of the selling price or a dollar amount. This shall not preclude the Listing Participant from offering any Participant compensation other than the compensation indicated on any listings as published by MFRMLS provided the Listing Participant informs the other Participant in writing, in advance of their producing an offer to purchase and provided that the modification in the specified compensation is not the result of any agreement among all or any other Participants in MFRMLS. Any superseding offer of compensation must be expressed as either a percentage of the sales price or as a dollar amount.
While offers of compensation through MFRMLS are unconditional, the obligation to compensate a Participant who was the procuring cause of sale (or lease) may be excused if it is determined through arbitration that, through no fault of the Listing Participant and in the exercise of good faith and reasonable care, it was impossible or financially unfeasible for the Listing Participant to collect a commission pursuant to the listing agreement. In such instances, entitlement to cooperative compensation offered through MFRMLS would be a question to be determined by an arbitration hearing panel based on all relevant facts and circumstances including, but not limited to: why it was impossible or financially unfeasible for the Listing Participant to collect some or all of the commission established in the listing agreement, at what point in the transaction did the Listing Participant know (or should have known) that some or all of the commission established in the listing agreement might not be paid and how promptly had the Listing Participant communicated to other Participant that the commission established in the listing agreement might not be paid.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:20:00 GMT
MFRMLS does not publish listings that do not include an offer of compensation expressed as a percentage of the selling price and/or as a dollar amount nor does it include general invitations by Listing Participants to other Participants to discuss terms and conditions of possible cooperative relationships.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:21:00 GMT
Participants in MFRMLS may, at their discretion, choose to offer to compensate Buyer Agents, Transaction Brokers or Non-Representatives on the same or different terms.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:23:00 GMT
The existence of a dual or variable rate commission arrangement (i.e., one 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) shall be disclosed by the listing broker by a key, code, or symbol as required by the MLS. The listing broker shall, in response to inquiries from potential cooperating brokers, disclose the differential that would result in either a cooperative transaction or, alternatively, in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their customers before the customers makes an offer to purchase or lease.
Posted in Article 4 Listing Procedures
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Posted by MFRMLS
Mon, 05 Jun 2006 17:24:00 GMT
The full listing price as stated in the listing contract must be indicated in the appropriate block of the MLS data form. See "Range Pricing" for exceptions.
Posted in Article 4 Listing Procedures
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