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Posted by MFRMLS
Mon, 05 Jun 2006 20:01:00 GMT
ARTICLE 5 - LISTING PROCEDURES
Section 1: Submission of Listings. Participant’s listings of real or personal property of the types shown in below which are located in the counties of MFR’s service area shall be submitted to the MFRMLS within two business days after all necessary signatures of the owner(s) have been obtained. Listings of property located outside these counties will be accepted if submitted by a Participant, but are not required by MFRMLS.
· 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)
· Properties outside MFR’s service area will not be required.
All new listings will be automatically placed in “PH” status and will not show as active until one front exterior photo or rendering, aerial photo or water view from property (unit) is added in the 1st slot of MLXchange. Once a photo is present, the system will automatically move the listing to “Active” status. Listings in a “PH” status will be purged out after three business days from the entry date.
A. Sold Data/Entry Only: These entries are optional; however Participants must adhere to the following guidelines.
1. Sales must be loaded within 30 days of the closing date.
2. Must upload one front exterior photo.
B. Commercial/Business Opportunity Listings: Are not required to have a photo, driving directions or address.
C. Short Sale Listings: In instances where the listing broker becomes aware that the sale price maybe insufficient to pay the total of all liens and costs of sale and the owner(s) of record 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. Written Consent. Obtain owner(s) of record 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. Disclosure Options. 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. It is required that such disclosures 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 Remarks” Sections of the listing. (revised 9/17/10)
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 must be made in writing in the “Realtor Only and Public Remarks” Sections of the MLS listing. All confidential information related to short sales must be communicated through required dedicated field and Realtor Only Remarks, available only to Participants and subscribers. In making the permitted disclosures, ONE of the following provisions must be used: (revised 9/17/10)
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 owner(s) of record lender(s), then the following remarks must be placed as the first words in both Public and the Realtor Only Remarks section:
“Short Sale”
b) OPTION TWO: If the listing Broker DOES want to bind the cooperating Broker to be obligated to accept a reduced commission amount as determined by owner(s) of record lender(s), the following remarks must be placed as the first words in the public remarks:
“Short Sale”
And the following remarks must be placed as the first words in the Realtor Only Remarks:
“Short Sale; approval of the owner(s) of record lenders(s) may be conditioned upon the gross commission being reduced, any reduction of the gross compensation will be apportioned (insert apportionment or split) between listing and cooperating brokers.
c) Disclosure in Special Sale Provision Field is required and you must select “Short Sale” in the designated field.
3. Commission Apportionment Disclosure. 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 must be made by either placing the disclosure in the listing or providing the disclosure to the cooperating broker prior to the cooperating broker submitting an offer of purchase. (revised 6/17/11)
4. Where participants communicate to other participants how any reduction in the gross commission established in the listing contract required by the lender as a condition of approving the sale will be apportioned between the listing and cooperating participants, listing participants shall disclose to cooperating participants in writing the total reduction in the gross commission and the amount by which the compensation payable to the cooperating broker will be reduced within 24 hours of notification from the lender.(NAR 5/10)
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Posted by MFRMLS
Mon, 05 Jun 2006 20:04:00 GMT
Article 5 - Listing Procedures
Section 2: Types of Listings Accepted. Participants in MFRMLS may submit the following types of listing(s) (Note: These listing agreements must include the owner(s) of record written authorization to submit the agreement to the MFRMLS):
A. Exclusive Right of Sale. The Exclusive Right of Sale Listing in which the Listing Participant is authorized by the owner(s) of record 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(s), within the listing period.
B. 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 owner(s) of record the right to sell the property themselves and not be obligated to pay a commission.
C. Limited Service Listings. Listing Participant is authorized to place listing in the MLS and will provide limited services.
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Posted by MFRMLS
Mon, 05 Jun 2006 20:05:00 GMT
Article 5 - Listing Procedures
Section 3: Optional Listing Types. The following classifications of property may be placed with MFRMLS at the option of the Participant, however listing, if entered, must be in compliance with the Rules and Regulations:
A. New Construction. Properties of an owner who is licensed to build may have properties excluded from MFRMLS when listing with a Participant.
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.
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Posted by MFRMLS
Mon, 05 Jun 2006 20:07:00 GMT
Article 5 - Listing Procedures
Section 4: Listing Types Not Accepted. MFRMLS does not accept the following types of listings:
A. Net Listings: A Net Listing is an agreement to pay the owner(s) of record a "net" price for their property regardless of the sales price.
B. 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.
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Posted by MFRMLS
Mon, 05 Jun 2006 20:09:00 GMT
Article 5 - Listing Procedures
Section 5: Other Listing Types: 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.
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Posted by MFRMLS
Mon, 05 Jun 2006 20:10:00 GMT
Article 5 - Listing Procedures
Section 6: Non-Participant Listings. Participants may enter information into the system solely for the Participants and Users and may not input listings for non-participant brokerages.
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Posted by MFRMLS
Mon, 05 Jun 2006 20:12:00 GMT
Article 5 - Listing Procedures
Section 7: Named Prospects. 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.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:43:00 GMT
Article 5 - Listing Procedures
Section 8: Agency Representation. MFRMLS accepts listings from Participants representing their customers as single agents, transaction brokers or non-representatives.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:46:00 GMT
Article 5 - Listing Procedures
Section 9: Use of MLS Data Entry Form. Participants shall utilize the current approved MLS data entry form, complete all required fields and obtain all required signatures.
A. Condo/Hotel, Boat Slip and Fractional Listings (if entered) must use the Residential MLS Data entry form.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:50:00 GMT
Article 5 - Listing Procedures
Section 10: Refusal of Certain Forms of Listings. 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’s.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:52:00 GMT
Article 5 - Listing Procedures
Section 11: Exempt Listings. If the owner(s) of record 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 must be accompanied by certification signed by the owner(s) of record that they do not desire the listing to be disseminated by MFRMLS.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:54:00 GMT
Article 5 - Listing Procedures
Section 12: Change of Status of a Listing. 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 owner(s) of record and shall be filed with MFRMLS within two business days after the signed authorization is received by the Listing Participant. The “Pending Status” on any listing overrides the expiration date.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:56:00 GMT
Article 5 - Listing Procedures
Section 13: Withdrawal of Listing Prior To Expiration. 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 owner(s) of record. A copy of the agreement must be available upon request by MFRMLS. If the Participant determines that the proceeds which the owner(s) of record 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 owner(s) of record. The owner(s) of record do not have the unilateral right to require the MFRMLS to withdraw a listing without the listing broker’s concurrence. However, when the owner(s) of record can document that their exclusive relationship with the Listing Participant has been terminated; MFRMLS may remove the listing at the request of the owner(s) of record.
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Posted by MFRMLS
Wed, 13 Apr 2011 16:58:00 GMT
Article 5 - Listing Procedures
Section 14: Active with Contract. Listings may be placed in “Active with Contract” status if one or more of the contingencies below are met.
1. Definition: 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 AWC status. An Active with Contract listing will be treated as an "Active" listing for export purposes, for example, Realtor.com and IDX websites.
a. Note: MLS Staff may request paperwork to verify the Seller’s request.
2. 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 two business days. One or more of the following contingencies must be selected:
i. Kick-out Clause
ii. Back-ups Requested
iii. 1st Right of Refusal
iv. Pending 3rd Party Approval
v. Financing
vi. Inspections
vii. Other Contract Contingencies
3. The words “Active with Contract” must appear in the first line of Public Remarks. If the listing is a Short Sale and is in Active with Contract Status, Public remarks must begin with both disclosures in any order. (Revised 11/18/2011)
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Posted by MFRMLS
Wed, 13 Apr 2011 17:03:00 GMT
Article 5 - Listing Procedures
Section 15: Commission and Division of Commission. 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 owner(s) of record 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.
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Posted by MFRMLS
Wed, 13 Apr 2011 17:05:00 GMT
Article 5 - Listing Procedures
Section 16: Expiration, Extension, And Renewal of Listings. Any listing filed with MFRMLS automatically expires on the date specified in the agreement unless renewed in writing by the owner(s) of record and by the listing broker and a notice of that renewal or extension is updated in the MFRMLS database. Any extension or renewal of a listing must be signed by the parties to the original listing contract. Expired listings can be changed from expired status to active status in the MLS data base for up to thirty days after the expiration date provided the signed renewal or extension is received and dated within 30 days of the expiration date.
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Posted by MFRMLS
Wed, 13 Apr 2011 17:07:00 GMT
Article 5 - Listing Procedures
Section 17: Listings of Suspended Participants. When a Participant is suspended from MFRMLS for failing to abide by a membership duty (i.e., a violation of the Code Of Ethics, Bylaws, MFRMLS Rules and Regulations, or other membership obligations), all listings currently filed with MFRMLS by the suspended Participant shall, at the Participant’s option, be retained in MFRMLS until sold, withdrawn, or expired, and shall not be renewed or extended by MFRMLS beyond the termination date of the listing agreement in effect when the suspension became effective. If a Participant has been suspended from their primary Association or MFRMLS (or both) for failure to pay appropriate dues, fees or charges the suspended Participant’s listings in MFRMLS will be canceled. The suspended Participant will be advised in writing of the intended removal so that the suspended Participant may advise the owner(s) of record.
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Posted by MFRMLS
Wed, 13 Apr 2011 17:08:00 GMT
Article 5 - Listing Procedures
Section 18: Listings of Expelled Participants. When a Participant of the Service is expelled from the MLS for failing to abide by a membership duty (i.e., violations of the Code of Ethics, Board bylaws, MLS bylaws, MLS rules and regulations, or other membership obligations except failure to pay appropriate dues, fees, or charges), all listings currently filed with the MLS shall, at the expelled Participant’s option, be retained in the Service until sold, withdrawn, or expired, and shall not be renewed or extended by the MLS beyond the termination date of the listing agreement in the effect when the expulsion became effective. If a Participant has been expelled from the Board (except where MLS participation without Board membership is permitted by law) or MLS (or both) for failure to pay appropriate dues, fees, or charges, a Board MLS is not obligated to provide MLS services, including continued inclusion of the expelled Participant’s listings in the MLS compilation of current listing information. Prior to any removal or an expelled Participant’s listings from the MLS, the expelled Participant should be advised, in writing, of the intended removal so that the expelled Participant may advice their customers.
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Posted by MFRMLS
Wed, 13 Apr 2011 17:10:00 GMT
Article 5 - Listing Procedures
Section 19: Listings of Resigned Participants. When a Participant resigns, MFRMLS is not obligated to provide services or include the resigned Participant’s listings in MFRMLS. Prior to any removal of resigned Participant’s listings from MFRMLS, the resigned Participant will be advised in writing of the intended removal so that the resigned Participant may advise the owner(s) of record.
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Posted by MFRMLS
Wed, 13 Apr 2011 17:20:00 GMT
Article 5 - Listing Procedures
Section 20: Listing Acceptance from Participants. MFRMLS will accept listings from any Participant who is in good standing in their primary REALTOR® Association and/or a Participant in MFRMLS
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Posted by MFRMLS
Wed, 13 Apr 2011 17:22:00 GMT
Article 5 - Listing Procedures
Section 21. Listing Acceptance from Non-Member REALTORS®: MFRMLS will accept listings from Designated REALTORS® in good standing with other Florida MLSs that are a signatory to the FAR Statewide Reciprocal Agreement. It is not required that a REALTOR® first places the listing in their primary MLS unless it conflicts with a rule in their primary MLS.
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Posted by MFRMLS
Wed, 13 Apr 2011 17:23:00 GMT
Article 5 - Listing Procedures
Section 22: Lockbox Authorization. The Associations within MFRMLS require written authorization from the property owner’s to the Listing Participant prior to placement of a lockbox on the property. This authorization may be selected by the owner(s) of record in the Exclusive Right of Sale or Exclusive Agency Listing Contract.
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Posted by MFRMLS
Wed, 09 Nov 2011 17:21:00 GMT
Article 5 - Listing Procedures
Section 23: Track Price Change Information: Allow the display of price change history of listings in advertising including (but not limited to) IDX, in accordance with NAR’s Section 16 of the MLS Handbook. (Addition 9/16/11)
If such information (either with respect to current listing or to prior listings of that property) is tracked by an MLS and made available to participants and subscribers, neither it nor any information from which it may be determined shall be classified as confidential nor may participants be prohibited from making such information available to clients and customers pursuant to the same rules governing dissemination of other non-confidential data fields. Classification as non-confidential permits inclusion of such information in advertisements, including IDX display, of other participants’ listings.
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Posted by MFRMLS
Wed, 09 Nov 2011 17:41:00 GMT
Article 5 - Listing Procedures
Section 24: Track Time on Market Information: Allow the display of market time on listings in advertising including (but not limited to) IDX, in accordance with NAR’s Section 17 of the MLS Handbook. (Addition 9/16/11)
If such information is tracked by an MLS and made available to participants and subscribers, neither it nor any information from which it may be determined (such as the current list date, or prior list and expiration dates) shall be classified as confidential, nor may participants be prohibited from making such information available to clients or customers pursuant to the same rules governing dissemination of other non-confidential fields. Classification as non-confidential permits inclusion of such information in advertisements, including IDX display, or other participants’ listings.
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