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Article 4.17: HUD Listings

Posted by MFRMLS Mon, 05 Jun 2006 21:17:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 17: HUD Listings. HUD listings may be identified in Realtor Remarks and if so identified, must include information that the cooperating broker must be registered with HUD. (Updated 8/2012)


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Article 4.18: REO/Bank Owned Disclosure

Posted by MFRMLS Mon, 05 Jun 2006 21:18:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 18: REO/Bank Owned Disclosure.
REO/Bank Owned properties must be noted in the “Special Sale Provision” Field.

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Article 4.19: In-Foreclosure and Pre-Foreclosure

Posted by MFRMLS Mon, 05 Jun 2006 21:20:00 GMT


ARTICLE 4 – RULES and REGULATIONS

Section 19: In-Foreclosure and Pre-Foreclosure. Before selecting In-Foreclosure or Pre-Foreclosure in the Realtor Info Confidential field or noting in Remarks, it is highly recommended that the listing participant obtain written consent from the owner(s) of record.

A.   Pre-Foreclosure Definition: This refers to the period after the lender has filed the original complaint and filed a lis pendens on the property indicating the intent to foreclose.

B.  
Foreclosure Definition: Legal proceeding initiated by a creditor to repossess the collateral for a lien that is in default, which may result in the forced sale of the real property pledges as a security.

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Article 4.20: Type of Listing/Special Listing Type

Posted by MFRMLS Mon, 05 Jun 2006 21:21:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 20: Type of Listing/Special Listing Type.  Limited Service, MLS Only, Exclusive Agency Listings, or a Variable Rate commission arrangement must be disclosed in the proper field.

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Article 4.21: Pre-Construction Homes

Posted by MFRMLS Mon, 05 Jun 2006 21:23:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 21: Pre-Construction Homes. Pre-construction homes may be listed under the Residential property type under the following conditions:

A.   The list price must include the price of the residential structure and the lot.

B.   Pre-construction must be selected from the Construction Status field.

C.   The first words in the Public Remarks field must say “Pre-Construction. To be built.”

D.   The first photo must be an image of the model offered or an artist rendering. If the image is different from the actual model, disclosure must be made in the Public and Realtor Only Remarks.

E.    The Realtor Remarks must include a breakdown of when the commissions are to be paid.

F.    If there is no contractual agreement in place between the seller listing vacant land and a builder that grants the builder an interest in the property, the listing may not be entered.


Pre-construction Definition: The listing is for a specific lot with a specific structure that could be built for a specific list price however construction has not begun. (Updated 11/2015)

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Article 4.22 Under Construction Homes

Posted by Connie Mon, 21 Sep 2015 17:20:00 GMT


ARTICLE 4 – RULES and REGULATIONS

Section 22: Under Construction Homes. Under construction homes may be listed under the Residential property type under the following conditions:

A.   The list price must include the price of the residential structure and lot.

B.   Under Construction must be selected from the Construction Status field.

C.   The first words in the Public Remarks field must say "Under Construction."

D.   The first photo must be an image of the model offered or an artist rendering.  If the image is different from the actual model, disclosure must be made in the Public and Realtor Only Remarks.

E.    The Builder Name and License Number are required in Realtor Only Remarks.

F.    A floorplan representing the finished structure is recommended to be uploaded as an attachment.


Under Construction Definition:  The listing is for a specific lot and specific structure where ground has broken but construction is not complete and a Certificate of Occupancy has not been issued. (Adopted 11/2015

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Article 4.23: Solds/Non-Members

Posted by MFRMLS Mon, 05 Jun 2006 21:24:00 GMT


ARTICLE 4 – RULES and REGULATIONS

Section 23: Solds/Non-Members. Sale of a property listed by a non-MFR member Participant within the MFRMLS service area or by an out-of-area broker must reported in accordance with the rules and regulations by submitting a status change form to the MLS for validation and reporting.

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Article 4.24: Attachments

Posted by MFRMLS Mon, 05 Jun 2006 21:25:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 24: Attachments. Attachments to listings must be in compliance with MLS Rules and Regulations.

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Article 4.25: Showing Instructions

Posted by MFRMLS Mon, 05 Jun 2006 21:26:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 25: Showing Instructions. Cooperating Participant/Subscribers must contact the Listing Participant to arrange appointments to show listed property, even if the property has a lockbox affixed to it unless the Listing Participant has given specific written permission to show the property without first contacting them. Note: Lockboxes are a service of the MFRMLS shareholder Associations/Boards.

A.    MFRMLS does not allow publication in any field of combination lockbox codes, security gate codes or security system alarm codes or any other codes for equipment or systems designed to ensure the security of the property. The penalty for non-compliance is outlined in the General Fines Schedule (See Article 11, Section 4B).

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Article 4.26: Incorrect/Incomplete Information

Posted by MFRMLS Mon, 05 Jun 2006 21:28:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 26: Incorrect/Incomplete Information. In addition to the specific rules included in Article 4, all listings must be complete and accurate. The penalty for non-compliance is outlined in the General Fine Schedule (See Article 11/Section 4B).

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Article 4.27: Allowing Unauthorized Access

Posted by MFRMLS Mon, 05 Jun 2006 21:29:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 27: Allowing Unauthorized Access.  Allowing unauthorized access to the System/services or distribution of MLS data is strictly prohibited.  Unauthorized Access is defined as the following:

A.   Internal: A Participant/Subscriber who shares a password with or distributes listing information to another individual in the same office or firm as the Participant/Subscriber, and that individual is not an authorized Participant/Subscriber, the Participant/Subscriber will receive an automatic/progressive fine as established by the Board of Directors.  The penalty for non-compliance is outlined in the Automatic Fine Schedule, Level II (See Article 11/Section 4C).

B.  
External: A Participant/Subscriber who allows unauthorized access to or use of the MLS by a third party outside the same office or firm as the Participant/Subscriber for any purpose, including but not limited to use for monetary gain.  The penalty for non-compliance is outlined in the Automatic Fine Schedule, Level III (See Article 11/Section 4 C).

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Article 4.28: Energy Efficiency Documentation

Posted by MFRMLS Wed, 28 Sep 2011 23:20:00 GMT


ARTICLE 4 – RULES and REGULATIONS

Section 28: Energy Efficiency Documentation: Entry and disclosure of energy efficient (green) property features in the MLS database is optional.  However, if the listing agent selects an option from the Green Certifications field, documented proof of the certification must be uploaded to the listing immediately following listing entry or update.

Note: Any violations of this would be imposed by the progressive fine schedule. (Adopted 10/2011)

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Article 4.29: Expected Closing Date

Posted by MFRMLS Wed, 28 Sep 2011 23:24:00 GMT


ARTICLE 4 – RULES and REGULATIONS

Section 29: Expected Closing Date: When a closing date has changed, the “Expected Closing Date” must be updated to reflect the correct date.  Failure to update within five (5) business days excluding weekends and federally recognized holidays after one (1) day courtesy notice (See Article 11/Section 4A), will result in a fine based on the Progressive Fine Schedule (See Article 11/Section 4D). Expected Closing date is NOT required on listings indicated as “Short Sale” in the Special Sale Provision Field (Updated 3/2013).

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Article 4.30: Submission of Requested Documents

Posted by MFRMLS Mon, 28 Nov 2011 22:54:00 GMT


ARTICLE 4 – RULES and REGULATIONS


Section 30: Submission of Requested Documents:  When requesting documentation for purposes of auditing a listing, the documents must be received within two (2) days. Failure to comply by the deadline will result in an automatic fine as outlined in the Automatic Fine Schedule, Level II (See Article 11/Section 4C).

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Article 5.1: Submission of Listings

Posted by MFRMLS Tue, 06 Jun 2006 00:01:00 GMT



ARTICLE 5 - LISTING PROCEDURES

Section 1: Submission of Listings.  Participant’s listings of real property of the types shown below which are located in the counties of MFR’s service area shall be submitted to the MFRMLS within two business days excluding weekends and federally recognized holidays, upon the latter of a) the dated signatures of the owner(s) of record or b) the beginning date on the Listing Agreement.  Listings of property located outside these counties will be accepted if submitted by a Participant, but are not required by MFRMLS.

A.  Single family homes for sale or exchange;

B. 
Condominiums, co-ops and townhouses for sale or exchange;

C. 
Vacant residential lots or parcels for sale or exchange;

D. 
Mobile homes with land for sale or exchange;

E. 
Duplexes, triplexes or quadruplexes for sale or exchange;

F.  
Long Term rental units (more than 6 months)

G. 
Properties outside MFR’s service area will not be required.

All new listings will be automatically placed in “Incomplete” 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 the MLS system. Once a photo is present, the system will automatically move the listing to “Active” status. Listings in an “Incomplete” status will be purged out after 30 days from the entry date. (Updated 6/2016)

H.   Sold Data For Entry Only. These entries are optional; however Participants must adhere to the following guidelines.
   i.       The listing cannot be uploaded until the transaction has closed.

 ii.       Sales must be loaded within 30 days of the closing date.

iii.        Must upload one front exterior photo.

I.    Business Opportunity Listings under the Commercial Property Class are not required to have a photo, driving directions or address.

J.  
Short Sale Listings. 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 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 :
i.        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.
ii.       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) day (excluding weekends and holidays) upon receipt of knowledge.  Such disclosure must be included in the “Public Remarks” Sections of the listing. The penalty for non-compliance is outlined in the General Fine Schedule (See Article 11/Section 4B). (Updated 9/2010)


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 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: (Updated 9/2010)


 iii.        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 the Public Remarks section: “Short Sale”
iv.       
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:


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.


Disclosure in Special Sale Provision Field is required and you must select “Short Sale” in the designated field.


K.  
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. (Updated 6/2011)

L.   
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 5/2010)

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Article 5.2: Types of Listings Accepted

Posted by MFRMLS Tue, 06 Jun 2006 00:04:00 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:
A Limited Service listings may not reference that the listing is For Sale By Owner (FSBO) in the Public or Realtor Remarks.  A Limited Service listings is defined when Participants, pursuant to their listing agreements, will not provide one or more of the following services.

  i.   Arrange appointments for cooperating brokers to show listed properties to potential purchaser(s) but instead give cooperating brokers authority to make such appointments directly with seller(s)

  ii.   Accept and present to seller(s) offers to purchase procured by cooperating brokers but instead give cooperating brokers authority to present offers directly to seller(s)

 iii.   Advise seller(s) as to the merits of offers to purchase

 iv.   Assist seller(s) in developing, communicating, or presenting counter-offers

  v.   Participate on seller’s(s’) behalf in negotiations leading to the sale of the listed property



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Article 5.3: Optional Listing Types

Posted by MFRMLS Tue, 06 Jun 2006 00:05:00 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 Subscribers.

C.  
Fractional Listing: A Fractional listing, wherein the buyer(s) will receive a recorded deed 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. 

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 the number of 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:
i.        Only one Participant of the MLS may submit the listing to the MLS.
ii.       
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.
iii.       
The listing must be of a type permitted by the MLS and conform to all rules, regulations, and policies of the MLS.
iv.       
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.
v.       
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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Article 5.4: Listing Types Not Accepted

Posted by MFRMLS Tue, 06 Jun 2006 00:07:00 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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Article 5.5: Other Listing Types

Posted by MFRMLS Tue, 06 Jun 2006 00:09:00 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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Article 5.6: Non-Participant Listings

Posted by MFRMLS Tue, 06 Jun 2006 00:10:00 GMT


ARTICLE 5 - LISTING PROCEDURES


Section 6: Non-Participant Listings. Participants may enter information into the system solely for the Participants and Subscribers and may not input listings for non-participant brokerages.

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Article 5.7: Named Prospects

Posted by MFRMLS Tue, 06 Jun 2006 00:12:00 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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Article 5.8: Agency Representation

Posted by MFRMLS Wed, 13 Apr 2011 20:43:00 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.


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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Article 5.9: Use of MLS Data Entry Form

Posted by MFRMLS Wed, 13 Apr 2011 20:46:00 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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Article 5.10: Refusal of Certain Forms of Listings

Posted by MFRMLS Wed, 13 Apr 2011 20:50:00 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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Article 5.11 Exempt Listings

Posted by MFRMLS Wed, 13 Apr 2011 20:52:00 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 the Owner’s Waiver of MLS Entry acknowledgement (or another like form), signed by the listing broker and owner(s) of record affirming that they do not desire the listing to be disseminated by MFRMLS.

Failure to submit the required
Owner’s Waiver of MLS Entry form within two business days, excluding weekends or federally recognized holidays, upon the latter of a) the dated signature of the owner(s) of record or b) the beginning date on the Listing Agreement will result in an automatic fine of $500 for each occurrence; fourth occurrence will result in a hearing. (Updated 9/2014)

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