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Posted by MFRMLS Mon, 05 Jun 2006 17:17:00 GMT
Article 4 - Rules and Regulations
Section 17: HUD Listings. HUD listings must be identified in Realtor Remarks and must include information that the cooperating broker must be registered with HUD.
Posted by MFRMLS Mon, 05 Jun 2006 17:18:00 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.
Posted by MFRMLS Mon, 05 Jun 2006 17:20:00 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.
Posted by MFRMLS Mon, 05 Jun 2006 17:21:00 GMT
Article 4 - Rules and Regulations
Section 20: Type of Listing/Special Listing Type. Limited Service,
Posted by MFRMLS Mon, 05 Jun 2006 17:23:00 GMT
Article 4 - Rules and Regulations
Section 21: Pre-Construction Homes. Pre-construction homes may be listed under the Residential property type if a permit and/or a full set of engineered plans exists at the time the listing is entered into the MLS. The list price must include both the residential structure and the lot. Disclosure of the “construction start date” and “projected completion date” is mandatory in the Public Remarks. Documents validating the permit or plans must be provided to the MFRMLS within two (2) business days of the request.
Posted by MFRMLS Mon, 05 Jun 2006 17:24:00 GMT
Article 4 - Rules and Regulations
Section 22: 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.
Posted by MFRMLS Mon, 05 Jun 2006 17:25:00 GMT
Article 4 - Rules and Regulations
Section 23: Attachments. Attachments to listings must be in compliance with MLS Rules and Regulations.
Posted by MFRMLS Mon, 05 Jun 2006 17:26:00 GMT
Article 4 - Rules and Regulations
Section 24: Showing Instructions. Cooperating Participant/Users 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 MFR
A. MFR
Posted by MFRMLS Mon, 05 Jun 2006 17:28:00 GMT
Article 4 - Rules and Regulations
Section 25: Incorrect/Incomplete Information. In addition to the specific rules included in Article 4, all listings must be complete and accurate.
Posted by MFRMLS Mon, 05 Jun 2006 17:29:00 GMT
Article 4 - Rules and Regulations
Section 26: Allowing Unauthorized Access: A fine of up to $5,000 as determined by the Board of Directors for each occurrence will be assessed against any Participant/User found to have allowed or provided access to the MFR
Posted by MFRMLS Wed, 28 Sep 2011 19:20:00 GMT
Article 4 - RULES and REGULATIONS
Posted by MFRMLS Wed, 28 Sep 2011 19:24:00 GMT
Article 4 - RULES and REGULATIONS
Section 28: 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.
Posted by MFRMLS Mon, 28 Nov 2011 17:54:00 GMT
Article 4 - Rules and Regulations
Section 29: Expected Closing Date. When a closing date has been changed, the "Expected Closing Date" must be updated to reflect the correct date. Failure to update after one business day warning notice, will result in a fine based on the progressive fine schedule. (New 11/18/11)
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 MFR
· 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
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
a) OPTION
“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)
Posted by MFRMLS Mon, 05 Jun 2006 20:04:00 GMT
Article 5 - Listing Procedures
Section 2: Types of Listings Accepted. Participants in MFR
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
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 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.
Posted by MFRMLS Mon, 05 Jun 2006 20:07:00 GMT
Article 5 - Listing Procedures
Section 4: Listing Types Not Accepted. MFR
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.
Posted by MFRMLS Mon, 05 Jun 2006 20:09:00 GMT
Article 5 - Listing Procedures
Section 5: Other Listing Types: MFR
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.
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
Posted by MFRMLS Wed, 13 Apr 2011 16:43:00 GMT
Article 5 - Listing Procedures
Section 8: Agency Representation. MFR
Posted by MFRMLS Wed, 13 Apr 2011 16:46:00 GMT
Article 5 - Listing Procedures
Section 9: Use of
A. Condo/Hotel, Boat Slip and Fractional Listings (if entered) must use the Residential MLS Data entry form.
Posted by MFRMLS Wed, 13 Apr 2011 16:50:00 GMT
Article 5 - Listing Procedures
Section 10: Refusal of Certain Forms of Listings. MFR
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 MFR
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 MFR
