MULTIPLE LISTING MLS
TABLE OF CONTENTS
LISTING PROCEDURES PAGE
SECTION 1.1 Listing Procedures 5
SECTION 1.2 Listings Subject to Rules and Regulations of MLS 6
SECTION 1.3 Details on Listing 6
SECTION 1.4 Exempted Listings 7
SECTION 1.5 Exemption of Owners Name 7
SECTION 1.6 Change of Status of Listing 7
SECTION 1.7 Withdrawal of Listing Prior to Expiration 7
SECTION 1.8 Contingencies Applicable to Listings 7
SECTION 1.9 Listing Price Specified 7
SECTION 1.10 Listing Multiple Unit Properties 7
SECTION 1.11 No Control of Commission Charged by Participants 7
SECTION 1.12 Expiration, Extension, and Renewal of Listings 7
SECTION 1.13 Termination Date on Listings 7
SECTION 1.14 Jurisdiction 8
SECTION 1.15 Listings of Suspended Participants 8
SECTION 1.16 Listings of Expelled Participants 8
SECTION 1.17 Listings of Resigned Participants 8
SECTION 1.18 New Home Community Photo and Listing Rules 8
SECTION 1.19 Virtual Tours 9
SELLING PROCEDURES
SECTION 2.1 Showing and Negotiations 9
SECTION 2.2 Presentation of Offers 9
SECTION 2.3 Submission of Written Offers 9
SECTION 2.4 Right of Cooperating Broker in Presentation of Offer 9
SECTION 2.5 Right of Listing Broker in Presentation of Counter-Offer 9
SECTION 2.6 Reporting Sales to the MLS 10
SECTION 2.7 Reporting Resolutions of Contingencies 10
SECTION 2.8 Advertising of Listing Entered into the MLS 10
REFUSAL TO SELL
SECTION 3.1 Refusal to Sell 10
PROHIBITIONS
SECTION 4.1 Misuse of “Remarks” Section 10
SECTION 4.2 Information for Participants Only 10
SECTION 4.3 “For Sale” Signs 10
SECTION 4.4 “SOLD” Signs 10
SECTION 4.5 Solicitation of Listing Entered into the MLS 10
DIVISION OF COMMISSIONS
SECTION 5 Cooperative Compensation Specified on each Listing 11
SECTION 5.0.1Disclosing Potential Short Sales 13
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SECTION 5.1 Participants as Principal 13
SECTION 5.2 Participant as Purchaser 13
SECTION 5.3 Dual or Variable Rate Commission Arrangements 13
MLS CHARGES
SECTION 6.1 MLS Fees and Charges 13
SECTION 6.2 Initial Participation Fee 13
SECTION 6.3 Recurring Participation Fee 14
SECTION 6.4 Fines 14
SECTION 6.5 Lock Box Fee 14
SECTION 6.6 Lock Box Key Fee 14
SECTION 6.7 Misuse of Lock Box Fee 14
COMPLIANCE WITH RULES
SECTION 7.1 Compliance with Rules 14
SECTION 7.2 Applicability of Rules to Users and/or Subscribers 14
MEETING
SECTION 8.1 Meetings of MLS Committee 15
SECTION 8.2 Meetings of MLS Participants 15
SECTION 8.3 Conduct of the Meeting 15
ENFORCEMENT OF RULES OR DISPUTES
SECTION 9.1 Consideration of Alleged Violations 15
SECTION 9.2 Violations of Rules and Regulations 15
SECTION 9.3 Complaints of Unethical Conduct 15
CONFIDENTIALIATY OF MLS INFORMATION
SECTION 10.1 Confidentiality of MLS Information 16
SECTION 10.2 MLS Not Responsible for Accuracy of Information 16
SECTION 10.3 Access to Comparable and Statistical Information 16
OWNERSHIP OF MLS COMPILATIONS AND COPYRIGHTS
SECTION 11.1 Submission of Property 16 SECTION 11.2 Copyrights 16
SECTION 11.3 Access to Compilation 16
USE OF COPYRIGHTED MLS COMPILATIONS
SECTION 12.1 Distribution 17
SECTION 12.2 Display 17
SECTION 12.3 Reproduction 17
USE OF MLS INFORMATION PAGE
SECTION 13.1 Limitations on Use of MLS Information 18
CHANGES IN RULES AND REGULATIONS
SECTION 14.1 Changes in Rules and Regulations 18
ORIENTATION
SECTION 15.1 Orientation 19
LOCK BOX SECURITY REQUIREMENTS
SECTION 16.1 Lock Box Procedures 19
SECTION 16.2 Lock Box Security 19
SECTION 16.3 Sellers Authority 19
SECTION 16.4 Lease Agreement 19
SECTION 16.5 Lock Box Suspension 20
WEB POLICY
INTERNET DATA EXCHANGE (IDX) 21
SECTION 17 Web Policy
Policies Applicable to Participants’ IDX Sites 22
Policies Applicable to Multiple Listing Services 23
Additional Local Issues/Options 24
VIRTUAL OFFICE WEBSITES (VOW)
SECTION 18.1 VOW Defined 26
SECTION 18.2 Participation 26
SECTION 18.3 Preliminary Requirements 27
SECTION 18.4 Contact Information 28
SECTION 18.5 Security of VOW Content 28
SECTION 18.6 Opt Out 28
SECTION 18.7 Third Party Comments 29
SECTION 18.8 Third Party Comments Accuracy 30
SECTION 18.9 Updating of Content 30
SECTION 18.10 Distribution of Content 30
SECTION 18.11 Privacy Policy 30
SECTION 18.12 Listings Exclusions 30
SECTION 18.13 Establishing A VOW 30
SECTION 18.14 Operating Multiple VOW’s 30
SECTION 18.15 Search Exclusions 31
SECTION 18.16 Changing MLS Information 31
SECTION 18.17 Accuracy of Information 31
SECTION 18.19 Search Limitation 31
SECTION 18.20 Password Requirements 31
SECTION 18.21 Branding 32
SECTION 18.22 Identification of Source 32
SECTION 18.24 VOW Licensing 32
APPENDIX A – SANCTIONS 33
APPENDIX B – MLS VIOLATION FINES 34
COASTAL CAROLINAS ASSOCIATION OF REALTORS®, INC.
MULTIPLE LISTING (MLS) RULES AND REGULATIONS
I. LISTING PROCEDURES
SECTION 1.1 LISTING PROCEDURES: Listing of real or personal property of the following types which are listed subject to a real estate broker’s license, and are located within the territorial jurisdiction of the Multiple Listing Service (MLS), and are taken by Participants on (Indicate form(s) of listing accepted by the MLS – See Notes 1 & 2) shall be entered into MLS system within three (3) business days after all necessary signatures of seller(s) have been obtained:
(a) Single family home for sale, lease or exchange.
(b) Single family condominium or townhouse for sale, lease or exchange.
(c) Vacant lots and acreage for sale, lease or exchange.
(d) Multi-family residential buildings for sale, lease or exchange.
NOTE 1: The MLS shall not require a Participant to submit listings on a form other than the form the Participant individually chooses to utilize provided the listing is of a type accepted by the MLS, although a “Property Data Form” may be required as approved by the MLS. However, the MLS, through its legal counsel:
1. May reserve the right to refuse to accept a listing form that fails to adequately protect the interest of the public and the Participants.
2. Assure that no listing form filed with the MLS establishes, directly or indirectly, any contractual relationship between the MLS and the client (buyer, seller, landlord or tenant).
The MLS shall accept exclusive right to sell/lease listing contracts and exclusive agency listing contracts, and may accept other forms of agreement which make it possible for the listing broker to offer cooperation and compensation to the other Participants of the MLS acting as subagents, buyer agents, or both.
The listing agreement must include the seller’s authorization to submit the agreement to the MLS.
3. The different types of listing agreement(s) include:
(a) Exclusive Right to Sell or lease (long term lease; 90+ days)
(b) Exclusive Agency
(c) Open
(d) Net
The MLS may not accept net listings because (1) they are deemed unethical and, in most states, illegal. Open listings are not accepted except where they are required by law because the inherent nature of an open listing is such as to usually not include the authority to cooperate and compensate other brokers and inherently provides a disincentive for cooperation.
The exclusive right to sell or lease listing is the conventional form of listing submitted to the MLS in that the seller/landlord authorizes the listing broker to cooperate with and to compensate other brokers.
The exclusive agency listing also authorizes the listing broker, as exclusive agent, to offer cooperation and compensation on blanket unilateral bases, but also reserves to the seller/landlord the general right to sell/lease the property on an unlimited or restricted basis. Exclusive agency listings and exclusive right to sell/lease listings with named prospects exempted should be clearly distinguished by a simple designation such as a code or symbol for exclusive right to sell/lease listings with no named prospects exempted, since they can present special risks of procuring cause controversies and administrative problems not posed by exclusive right to sell/lease listings with no named prospects exempted. Care should be exercised to ensure that different codes or symbols are used to denote exclusive agency and exclusive right to sell/lease listings with prospect reservations.
Note 2: A MLS does not regulate the type of listings its Members may take. This does not mean that a MLS must accept every type of listing. The MLS shall decline to accept open listings (except where acceptance is required by law) and net listings and it may limit its MLS to listings of certain kinds of property. But, if it chooses to limit the kind of listings it will accept, it shall leave its Members free to accept such listings to be handled outside the MLS.
Note 3: A MLS may, as matter of local option, accept exclusively listed property that is subject to auction.
TYPES OF PROPERTIES: The following are some of the types of properties that may be published through the MLS, including types described in the preceding paragraph that are required to be entered into with the MLS and other types that may be entered into with the MLS at the Participant’s option provided, however, that any listing submitted is entered into within the scope of the Participant’s licensure as a real estate broker:
1. Residential
2. Condominium and Townhouses
3. Subdivided Vacant Lot
4. Land and Ranch
5. Business Opportunity
6. Motel-Hotel
7. Mobile Homes
8. Mobile Home Parks
9. Commercial Income
10. Industrial
11. Rental
12. Interval/Fractional Ownership (deeded)
SECTION 1.2 LISTINGS SUBJECT TO RULES AND REGULATIONS OF MLS: Any listing taken on a contract to be entered into with the MLS is subject to the Rules and Regulations of the MLS upon signature of the seller(s)/landlord(s).
SECTION 1.3 DETAIL ON LISTINGS ENTERED INTO WITH THE MLS: A Listing Agreement or Property Data Form, when entered into with the MLS by the listing broker, shall be completed in every detail which is ascertainable as specified on the Property Data Form. Listings must be entered into the MLS within three business days.
A primary photo must accompany a listing when entered into the MLS on all classes with the exception of the Land property class. A primary photo must be the front view of the property and cannot include any for sale/lease signs, agent or office logos, or any other form of contact information. If the participant or the employee of the participant has taken the photographs, the participant will own the copyright to the photographs. Unauthorized use of copyright material in the MLS is prohibited. Failure to comply with the above statements will result in an automatic $50.00 fine and possible deletion of the listing, except where sellers expressly direct that photographs of their property not appear in the MLS compilations. (Amended 8/2011)
SECTION 1.4 EXEMPTED LISTINGS: If the seller refuses to permit the listing to be disseminated by the MLS, the REALTOR may then take the listing as “office exclusive”. A copy of the Exclusive Right To Sell or Lease or Exclusive Agency Contract and the Addendum to The Exclusive Right To Sell/Lease or Exclusive Agency Contract must be signed by the seller/landlord and filed with the MLS Department within three business days. Submission of sold information for office exclusive listings is optional. (Amended 8/2011)
SECTION 1.5 EXEMPTION OF OWNERS NAME: If the seller/landlord wishes not to have his/her name published in the MLS, the Listing Agent must file a copy of the Exclusive Right To Sell/Lease or Exclusive Agency Contract with the MLS Department signed by both agent and seller. (Amended 8/2011)
SECTION 1.6 CHANGE OF STATUS OF LISTING: Any change in listed price, listing status or other change in the original listing/lease agreement shall be made only when authorized in writing by the seller and shall be entered into the MLS within three business days after the authorized change is received by the listing broker.
SECTION 1.7 WITHDRAWAL OF A LISTING PRIOR TO EXPIRATION: A listing may be withdrawn from the MLS by the listing broker before the expiration date of the listing agreement provided notice is filed with the listing office. Once mutual agreement is reached between the seller/landlord and the listing broker, listing should be withdrawn immediately.
Sellers/landlords do not have the unilateral right to require an MLS to withdraw a listing without the listing broker's concurrence. However, when a seller(s)/landlord(s) can document that his exclusive relationship with the listing broker has been terminated, the MLS may withdraw the listing at the request of the seller/landlord.
SECTION 1.8 CONTINGENCIES APPLICABLE TO LISTINGS: Any contingency or conditions of any term in a listing shall be made known to the Participants.
SECTION 1.9 LISTING PRICE SPECIFIED: The full gross listing price should be stated in the contract.
SECTION 1.10 LISTING MULTIPLE UNIT PROPERTIES: All properties which are to be sold/leased or which may be sold/leased separately must be indicated individually in the MLS and on the Property Data Form. When part of a listed property has been sold/leased, proper notification should be given to the MLS within three business days.
SECTION 1.11 NO CONTROL OF COMMISSION RATES OR FEES CHARGED BY PARTICIPANTS: The MLS shall not fix, control, recommend, suggest, or maintain commission rates or fees for MLS to be rendered by Participants. Further, the MLS shall not fix, control, recommend, suggest, or maintain the division of commissions or fees between cooperating Participants or between Participants and Non-Participants.
SECTION 1.12 EXPIRATION OF LISTINGS: Listings entered into the MLS will automatically expire on the expiration date. Extensions and renewals of listings must be signed by the seller(s)/landlord(s) and filed with the listing office.
SECTION 1.13 TERMINATION DATE ON LISTINGS: Listings entered into the MLS shall bear a definite and final termination date as negotiated between the listing broker and the seller/landlord.
SECTION 1.14 JURISDICTION: Only listings of the designated types of property located within the jurisdiction of the MLS are required to be entered into the MLS. Listings of property located outside the MLS’s jurisdiction will be accepted if submitted voluntarily by a Participant, but cannot be required by the MLS.
SECTION 1.15 LISTINGS OF SUSPENDED PARTICIPANTS: When a Participant of the MLS is suspended from the MLS for failing to abide by a membership duty (i.e. violation of the Code of Ethics, Association Bylaws, MLS Bylaws, MLS Rules and Regulations, or other membership obligation except failure to pay appropriate dues, fees, or charges), all listings currently entered into the MLS by the suspended Participant shall, at the MLS’s option, be retained in the MLS until sold, withdrawn or expired, and shall not be renewed or extended by the MLS beyond the termination date of the listing agreement in effect when the suspension became effective. If a Participant has been suspended from the Association (except where MLS participation without Association membership is permitted by law) or MLS (or both) for failure to pay appropriate dues, fees, or charges, an Association’s MLS is not obligated to provide MLS services, including continued inclusion of the suspended Participant’s listings in the MLS compilation of current listing information. Prior to any removal of a suspended Participant’s listings from the MLS, the suspended Participant should be advised in writing of the intended removal so that the suspended Participant may advise his/her clients.