New MLS Policy on Listings

MLS Adopts Policy on Limited Service Listings and MLS Entry-Only Listings

In February, the CBR Board of Directors approved the following language be added to the MLS Rules and Regulations.  This language comes from NAR and was recommended for adoption by the MLS Committee.  The Policy will be effective as soon as the necessary programming is developed by MarketLinx and added to CBR Tempo.

 

SECTION 1.2.1 LIMITED SERVICE LISTINGS:  Listing agreements under which the listing broker will not provide one, or more, of the following services:

(a)  arrange appointments for cooperating brokers to show listed property to potential purchasers but instead gives cooperating brokers authority to make such appointments directly with the seller(s)

(b)  accept and present to the seller(s) offers to purchase procured by cooperating brokers but instead gives cooperating brokers authority to present offers to purchase directly to the seller(s)

(c)  advise the seller(s) as to the merits of offers to purchase

(d)  assist the seller(s) in developing, communicating, or presenting counter-offers, or

(e)  participate on the seller(s) behalf in negotiations leading to the sale of the listed property

 

will be identified with an appropriate code or symbol (e.g., “LR” or “LS”) in MLS compilations so potential cooperating brokers will be aware of the extent of the services the listing broker will provide to the seller(s), and any potential for cooperating brokers being asked to provide some or all of these services to listing brokers’ clients, prior to initiating efforts to show or sell the property.

 

SECTION 1.2.2 MLS ENTRY-ONLY LISTINGS:  Listing agreements under which the listing broker will not provide any of the following services:

 

(a)  arrange appointments for cooperating brokers to show listed property to potential purchasers but instead gives cooperating brokers authority to make such appointments directly with the seller(s)

(b)  accept and present to the seller(s) offers to purchase procured by cooperating brokers but instead gives cooperating brokers authority to present offers to purchase directly to the seller(s)

(c)  advise the seller(s) as to the merits of offers to purchase

(d)  assist the seller(s) in developing, communicating, or presenting counter-offers, or

(e)  participate on the seller(s) behalf in negotiations leading to the sale of the listed property

 

will be identified with an appropriate code or symbol (e.g. “EO”) in MLS compilations so potential cooperating brokers will be aware of the extent of the services the listing broker will provide to the seller(s), and any potential for cooperating brokers being asked to provide some or all of these services to listing brokers’ clients, prior to initiating efforts to show or sell the property.

 

Further, each of these selected codes will require either a “yes or no” answer for all listings, appear on agent reports and be used to identify the following types of properties:

                    ERS     (Exclusive Right to Sell)     Y or N

                    EA       (Exclusive Agency)            Y or N

                    LR        (Limited Representation)    Y or N

                    EO       (MLS Entry-Only)              Y or N