Section 2.5 Reporting Sales to The Service:
Status changes, including final closing of sales
and sales prices, shall be reported to the multiple listing service by the listing/leasing
broker or auctioneer within 72 hours (excepting weekends,
holidays and postal holidays) after
they have occurred. If the negotiations were carried on under Section 2 a. or b.
hereof, the cooperating broker shall report accepted offers to the listing
broker within one (1) business day after occurrence and the listing broker
shall report them to the MLS within 72 hours (excepting weekends, holidays and postal holidays)
after receiving notice from the cooperating broker. (M)
Final closing of lease
transactions may be reported as Closed.
Note 1: The listing agreement of a property entered into
the MLS by the listing broker should include a provision expressly granting the
listing broker authority to advertise; to file the listing with the MLS; to
provide timely notice of status changes of the listing to the MLS; and to
provide sales information including selling price to the MLS upon sale of the
property. If deemed desirable by the MLS to publish sales information prior to
final closing (settlement) of a sales transaction, the listing agreement should
also include a provision expressly granting the listing broker the right to
authorize dissemination of this information by the MLS to its participants. (M)
Note 2: In
disclosure states, if the sale price of a listed property is recorded, the
reporting of the sale price may be required by the MLS.
In states where
the actual sale prices of completed transactions are not publicly accessible,
failure to report sale prices can result in disciplinary action only if the
sale price information as confidential and
2. limits use of sale price
information to participants and subscribers in providing real estate services,
including appraisals and other valuations, to customers and clients; and to
governmental bodies and third-party entities only as provided below.
The MLS may provide sale price information to governmental bodies only to be
used for statistical purposes (including use of aggregated data for purposes of
valuing property) and to confirm the accuracy of information submitted by
property owners or their representatives in connection with property valuation
challenges; and to third-party entities only to be used for academic research,
statistical analysis, or for providing services to participants and
subscribers. In any instance where a governmental body or third-party entity
makes sale price information provided by the MLS available other than as
provided for in this provision, a listing participant may request the sale
price information for a specific property be withheld from dissemination for
these purposes with written authorization from the seller, and withholding of
sale price information from those entities shall not be construed as a violation
of the requirement to report sale prices. (M)
Note 3: As established in the Virtual Office Website
(“VOW”) policy, sale prices can only be categorized as confidential in states
where the actual sale prices of completed transactions are not accessible from
Section 1.12 Service Area:
Only listings of the designated types of property located within[i] the Service Area of the MLS are required to be submitted to the Service. Listings of property located outside the above counties will be accepted if submitted voluntarily by a ...
Section 4.3 Solicitation of Listing Entered into the Service:
Participants shall not solicit a listing on property filed with the Service unless such solicitation is consistent with Article 16 of the REALTORSÒ Code of Ethics, its Standards of Practice, and its Case Interpretations. (M) This section is to be ...
Section 2.0.1 Bulk Sales
Bulk Sales are a single buyer purchase of multiple real estate parcels at the same time, as if they were one unit. a) Entering Bulk Sales: a. Take the Tax Value (TV) of one parcel. Divide by the Total Tax Value (TTV) of all parcels combined. ...
Section 5.0.1 Short Sales:
A “Short Sale” is a sale where: the Purchase Price is or may be insufficient to enable Seller to pay the costs of sale, which include but are not limited to the Seller’s closing costs and payment in full of all loans or debts secured by deeds of ...
Section 2.5.2 Reporting New Construction Where Lot is Sold First, Improvement Sold Later
Construction to Perm Financing: (Lot closes and bank loan pays builder to start & finish construction.) Do not enter lot as a separate sale(not a land listing). Where the buyer can choose the house plan, enter the listing the same day it goes under ...