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)
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 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
MLS:
1. categorizes
sale price information as confidential and
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
public records.(M)
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