Listing Procedures | Section 1

Section 1 Listing Procedures:

Listings 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 Service Area* of the multiple listing service, and are taken by participants on exclusive right to sell contract or exclusive agency forms shall be delivered within 72 hours (excepting weekends, holidays and postal holidays) after all necessary signatures of seller(s) have been obtained.(M)

(a)  Single family homes for sale or exchange.(M)

(b)  Vacant lots and acreage for sale or exchange.(M)

(c)  Two-Family, three-family and four-family residential buildings for sale or exchange(M) (multifamily)

(d)  Boat slips

(e)  Timeshares

(f)   Fractional ownership

(g)  Commercial**

*The Service Area of the MLS is defined in Section 1.12
**Commercial listings entered into North Carolina Commercial MLS are exempt from entry in the NCRMLS

In addition, listings of property located outside these counties may be submitted voluntarily by a participant, but are not required by the service, provided that they are entered into the MLS within 72 hours (excepting weekends, holidays and postal holidays) after all necessary signatures of seller has been obtained.[1]

[1] The Service 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 service, although a property data form may be required as approved by the Service. However, the Service, through its legal counsel:
  1. may reserve the right to refuse to accept a listing form which fails to adequately protect the interests of the public and the participants
  2. assure that no listing form entered into the Service establishes, directly or indirectly, any contractual relationship between the Service and the client (buyer or seller). 
The Service shall accept exclusive right-to-sell listing contracts and exclusive agency listing contracts and may accept other forms of agreement which make it possible for the listing broker to offer compensation to the other participants of the Service acting as subagents, buyer agents, or both.  The listing agreement must include the seller’s written authorization to submit the agreement to the Service.   The different types of listing agreements include: Ÿ exclusive right-to-sell; Ÿ open; Ÿ exclusive agency; Ÿ net

*The service may not accept net listings because they are deemed unethical and, in most states, illegal. Open listings are not accepted except where 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 listing is the conventional form of listing submitted to the Service in that the seller 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 the general right to sell the property on an unlimited or restrictive basis. Exclusive agency listings and exclusive right-to-sell listings with named prospects exempted should be clearly distinguished by a simple designation such as a code or symbol from exclusive right-to-sell 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 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 listings with prospect reservations. (M)

* The Service does not regulate the type of listings its members may take. This does not mean that the Service must accept every type of listing. The Service shall decline to accept open listings (except where acceptance is required by law) and net listings, and it may limit its service 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 Service. (M)

*The Service accepts exclusive listed property that is subject to auction

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