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Rules FAQ

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MLS Rules & Regulations FAQ

When listing and selling property, it is to everyone’s benefit to work under a common and cooperative understanding. The MLSListings Rules and Regulations provide that commonality for participants and subscribers to ensure the integrity of the data, enable offers of compensation and foster broker cooperation.

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Rules Enforcement: Pending Listings in Wrong Status or Past COE

Summary: The Close of Escrow (COE) date must be current, managed and dependable as part of the obligations of agent and broker to a timely, accurate and cooperative MLS. Issue: Properties with a status listed as ‘Pending’ retain this status until the agent modifies it to some off-market conclusion. If an agent does not closely […]

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Photo Upload – “Seller Prefers No Photo”

MLSListings requires that a photo be added to every property listing entered on the MLS. However, there may be a rare time a Seller does not want a photo published or the use of a photo is not applicable, such as a business opportunity with no real estate assets. If this is the case the […]

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Withdrawn or Cancelled?

Withdrawn v. Cancelled Properly recording a change in status of a listing is a critical part of maintaining the integrity of the information in the MLS. A common mistake regarding a listing’s status is the use of the Withdrawn and Cancelled status. Each has a specific purpose, and applying them incorrectly can cause problems right […]

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What Is Unconfirmed Cooperating Broker Compensation (UCB)

Unconfirmed cooperating broker compensation (UCB) is used in probate, bankruptcy or estate sales. Under a court’s supervision in accordance with California law and the specific county’s “rules of the court”, the court confirmation process could provide for commissions to be paid to both the confirmed broker and the unconfirmed broker UCB is not used to […]

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What Is Dual or Variable Commission?

Dual / variable commission exists when a seller will pay a specified commission (x%) if sold by the listing broker without a cooperating broker and a different commission (y%) if a cooperating broker is used. Because of the advantage to the seller that uses the listing broker only, the existence of this dual or variable […]

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Real Estate Auctions

WHAT IS A REAL ESTATE AUCTION? A real estate auction can be an innovative and effective method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property including those that are nondistressed – through open, competitive bidding. All Auctions Are Not the Same The […]

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