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.
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 [...]
MLSListings requires that a photo be added to every residential property listing for sale on the MLS. However, there may be a rare time a Seller does not want a photo published. If this is the case the MLS provides an “opt-out” form and placeholder image to use and satisfy the requirement. First is to [...]
Withdrawn v. Cancelled Properly recording a change in status of a listing is a critical part of maintaining the integrity of the information in the MLS. A common mistake regarding a listing’s status is the use of the Withdrawn and Cancelled status.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 [...]
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 [...]
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 [...]
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 [...]
Expressing Cooperating Compensation in Short Sales and Use of Negotiators/Facilitators The MLS requires that listing brokers offer a unilateral, unconditional offer of compensation for properties listed on the service. There is an MLS Rules exception to the “no conditional offer” rule which pertains to a lender’s reduction of the overall gross commission as a condition [...]
