Mls Glossary of Terms
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
The Lending Landscape in the United States Is Rapidly Changing
What's the risk of a 46 million-visitor overlap in monthly website traffic between the top 50 U.S. lenders and Zillow-like platforms? What Would Happen If Zillow Converted 5% of Your Bank's Website Traffic? In recent years, mortgage lenders have lost more and more of their audiences to Zillow, Trulia, Redfin, Realtor.com, & others, resulting in significant harm to their businesses. Read on to learn how this trend could affect the lending space, and what lenders must do to reverse it. The lending landscape in the United States is rapidly changing. Companies like Zillow are announcing their entry into mortgage lending, creating a significant business-loss scenario for banks and credit unions across the U.S. In this report, we investigate how top-50 lenders are losing their website audiences — potential homebuyers — to platforms like Zillow, Trulia, Redfin, and Realtor.com. The traffic overlap between lender websites and real estate platforms is 46 million visitors. If just 5% of these visitors in common converted with platforms like Zillow, U.S. banks would face hundreds of billions of dollars in lost business. But not all is lost: banks that have adopted digital home discovery and mortgage experience technologies have seen their overlap with Zillow- like platforms decrease, reducing business losses. INTRODUCTION OVERVIEW NestReady examined the top 50 US-based mortgage lenders to measure the impact of increasing competition from real estate marketplace platforms like Trulia, Zillow, Redfin, and Realtor.com. The goal of this study was to determine the extent to which lenders' online audiences overlap with top real estate portals. -
00030-147377.Pdf (249.74
America’s MLSs are Making the Market Work™ On April 5, 2018, the Federal Trade Commission (FTC) and Department of Justice (DOJ) announced they would hold a joint workshop on June 5, 2018, to “explore competition issues in the residential real estate brokerage industry. As part of the workshop, the FTC and DOJ are seeking public comment.” The Council of Multiple Listing Services (CMLS) provides this paper as input to the FTC, DOJ, and interested industry participants about the critical pro-competitive role of Multiple Listing Services (MLSs) in the American residential real estate industry. 2017 CMLS | Copyright 2018 CMLS | Edition 1 CMLS | Data and Choices Breed Competition Table of Contents MLSs play a critical pro-competitive role ................................................................................... 1 MLSs are critical conduits, offering an array of choices to access listing data content ........... 2 Consumers have unprecedented access to listing content, thanks in part to MLSs ............... 2 The industry is embracing standards without regulatory pressure ......................................... 3 Listing data content represents valuable intellectual property of brokers and others ............... 4 Broker and seller choice is critical to protect data content, listing brokers, and sellers ............. 4 MLSs support seller and listing broker decision-making about distribution ........................... 4 Independent broker and seller decision-making is pro-competitive ...................................... 5 Past -
YOUR RIGHTS AS a HOMEBUYER OR SELLER Your Rights As a Homebuyer Or Seller
Wisconsin REALTORS® Association YOUR RIGHTS AS A HOMEBUYER OR SELLER Your Rights as a Homebuyer or Seller Congrats on your decision to pursue homeownership! Buying or selling a home is an important life event that requires many important decisions. This booklet explains the services you may expect from a licensed real estate agent and the duties these professionals owe to you under the law. Wisconsin law provides strong protections for all real estate consumers. For more real estate information designed for you, the consumer, visit the WRA’s Downloadable Consumer Brochure page online at www.wra.org/dcb. What’s a real estate agent? that the buyer has the insurance binder and a certified check for A real estate agent is a professional licensed by the state of payment. Wisconsin to help you buy or sell your home. The agent’s job Not all real estate licensees provide the same services, nor do is to bring buyers and sellers together and help them reach an they charge the same fees. To ensure that you are getting the agreement. An agent also provides other services. best value for your money, ask the real estate agents in your community what services they provide, what they charge, and what A real estate agent may assist both parties in negotiating the additional services are recommended or are necessary to complete purchase contract and in filling out certain legal contract forms. the transaction. It is always recommended that you consider the Forms such as the offer to purchase and counter-offer are typically services of an experienced real estate attorney as early in the used during a real estate transaction. -
North Carolina Regional Multiple Listing Service
NORTH CAROLINA REGIO NAL MULTIPLE LISTING SERVICE, LLC Rules and Regulations Approved 12-11-15 Revisions per NAR 1-15-16 Approved revisions 5-26-2016 Approved revisions 1-16-2017 Approved revisions 3-23-2017 Approved revisions 5-11-2017 Table of Contents Listing Procedures 2 Showings & Negotiations 10 Refusal to Sell 13 Information for Participants Only 13 Cooperative Compensation Must be Specified 13 Service Fees and Charges 16 Compliance with the Rules 17 Consideration of Alleged Violations 18 Confidentiality of the Information 19 Listing Content Compilation Use 19 Distribution Control 20 Limitation on Use 22 Changes to the Rules 22 Orientation 22 Definition of Usage 23 Exhibit 1 – Mobile and Manufactured Homes 29 Exhibit 2 - Data Compliance Assurance Policy 34 Exhibit 3 – Guidelines for MLS Photos 37 Exhibit 4 – Internet Data Exchange 38 Exhibit 5 – Certification by Seller to Withhold Listing from MLS 44 Exhibit 6 – Residential Square Footage Guidelines 45 Exhibit 7 – Definitions 61 RULES AND REGULATIONS NORTH CAROLINA REGIONAL MLS, LLC NCRMLS R & R version 2017-05-11 2 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, located within the counties of Beaufort, Brunswick, Bladen, Carteret, Columbus, Craven, Duplin, Edgecombe, Horry, Jones, Lenoir, Nash, New Hanover, Onslow, Pamlico, Pender, Pitt, Robeson, Sampson and Wilson counties taken by Participants on exclusive right to sell contract or exclusive agency forms shall be entered into North Carolina Regional MLS’s (“Service”) computer within three business days after all necessary signatures of seller(s)/ landlord(s)/lessor(s)’s (“seller”) has been obtained including a photo of the main view of property when mandatory, or where the property is located outside of NC, it must be entered within three (3) business days from the receipt of the seller’s written authorization: (a) Single family homes for sale or exchange. -
The Real Estate Marketplace Glossary: How to Talk the Talk
Federal Trade Commission ftc.gov The Real Estate Marketplace Glossary: How to Talk the Talk Buying a home can be exciting. It also can be somewhat daunting, even if you’ve done it before. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walk-throughs, settlement sheets, escrow accounts, recording fees, insurance, taxes...the list goes on. No doubt you will hear and see words and terms you’ve never heard before. Just what do they all mean? The Federal Trade Commission, the agency that promotes competition and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real estate and mortgage marketplace. A Annual Percentage Rate (APR): The cost of Appraisal: A professional analysis used a loan or other financing as an annual rate. to estimate the value of the property. This The APR includes the interest rate, points, includes examples of sales of similar prop- broker fees and certain other credit charges erties. a borrower is required to pay. Appraiser: A professional who conducts an Annuity: An amount paid yearly or at other analysis of the property, including examples regular intervals, often at a guaranteed of sales of similar properties in order to de- minimum amount. Also, a type of insurance velop an estimate of the value of the prop- policy in which the policy holder makes erty. The analysis is called an “appraisal.” payments for a fixed period or until a stated age, and then receives annuity payments Appreciation: An increase in the market from the insurance company. -
Burlingame | Rent Control Initiative Language
THE PEOPLE OF THE CITY OF BURLINGAME ORDAIN AS FOLLOWS: THE BURLINGAME COMMUNITY PROTECTION ORDINANCE Title 20, Chapter 20.04 20.04.010 Title and Purpose 20.04.020 Findings 20.04.030 Definitions 20.04.040 Exemptions 20.04.050 Additional Homeowner Protections 20.04.060 Just Cause for Eviction Protections 20.04.070 Stabilization ofRents 20.04.080 Rent Increases Pursuant to Annual General Adjustment 20.04.090 Initial Rents for New Tenancies 20.04.100 Rental Housing Commission 20.04.110 Petitions for Individual Rent Adjustment -- Bases 20.04.1 20 Petitions for Individual Rent Adjustment -- Procedures 20.04.130 Judicial Review 20.04.140 Non-waivability 20.04.150 Remedies 20.04.1 60 Injunctive and Other Civil Relief 20.04.170 Partial Invalidity 20.04.180 "Measure T" Repealed 20.04.190 Codification 20.04.200 Majority Approval, Effective Date, Execution 20.04.010 TITLE AND PURPOSE This Ordinance shall be known as the Burlingame Community Protection Ordinance. The purpose of this Ordinance is to promote neighborhood and community stability, healthy housing, and affordability for renters in the City of Burlingame by controlling excessive rent increases and arbitrary evictions to the greatest extent allowable under California law, while ensuring Landlords a fair and reasonable return on their investment, and gLiaranteeing fair protections for renters, homeowners, and businesses. As such, it is the purpose of this Ordinance to repeal Municipal Ordinance 1356, also known as "Measure T," which otherwise limits the City's ability to provide meaningful protections for its residents. 20.04.020 FINDINGS The People ofBurlingame find and declare as fo llows: (a) There is a shortage of decent, safe, affordable. -
Bright MLS Rules & Regulations
RULES AND REGULATIONS Adopted by the Bright MLS Board of Directors, March 2017 Amended by the Bright MLS Board of Directors, April 2018, December 2018, June 2019, September 2019, October 2019 Approved by the National Association of REALTORS®, February 2017, September 2019 CONTENTS PURPOSE ............................................................................................................................................. 1 DEFINITIONS ........................................................................................................................................ 1 STATUS DEFINITIONS ......................................................................................................................... 6 PROPERTY TYPES .............................................................................................................................. 7 LISTING PROCEDURES ...................................................................................................................... 8 Section 1. Listing Procedures ............................................................................................................. 8 Section 1.1 Listings Subject to Rules and Regulations of Bright MLS ................................................. 9 Section 1.2 Detail on Listings Submitted to Bright MLS ....................................................................... 9 Section 1.2.1 Limited Service Listings ................................................................................................. 9 Section 1.2.2 MLS Entry -
Flow of Real Estate Transactions (In the Case of an Individual Purchasing a Home)
Flow of Real Estate Transactions (in the case of an individual purchasing a home) Real estate transactions can be broadly divided into those conducted for self-use purposes (actual demand) and those for earning purposes (investment). Here is the flow of real estate transactions summarized as a flowchart, assuming the case of an individual purchasing a home, as an example of actual demand. Flow of Real Estate Transactions (in the case of an individual purchasing a home) ●●●Property for Sale by Owner/Builder and Property for Sale by Broker ●●● The form of selling homes can be broadly divided into properties for sale by owner/builder and properties for sale by broker. The flow of purchase differs depending on this. (1) Property for sale by owner/builder A property purchased directly from the real estate company that is the seller. (There are also cases of purchase via a real estate company entrusted by the seller to act as a sales agent.) In general, newly-constructed condominiums and large groups of newly-constructed detached homes are properties for sale by owner/builder. (2) Property for sale by broker A property purchased through a real estate company acting as broker at the request of the seller. In general, small groups of newly-constructed detached homes and existing properties are properties for sale by broker. Brokerage fees payable to the real estate company may arise in the case of properties for sale by broker. ◆◆◆Property for Sale by Owner/Builder (in the case the seller is a real estate company) Planning by seller (real estate -
Commercial Vs Residential Transactions the Complexities & Needed Due Diligence
A Division of American Surveying & Mapping, Inc. Commercial vs Residential Transactions The Complexities & Needed Due Diligence National Marketing Director Service Provider to the David Herrin, Fidelity National Title Group Cindy Jared, SVP, Major Accounts Family of Companies Thank You Thank You • Thank you to ALTA and to Fidelity National Title Group for sponsorship of this Webinar and the opportunity to present to ALTA members • My name is David Herrin the National Marketing Director of National Due Diligence Services (NDDS) • NDDS is a Division of American Surveying & Mapping, Inc. • We are a national land surveying and professional due diligence firm • Established in 1992 with over 25 years of service • One of the nation's largest, private sector, survey firms • Staff of 150 dedicated & experienced professionals ® 2 Commercial vs Residential Transactions • Residential Transactions – Systematic and Regulated • Commercial Transaction – Complexities • Commercial - Due Diligence Phase – ALTA Survey – Related Title Endorsements • Other Commercial Due Diligence Needs – Environmental Site Assessments – Property Condition Assessments, – Seismic Risk Assessments (PML) – Zoning ® 3 Subject Matter Expert Speakers may include: David Herrin, National Marketing Director, NDDS Mr. Herrin offers over 35 years real estate experience including 10 years as a Georgia licensed Real Estate Broker (prior GRS & CCIM designates), regional manager for a national title insurance company & qualified MCLE instructor in multiple states. Brett Moscovitz, President, -
Triad Multiple Listing Service, Inc. Rules and Regulations
TRIAD MULTIPLE LISTING SERVICE, INC. RULES AND REGULATIONS Adopted October 1994 Amended and approved, NAR: November 1995 November 2007 March 1996 March 2010 June 1997 October 2010 July 1998 September 2011 June 1999 September 2013 June 2000 September 2015 February 2002 October 2016 September 2002 May 2004 October 2006 LISTING PROCEDURES Section 1 LISTING PROCEDURES: Listings of real property of the mandatory types listed below, which are listed subject to a real estate broker's license and are located within the territorial jurisdiction of the Multiple Listing Services, and are taken by Participants* must be submitted to the Triad Multiple Listing Service, Inc., hereinafter called the "Service" or "MLS," by entry into the on-line system and noticed to all Participants within five (5) business days of the effective/marketing date shown on the listing agreement if the property tax information is available in the on-line system and within ten (10) business days if the property tax information is not available in the on-line system. The listing agreement must include the seller's authorization to submit the agreement to the Service. The Service shall accept exclusive right to sell listing contracts, exclusive right to sell with prospect reservations (exclusive right to sell listings with named prospects exempted), exclusive agency listing contracts, and may accept other forms of agreement which make it possible for the listing broker to offer cooperation and compensation to the other participants of the Service acting as subagents, buyer agents, or both. Exclusive agency listings and exclusive right to sell listings (with or without reservations) must be noticed to all Participants in the on-line system by the following method in the Listing Type field by entering: ERS=exclusive right to sell, ERR=exclusive right to sell with reservations, EA=exclusive agency, AP=auction property, LS=limited service (as defined in Section 1.2.1). -
Contiguous Residential Land FAQ
Contiguous Residential Land FAQ What is the difference between Vacant Land and contiguous Residential Land? Vacant Land is any parcel of land that does not have a building or residence built on it (unimproved) as of the Assessment Date- January, 1st each year. Vacant Land is Assessed at 29% of its Actual Value. Contiguous Residential Land is also unimproved but is contiguous to a residentially improved parcel. Residential Land is Assessed at the Residential rate of 7.15% of its Actual Value. How does land qualify as contiguous Residential Land? For Vacant Land to be classified as Residential Land, it needs to have a residential dwelling on it, or it must meet all three of the following criteria, as established by law; 1. The Vacant Land parcel must be contiguous with the Residentially improved parcel. 2. Both parcels must be under common ownership (identical). 3. Both parcels must be used as a unit. What does “contiguous” mean? For property classification and taxation purposes, “contiguous” means parcels of land that physically touch one another. This meaning was affirmed in Mooks v. Board of County Commissioners, 2020 CO 12, by the Colorado Supreme Court. What does “common ownership” mean? Simply put, “common ownership” means that both the residentially improved parcel and the contiguous vacant land parcel must have identical ownership, established by the County’s recorded documents. This meaning was affirmed in Lannie v. Board of County Commissioners, 2020 COA 77, by the Colorado Court of Appeals. What does “used as a unit” mean? In Hogan v. Board of County Commissioners, 2020 CO 12, the Colorado Supreme Court stated, “that a landowner must use multiple parcels of land together as a collective unit of residential property to satisfy the ‘used as a unit’ requirement.” Put another way, all contiguous properties must be used residentially and as though they are a greater, single parcel of land. -
Unrepresented Buyer Acknowledgement
UNREPRESENTED BUYER ACKNOWLEDGEMENT This Unrepresented Buyer Acknowledgement (the “Acknowledgement”) is made by ____________________________________________________________________________ (“Buyer”) regarding the property located at _________________________________________________________ ______________________________________________________________________ (the “Property”). Redfin Corporation (“Redfin”) represents the seller of the Property. 1. BUYER IS UNREPRESENTED. Buyer is not currently represented by, or otherwise working with, a real estate agent. 2. REDFIN REPRESENTS SELLER ONLY, NOT BUYER. Redfin does not represent Buyer or Buyer’s interests. Redfin solely represents the interests of the seller of the Property. 3. NO AGENCY RELATIONSHIP WITH REDFIN. There is no agency relationship between Buyer and Redfin. In the course of representing the seller of the Property, Redfin may perform several real estate activities including, without limitation, the following: ● Answer questions about the Property; ● Hold open houses of the Property; ● Conduct tours of the Property; and ● Transcribe a prospective buyer’s offer terms into contract form (although Buyer agrees it remains Buyer’s sole responsibility to review, complete, understand, and sign such contracts). Neither those activities nor this Acknowledgement create an agency relationship between Buyer and Redfin. If, at a later date, Buyer would like to be represented by a Redfin agent in Buyer’s efforts to purchase this Property or a different property, then Buyer will enter an agency agreement with Redfin at that time. Unless and until Buyer enters an agency agreement with Redfin, Buyer understands and agrees that Redfin does not represent Buyer’s interests in the purchase of this Property or any other property. 4. OPPORTUNITY TO CONSULT WITH AGENT. Buyer understands that real estate transactions are complex and that real estate agents can provide valuable services in guiding their clients through the real estate transaction process.