Handbook on Multiple Listing Policy
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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 -
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. -
Application for Realtor® Membership
APPLICATION FOR REALTOR® MEMBERSHIP To the Carroll County Association of REALTORS® Inc., I hereby apply for REALTOR® Membership in the above named Board and am enclosing my check in the amount of $______________ which includes my Application Fee (if applicable) and 2021 Dues which are PAYABLE to the Carroll County Association of REALTORS®, Inc. or CCR My application fee and 2021 dues will be returned to me in the event of non-election. In the event of my election, I agree to abide by the Code of Ethics of the National Association of REALTORS®, which includes the duty to arbitrate, and the Constitution, Bylaws and Rules and Regulations of the above named Board, the State Association and the National Association, and if required, I further agree to satisfactorily complete a reasonable and non- discriminatory written examination on such Code, Constitutions, Bylaws and Rules and Regulations. I understand membership brings certain privileges and obligations that require compliance. Membership is final only upon approval by the Board of Directors and may be revoked should completion of requirements, such as orientation, not be completed within timeframe established in the association’s bylaws. I understand that I will be required to complete periodic Code of Ethics training as specified in the association’s bylaws as a continued condition of membership. NOTE: Applicant acknowledges that if accepted as a member and he/she subsequently resigns from the Board or otherwise causes membership to terminate with an ethics complaint pending, the Board of Directors may condition renewal of membership upon applicant’s certification that he/she will submit to the pending ethics proceeding and will abide by the decision of the hearing panel. -
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, -
Real Estate Commission N E W S L E T T E R
PENNSYLVANIA REAL ESTATE COMMISSION N E W S L E T T E R WINTER 2007-08 INSIDE: Chairman’s Message 2 COMMONWEALTH Application Recommendations 3 OF PENNSYLVANIA Profile of New Board Members Edward G. Rendell 4 Governor New Licensees 5 Pedro A. Cortés Renewal Responsibilities Secretary of the Commonwealth 6 Basil L. Merenda Broker Price Opinion Commissioner, 7 Bureau of Professional and Renewal Reminders Occupational Affairs 8 Charging Unit Celebrates Mark Vessella One-Year Anniversary Deputy Commissioner, 10 Bureau of Professional and State Emergency Registry Occupational Affairs of Volunteers in PA 11 For more information, visit us at Civil Penalty Schedule www.state.pa.us 12 or visit the Consumer Notice Changes Department of State directly at 15 www.dos.state.pa.us Legal Office Report 16 Board telephone: (717) 783-4866 Education Q&A E-mail: [email protected] 18 www.dos.state.pa.us/estate Disciplinary Actions 21 Governor’s Newsletter Sign up now at www.governor.state.pa.us to receive the weekly e-newsletter from Governor Rendell on important issues facing Pennsylvania. 2 Message from the Chairman by Joseph J. McGettigan, Sr. One of the most frequently asked questions misrepresentations. Table 5 on page 20 provides of a real estate commissioner concerns the a list of violations, based on the initial complaints, number of complaints the commission receives for which the commission imposed a disciplinary and how many disciplinary actions it orders. sanction. (Note that the number of violations in the The answer is a lot. TheLegal Office Report table exceeded the number of disciplinary sanctions beginning on page 16 reflects the complaint and actually taken because multiple complaints disciplinary action information that was provided contained multiple violations.) to the commission by the legal office at its June 2007 meeting. -
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. -
Residential Real Estate Conveyancing
BEST PRACTICE MANUAL Residential Real Estate Conveyancing The material is this manual is for illustration purposes only and is not to be copied or shared. Some of the information is compiled from the following sources: Continuing Legal Education Society Law Society of British Columbia of British Columbia Practical Legal Training Course Conveyancing Deskbook Real Estate Practice Manual The Society strongly recommends that its members subscribe to the CLE course materials noted above. ENCOURAGING BEST PRACTICE FOR BC NOTARIES 1 April 2009 Index RESIDENTIAL REAL Estate CONVEYANCING ................................................... 4 Introduction ..................................................................................................................4 Relying on Staff.............................................................................................................5 Talking to your Client .....................................................................................................5 Taking Instructions ........................................................................................................6 Scope of the Retainer ...................................................................................................7 Multiple Clients .............................................................................................................8 Consent/Conflict of Interest ..........................................................................................8 Independent Legal Advice ..........................................................................................11 -
Application for Designated REALTORS® / Appraiser Membership Date: ______
tt 1105 Cross Prairie Parkway • Kissimmee, FL 34744 • (407) 846-0117 • fax (407) 846-0217 www.osceolarealtors.org • e-mail: [email protected] Application for Designated REALTORS® / Appraiser Membership Date: __________________ ❑ Primary Deginated REALTORS® ❑ Secondary Designated REALTORS® Designated REALTORS® Information: License number BK: _______________ First Name: ______________________________ Last Name: ___________________________ Nickname: _____________________ (as shown on DBPR License ) Birth Date (mm/dd/yy): _______/____/______ Place of birth: __________________ Nationality: __________________ ❑ Male ❑ Female Languages Spoken other than English: ___________________________ ❑ Cell Phone: ___________________________________❑ E-mail: _____________________________________________ (Indicate Phone number and e-mail address as your Agent Direct contact on Stellar MLS ) Home Address: _______________________________________________________________________________________ City: ___________________________ State: ____________________ Zip code: _____________________ Preferred Communication: ❑ Email ❑ Mail May we send you text messages? ❑ Yes ❑ No Real Estate Specialty: ❑ Residential ❑ Commercial ❑ Appraisal ❑ Property Management (Principal Members Only) Office License number CQ # ____________________________________ Is this firm a: ❑ Main Office ❑ Sole Proprietor ❑ DBA ❑ Partnership ❑ Branch Office ❑ Corporation Office Name: _______________________________________________ Office NRDS:_______________________ Office Address: -
Updated Requirements for Pre-Foreclosure Sales (PFS) and Deeds in Lieu (DIL) of Foreclosure
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER July 10, 2014 Mortgagee Letter 2014-15 To All FHA-Approved Mortgagees Servicing Single Family Mortgages Subject Updated Requirements for Pre-Foreclosure Sales (PFS) and Deeds in Lieu (DIL) of Foreclosure Purpose This Mortgagee Letter sets forth the Department’s policies on Pre-Foreclosure Sales and Deed In Lieu transactions. This Mortgagee Letter also describes: Requirements for real estate agents and brokers participating in PFS transactions; An initial listing period requirement for PFS transactions; Updated sample language for the PFS Addendum; Documentation requirements for verifying assets, income, and expenses; Use of the Deficit Income Test (DIT); The elimination of the financial hardship/deficit income PFS requirement for a servicemember who has received Permanent Change of Station (PCS) Orders; Validation requirements for appraisals; The criteria under which the Department will permit non-arms-length PFS transactions; and The minimum marketing period for all PFS transactions. Effective Date Mortgagees must implement the requirements in this Mortgagee Letter for all new Approvals to Participate (ATPs) no later than October 1, 2014. Affected Policy This Mortgagee Letter supersedes in its entirety Mortgagee Letter 2013-23, Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure Requirements, published on July 9, 2013. The policies set forth in this Mortgagee Letter also supersede, where in conflict, Mortgagee Letters 2013- 34, 2008-43, 2002-13, and 2000-05. All other requirements of Mortgagee Letters 2008-43, 2002-13, and 2000-05 remain in effect. Priority Order If none of FHA’s loss mitigation home retention options are available or of PFS and DIL appropriate, the mortgagee must evaluate the borrower for a non-home retention option. -
Flat Fee / Limited Service Disclosure / Limitation Of
FLAT FEE / LIMITED SERVICE DISCLOSURE / LIMITATION OF LIABILITY Flat Fee Discount Realty, Real Estate Brokerage is offering a Limited Service Listing, the following services will/will not be provided: *Comparative Market Analysis (CMA) will be provided upon request. *Your property will be listed in the Multiple Listing Service (MLS) with an Exclusive Right to Sell Listing Agreement. The MLS will not allow multiple Brokers to post the same property in the MLS at the same time. You will be exclusively listed with us. *Cooperating Brokers (Realtors) have permission and authority to make appointments and ask questions directly with you. Your private contact information will be posted in the MLS for only Realtors to view using their password. Once your property is posted in the MLS system, that data automatically downloads into other Realty websites including Realtor.com. How the information is ultimately posted on other websites is beyond our control. Realtor.com (& other Real Estate websites) sell zip codes to local Buyer Representatives (Realtors) in your area, so Buyer inquiries will go directly to that Realtor. The MLS guidelines prohibit private information from being posted on their website (MLS). If a Buyer is interested in your property, the Buyer will contact their Realtor so the Realtor can use their password to look up your private contact information in the MLS. Our ultimate goal is to have Realtors help bring you a qualified Buyer. *You name the price, terms and commission; you advertise and show yourself. Obtain your own buyer and pay no selling commission. * Flat Fee Discount Realty is available to accept delivery of Offers to Purchase your property, submit Counteroffers, provide a Seller’s Closing Cost Estimate and answer any questions relating to Real Estate transactions that are presented by a Buyer’s Realtor (Selling Broker) upon request. -
Mls Glossary of Terms
MLS GLOSSARY OF TERMS A Acceptance - The time at which an offer to purchase is accepted. The fact that it was accepted must be relayed to the person that made an offer for all parties to be bound to the contract. Acres - The total number of acres of the property. Acres Cultivated – (of land or fields) Prepared for raising crops by plowing or fertilizing. Acres Pasture – This type of land is typically used by animals. Acres Timber – Trees or wooded land considered as a source of wood. Ad Valorem Tax – Charged by local government, this tax is based on the value of the property, as determined by the local government authorities. Additional Deposit – A buyer of real property will generally give a small deposit with an offer, and a more substantial deposit after the offer has been accepted. The second deposit is the "additional deposit." Additional Public Remarks – "The additional remarks shall not include any contact information i.e. agent, broker, company, bonuses, commission, URL information, affiliated businesses and owner name, phone numbers, however this information may be entered in the Realtor Remarks field". Adjustable Rate Mortgage (ARM) - A mortgage whose interest rate over the life of the loan is not necessarily the same as the original interest rate at the loan inception. Rate changes may go up or down and are usually tied to an economic indicator and a time. The person getting the mortgage should check to see if these fluctuations have a cap, and make sure they are comfortable with whatever that cap is. Some ARMS are convertible to a fixed interest rate after a period.