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. (b) Vacant residential lots and acreage for sale or exchange. (c) Two-Family, three-family and four-family residential buildings for sale or exchange (multifamily) (d) Boat slips (e) Timeshares (f) Fractional ownership (g) Commercial Listings where the marketing date is utilized or where the seller has not authorized display until a later date must nevertheless be entered within the time frame above but the status would be “Coming Soon-No Showings”. Enter the Marketing Date as the “Start Showing Date.” 1. Coming Soon Status: Limited to 30 Days. 2. Nightly Processing: Each evening, the system will review all Coming Soon listings and automatically convert them to Active if the Start Date has been reached. 3. Early Active: Listing agents may make the listing go Active early by changing status to Active 4. Only New Listings, No Status Changes: Listings can only enter the Coming Soon status as new listings and cannot be changed from Active or any other status to Coming Soon. 5. DOM: Days on Market is not calculated on Coming Soon listings and DOM only starts when a listing becomes Active. 6. Prospecting and IDX: Coming Soon listings will not be included in prospecting matches or IDX. 7. RETS: The MLS will only make Coming Soon listings available in VOW and Firm Internal Use RETS feeds. Types of Properties: The following are some of the types of properties that may be published through the Service, including types described in that are required to be entered the Service and other types that may be entered the Service at the Participant's option provided, however, that any listing submitted is entered within the scope of the Participant’s licensure as a real estate broker or auctioneer: 1. Residential 2. Land/Acreage Site 3. Rental 4. Multi-family 5. Manufactured 6. Auction 7. Boat Slip 8. Commercial 9. Timeshare 10. Fractional Ownership 11. Bed and Breakfast Photos are Mandatory for Every Property Type Photos are mandatory for every property type and must be entered during the same time frames described in Section 1 “Listing Procedures”. The primary photo must be an exterior elevation shot of the property and flagged as the primary photo within the NCR MLS. An exterior elevation shot of a residential property must be a photo showing the front view of the home from the street. With multifamily properties, this should show a photo of the exterior of the actual unit NCRMLS R & R version 2017-05-11 3 for sale. A land listing may be an aerial view. Where the MLS number has more than one property listed (see Section 1.8 Listing Multiple Unit Properties), the first photo must be one of the actual properties shown. The requirements of this paragraph shall not apply where a seller expressly directs that photographs of their property not appear in MLS compilations, provided the MLS Participant shall furnish a copy of the seller’s request to the Service. The Service incorporates Exhibit 3 “A Guideline for MLS Photos” attached to these Rules and Regulations. No photo or virtual tour entered into or linked to or from the service shall display: • any for sale or for lease sign; • no text except the specific allowances noted below • any information that identifies the agent or the company; • any business card images or the like; • no picture within the picture; etc. The photo may display only physical characteristics of the subject property and its immediate vicinity; it may not include any link to any location on the web. Specific marking on photos submitted into the property type "Land" may include text and symbols for clarification limited to "arrows", "lot lines", and/or "Dimensions. The MLS Staff is authorized to remove any photo or virtual tour from the MLS that is not in compliance with these rules. Note 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: may reserve the right to refuse to accept a listing form which fails to adequately protect the interests of the public and the participants 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: l exclusive right-to-sell l open l exclusive agency l 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 NCRMLS R & R version 2017-05-11 4 codes or symbols are used to denote exclusive agency and exclusive right-to-sell listings with prospect reservations. Note 2: 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. Note 3: The Service accepts exclusively listed property that is subject to auction. Section 1.1 Listings Subject to Rules And Regulations of The Service: Any listing taken on a contract to be entered into Service is subject to the Rules and Regulations of the Service upon the signature of the seller(s). Section 1.2 Detail on Listings Entered into The Service: A property data form, when entered into the Service computer by the listing broker, shall be complete in every detail which is ascertainable as specified on the property data form. Incorporated into these Rules are the definitions for data fields attached as Exhibit 7. Listing Entered For Comp Purposes Only: When entering data for a “comp purposes only” sold listing, all the data compliance rules apply. Choose “A Non-Member” for the listing agent (The system will require you to use yourself as the listing agent when entering a comparable only sale, after all of the information is entered and saved, you must change this to “A non-member”).