Common use of Exempt Listings Clause in Contracts

Exempt Listings. If a property owner refuses to permit a Property Data Sheet to be submitted to the Association for a listing for which a Property Data Sheet is otherwise required to be delivered hereunder, nothing shall preclude the Participant from taking such a listing (an "office exclusive"). Such a listing shall constitute an exempt listing. By the next business day, after all necessary signatures of the seller(s) to an exempt listing have been obtained, the Participant shall deliver a written “MLS Exempt Listing Form (“office exclusive”)” (in the form provided by the Association) to the Association signed by the seller(s), listing broker and the Participant completely describing the property and specifying that the listing information is not to be disseminated by the Association and that no Property Data Sheet is to be submitted with respect thereto. If a property owner requests an exempt listing, the property shall not be entered into the MLS for at least 90 days after the submission of the MLS Exempt Listing Form to the Association. If the listing is entered into the MLS within said 90 day period, it may result in a fine up to $15,000 to the listing broker and the Participant. Seller may petition the MLS Steering Committee for a waiver of the 90 day time period. The Participant shall maintain, and provide to the Association upon the Association’s request, adequate records to confirm that exempt listings are not entered into the MLS within the 90 day period.

Exempt Listings. If a property owner refuses to permit a Property Data Sheet to be submitted to the Association for a listing for which a Property Data Sheet is otherwise required to be delivered hereunder, nothing shall preclude the Participant from taking such a listing (an "office exclusive"). Such a listing shall constitute an exempt listing. By the next business day, after all necessary signatures of the seller(s) to an exempt listing have been obtainedobtained and any Marketing has begun, the Participant shall deliver a written “MLS Exempt Listing Form (“office exclusive”)” (in the form provided by the Association) to the Association signed by the seller(s), listing broker and the Participant completely describing the property and specifying that the listing information is not to be disseminated by the Association and that no Property Data Sheet is to be submitted with respect thereto. If a property owner requests an exempt listing, the property shall not be entered into the MLS for at least 90 days after the submission of the MLS Exempt Listing Form to the Association. If the listing is entered into the MLS within said 90 day period, it may result in a fine up to $15,000 to the listing broker and the Participant. Seller may petition the MLS Steering Committee for a waiver of the 90 day time period. The Participant shall maintain, and provide to the Association upon the Association’s request, adequate records to confirm that exempt listings are not entered into the MLS within the 90 day period.