Common use of Listing Procedures Clause in Contracts

Listing Procedures. A Property Data Sheet for listings of real or personal property of the following types, which are listed subject to a real estate broker’s license, located within the service area of the Association taken by Participants on exclusive right to sell or exclusive agency listings shall be delivered to the Association within one (1) business day after all necessary signatures of seller(s) have been obtained and any Marketing begins: a. Single family homes for sale or exchange; b. Vacant lots and acreage for sale or exchange; c. Two-family, three-family, and four-family residential buildings for sale or exchange. All such listings shall be subject to these Rules and Regulations. A Property Data Sheet shall be submitted to the Association for each such listing by the next business day after all signatures to the listing agreement have been obtained and any Marketing has begun. A Property Data Sheet for exclusive listings for sale, lease or exchange of other types of real or personal property, or real or personal property located outside the service area of the Association may, at the option of the Participant, be submitted to the Association. If so submitted they will be accepted for dissemination. By submitting a Property Data Sheet to the Association a Participant represents and warrants to the Association and all other Participants that: a. The Participant has been granted by the seller(s) the exclusive right to sell, lease or exchange or an exclusive agency to sell, lease or exchange the property described therein; b. Such exclusive right to sell, lease or exchange or exclusive agency has been granted pursuant to a valid and enforceable written contract which is in full force and effect; c. The seller(s) has therein authorized a blanket unilateral offer of compensation to other Participants (acting either as subagents, buyer agents, or both); the submission for dissemination of a Property Data Sheet to the Association; the dissemination by the Association of information concerning the property and its availability for sale, lease or exchange, and has authorized the payment of a commission to a Cooperating Participant (Broker) in the amount set forth in such Property Data Sheet; and d. To the best of the knowledge of the listing Participant, all data and information contained in the Property Data Sheet is accurate and complete. The exclusive right to sell listing is the conventional form of listing submitted to the Multiple Listing Service in that the seller authorizes the listing Participant to cooperate with and to compensate other Participants. The exclusive agency listing also authorizes the listing Participant, 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 codes or symbols are used to denote exclusive agency and exclusive right to sell listings with prospect reservations. Listings must be for the sale of legal title to property and cannot relate to the sale of only equitable interests in property. For example, a Participant cannot list for sale or assignment an interest in a contract to purchase property.

Listing Procedures. A Property Data Sheet for listings of real or personal property of the following types, which are listed subject to a real estate broker’s license, located within the service area of the Association taken by Participants on exclusive right to sell or exclusive agency listings shall be delivered to the Association within one (1) business day after all necessary signatures of seller(s) have been obtained and any Marketing begins: a. Single family homes for sale or exchange; b. Vacant lots and acreage for sale or exchange; c. Two-family, three-family, and four-family residential buildings for sale or exchange. All such listings shall be subject to these Rules and Regulations. A Property Data Sheet shall be submitted to the Association for each such listing by the next business day after all signatures to the listing agreement have been obtained and any Marketing has begun. A Property Data Sheet for exclusive listings for sale, lease or exchange of other types of real or personal property, or real or personal property located outside the service area of the Association may, at the option of the Participant, be submitted to the Association. If so submitted they will be accepted for dissemination. By submitting a Property Data Sheet to the Association a Participant represents and warrants to the Association and all other Participants that: a. The Participant has been granted by the seller(s) the exclusive right to sell, lease or exchange or an exclusive agency to sell, lease or exchange the property described therein; b. Such exclusive right to sell, lease or exchange or exclusive agency has been granted pursuant to a valid and enforceable written contract which is in full force and effect; c. The seller(s) has therein authorized a blanket unilateral offer of compensation to other Participants (acting either as subagents, buyer agents, or both); the submission for dissemination of a Property Data Sheet to the Association; the dissemination by the Association of information concerning the property and its availability for sale, lease or exchange, and has authorized the payment of a commission to a Cooperating Participant (Broker) in the amount set forth in such Property Data Sheet; and d. To the best of the knowledge of the listing Participant, all data and information contained in the Property Data Sheet is accurate and complete. The exclusive right to sell listing is the conventional form of listing submitted to the Multiple Listing Service in that the seller authorizes the listing Participant to cooperate with and to compensate other Participants. The exclusive agency listing also authorizes the listing Participant, 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 codes or symbols are used to denote exclusive agency and exclusive right to sell listings with prospect reservations. Listings must be for the sale of legal title to property and cannot relate to the sale of only equitable interests in property. For example, a Participant cannot list for sale or assignment an interest in a contract to purchase property.

Listing Procedures. A Property Data Sheet for listings of real or personal property of the following types, which are listed subject to a real estate broker’s license, located within the service area of the Association taken by Participants on exclusive right to sell or exclusive agency listings shall be delivered to the Association within one (1) business day after all necessary signatures of seller(s) have been obtained and any Marketing begins: a. Single family homes for sale or exchange; b. Vacant lots and acreage for sale or exchange; c. Two-family, three-family, and four-family residential buildings for sale or exchange. All such listings shall be subject to these Rules and Regulations. A Property Data Sheet shall be submitted to the Association for each such listing by the next business day after all signatures to the listing agreement have been obtained and any Marketing has begun. A Property Data Sheet for exclusive listings for sale, lease or exchange of other types of real or personal property, or real or personal property located outside the service area of the Association may, at the option of the Participant, be submitted to the Association. If so submitted they will be accepted for dissemination. By submitting a Property Data Sheet to the Association a Participant represents and warrants to the Association and all other Participants that: a. The Participant has been granted by the seller(s) the exclusive right to sell, lease or exchange or an exclusive agency to sell, lease or exchange the property described therein; b. Such exclusive right to sell, lease or exchange or exclusive agency has been granted pursuant to a valid and enforceable written contract which is in full force and effect; c. The seller(s) has therein authorized a blanket unilateral offer of compensation to other Participants (acting either as subagents, buyer agents, or both); the submission for dissemination of a Property Data Sheet to the Association; the dissemination by the Association of information concerning the property and its availability for sale, lease or exchange, and has authorized the payment of a commission to a Cooperating Participant (Broker) in the amount set forth in such Property Data Sheet; and d. To the best of the knowledge of the listing Participant, all data and information contained in the Property Data Sheet is accurate and complete. The exclusive right to sell listing is the conventional form of listing submitted to the Multiple Listing Service in that the seller authorizes the listing Participant to cooperate with and to compensate other Participants. The exclusive agency listing also authorizes the listing Participant, 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 codes or symbols are used to denote exclusive agency and exclusive right to sell listings with prospect reservations. Listings must be for the sale of legal title to property and cannot relate to the sale of only equitable interests in property. For example, a Participant cannot list for sale or assignment an interest in a contract to purchase property. Note: The Association shall not establish or maintain any rule or policy prohibiting inclusion of exclusive agency listings that would be otherwise acceptable for inclusion in the compilation of current listing information. This policy shall not be construed as requiring Participants to accept exclusive agency listings if they determine acceptance is not in their best interest or the best interest of clients or customers. However, this policy does preclude collective agreements between Participants affiliated with different firms or others to refuse to accept exclusive agency listings. This policy contemplates multiple listing services will clearly distinguish between exclusive right-to-sell and exclusive agency listings in multiple listing compilations and databases to prevent confusion about the rights and obligations of brokers who cooperate in the sale of such listings.