Listings of real or personal property of the following types, which are listed subject to a real estate broker’s license, are located within the service area of the multiple listing service, and are taken by Participants on a Listing Agreement shall be delivered to the multiple listing service within two (2) business days after all necessary signatures of seller(s) have been obtained:
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
Note 1: The multiple listing 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. However, a property data form may be required as approved by the multiple listing service.
However, the multiple listing service, through its legal counsel:
• May reserve the right to refuse to accept a listing form that fails to protect the interests of the public and the Participants adequately
• Assure that no listing form filed with the multiple listing service establishes, directly or indirectly, any contractual relationship between the multiple listing service and the client (buyer or seller).
The multiple listing service shall accept exclusive right-to-sell listing contracts and exclusive agency listing contracts. It may accept other forms of agreement that make it possible for the listing broker to act as subagents, buyers’ agents, or both for the other participants of the multiple listing service.
The listing agreement must include the seller’s written authorization to submit the agreement to the multiple listing service.
The different types of listing agreements include:
• Exclusive right-to-sell
• Open
• Exclusive agency
• 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 of the inherent nature of an open listing. Cooperation is the obligation to share information on listed property and to make the property available to other brokers for showing to prospective purchasers and tenants when it is in the best interest of their clients.
The exclusive right-to-sell listing is the form of listing where the seller authorizes exclusive authorization to the listing broker to cooperate with other brokers in the sale of the property.
The exclusive agency listing also authorizes the listing broker, as the exclusive agent, to cooperate with other brokers in the sale of the property 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 exempt should be clearly distinguished by a simple designation such as a code or symbol from exclusive right-to-sell listings with no named prospects exempt 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 exempt. Care should be exercised to ensure that different codes or 16 symbols denote exclusive agency and exclusive right-to-sell listings with prospect reservations.
Note 2: A multiple listing service does not regulate the type of listings its members may take. This does not mean that a multiple listing service must accept every type of listing. The multiple listing 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 multiple listing service.
Note 3: A multiple listing service may, as a matter of local option, accept exclusively listed property subject to auction. If such listings do not show a listed price, they may be included in a separate section of the MLS compilation of current listings. (Amended 8/24)
Wherever the word “filed” is used herein shall refer to input in the Multiple Listing Service (MLS).
Status Definitions:
Section 1.23 – Coming Soon Listings
A coming soon listing is a listing taken by a Participant on a “Listing Agreement” that is, by direction of the Seller, to be withheld from public dissemination by the MLS. An MLS Entry Deferral Authorization Form shall be executed by the seller and kept on file with the Listing Broker. Coming Soon Listings shall be input into the MLS with the status of Coming Soon
upon one of the following conditions:
A. IF PUBLICLY MARKETED: Within one (1) business day of marketing the property to the
public. *Lockboxes or signposts are not considered public marketing.
B. IF NOT PUBLICLY MARKETED: Within two (2) business days after all the necessary signatures of the Sellers have been received by the listing Broker. (Revised 02/2021)
Section 1.23.1 – Coming Soon Timeframe
Listings may stay in the Coming Soon status for up to thirty (30) calendar days from the commencement of the Listing Agreement. Listings will automatically be placed in the Active status on the date specified on the Coming Soon/Exempt/Delayed Authorization form or the 31st day from the MLS entry date (listing date). Listings may not revert to the Coming Soon status for any reason. A property may be placed back in the Coming Soon status if it has been relisted with a different brokerage or has been canceled or expired for aminimum of thirty (30) calendar days. Seller may authorize an early entry in the MLS by executing the modification input date section of the Coming Soon/Exempt/Delayed Authorization Form. Days on Market (DOM) resets when the listing transitions to Active status. (Revised 02/2021)
1.23.2 – Showings on Coming Soon Listings
Showings are allowed during the period of the Coming Soon Status at the direction of the 25 Seller(s). Listing brokers shall provide showing procedures, instructions, and restrictions within the Showing Instruction field in the MLS. (Adopted 05/2020)
1.3 – Exempt Listings
If the seller refuses to permit the listing to be disseminated by the service, the Participant may then take the listing (office exclusive), and such listing shall be filed with the service but not disseminated to the participant. Filing of the listing should be accompanied by the certification MLS Entry Deferral Authorization Form signed by the seller that they do not desire the listing to be disseminated by the service
1.31.1 – Delayed Listings
A seller may elect to delay a listing to be disseminated by the MLS under the following conditions:
If a seller elects to delay the listing to be disseminated by the MLS, the Broker may accept the listing, but an MLS Entry Deferral Authorization Form shall be submitted to the Service within two (2) business days after all necessary signatures have been obtained by the broker and should be accompanied by a certification signed by the seller. The listing broker shall maintain the signed documents. (Amended 5/20)
Listings in the Delayed status may not be marketed to the public unless in the status of Coming Soon per the requirements of the Clear Cooperation rules dictated in Section 1 of these Rules and Regulations. (Adopted 05/2020) A delayed listing that has first been submitted as Exempt will show the listing date as the date the Exempt status expires, and the listing is to be made available to the MLS for publication to the membership.