There are two big new changes coming to the MLS Rules and Regulations! These changed are the new status of Pending Continue to show and updated verbiage in Section 1. Listing Procedures to accommodate NAR policy statement 8.0. Expect these changes to occur in the last week of January.
New Status: Pending Continue to Show
Listings of property in which:
- an agreement of sale is in effect,
- the settlement has not taken place
- Participant has been directed by the seller to continue to:
- Set appointments for showings, AND
- Seek agreements of sale to present to the Seller.
Updates to the MLS Rules and Regulations Section 1. Listing Procedures to accommodate NAR Policy statement 8.0
Section1. Listings of property of the following types15 for sale, lease or exchange which are listed subject to a real estate broker’s license, and which are located within the respective primary service area of MLS and taken by Participants on listing contracts acceptable to MLS16 shall be electronically input or delivered to MLS or to the Commercial Property Database immediately but not later than two (2) business days, after all necessary signatures of Seller(s) have been obtained, or within one (1) business day of any public marketing of the listing, whichever is earlier.
Below is an image detailing the three options for new listings. Pay special attention to how the rule change affects Active Office Exclusive and Temp. Off Market.
(Click the image to enlarge)
15 (a) Single-family homes (b) Townhouses, town homes and condominiums (c) Vacant lots or acreage (d) Two-family, three-family, four-family and all other multi-family residential buildings (e) Land and ranch property (f) Business opportunity, which includes some interest in real property for sale or exchange (g) Motel/Hotel property (h) Mobile Home parks (i) Commercial income property (j) Industrial property (k) Investment property (l) Office space (m) Retail (n) Commercial Property (o) All other types of property for sale, lease or exchange.
16 Contracts acceptable to MLS are defined in subsections (a), (b), and (c) below:
(a) MLS shall not require a Participant to execute listings of property on a contract other than the contract the Participant individually chooses to utilize provided it is of a type accepted by MLS. However, MLS, through its legal counsel may: (1) reserve the right to refuse to accept a listing of property on a contract which fails to adequately protect the interests of the public and the Participants. (2) assure that no contract for a listing of property filed with MLS establishes, directly or indirectly, any contractual relationship between MLS and the client (Buyer or Seller).
(b) MLS shall accept Exclusive Right to Sell Listing Contracts and Exclusive Agency Listing Contracts, and may accept other forms of listing contracts which make it possible for the listing Participant to offer compensation to the other Participants of MLS .
(c) MLS shall accept listings subject to auction terms provided they are conducted in accordance with all applicable laws and the following conditions are met: (1) a valid listing contract between the Participant and the Seller exists, subject to the requirements outlined in Section 1(b) (2) a listing price is specified as outlined in Section 1.7 (3) compensation is offered to cooperating Participants as outlined in Section 4 (4) an agency relationship between the Seller and the Participant exists for the duration of the auction process (5) the Participant clearly discloses in the MLS that the listing is subject to auction terms.