|
RULES AND REGULATIONS
MULTIPLE LISTING SERVICE
GREAT SMOKY MOUNTAINS ASSOCIATION OF REALTORS
Last Revision – April 16, 2008
TOP
LISTING PROCEDURES:
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, and which are located
within the territorial jurisdiction of the Association of REALTORS taken
by Participants on an exclusive right to sell listing form or exclusive
agency, * shall be electronically entered into the Multiple Listing
Service after all necessary signatures of seller(s) have been obtained
(this includes the Designated Broker’s signature). Listings may not be
entered into the Multiple Listing Service prior to obtaining all
signatures.
-
Single family homes for sale or exchange
-
Vacant lots and acreage’s for sale or exchange
-
Multi-family residential buildings for sale or exchange
-
Commercial or Industrial properties for sale or exchange
(*) EXCLUSIVE AGENCY LISTINGS will be accepted for printing as long as
a disclosure of exemption is noted on both the listing contract, the
Computerized Data Input Form, and the appropriate fields in the
Computerized Data System.
(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, the Multiple Listing
Service, through its legal counsel:
-
May reserve the right to refuse to accept a listing form which fails
to adequately protect the interest of the public and the Participants.
-
Assure that no listing form filed with the Multiple Listing Service
establishes, directly or indirectly, and 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, and may
accept other forms of agreement which make it possible for the listing
broker to offer cooperation and compensation to the other Participants
of the Multiple Listing Service acting as sub-agents, buyers agents,
or facilitators.
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
-
exclusive agency
-
open
-
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 Multiple Listing Service in that the seller authorizes
the listing broker to cooperate with and compensate other brokers.
The exclusive agency listing also authorizes the listing broker, as
exclusive agency, to offer cooperation and compensation on a blanket
unilateral basis, 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 names
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.
TOP
The following are some of the types of properties that may be handled
through the service, including types described in the preceding
paragraph that are required to be filed with the Service and other types
that may be filed with the Service at the Participant’s option provided,
however, that any listing submitted is entered into within the scope of
the Participant’s licensor as a real estate broker:
-
Residential
-
Land & Lot
-
Multi- Family
-
Commercial/Industrial
Only Commercial leasehold property can be listed without land. This
means that a mobile home listing must
include land (real property) for sale.
Section 1.1 LISTINGS SUBJECT TO RULES AND REGULATIONS OF THE SERVICE:
Any listing taken on a contract to be filed with the Multiple Listing
Service is subject to the Rules and Regulations of the Service upon
signatures of the seller(s).
Section 1.2 DETAIL ON LISTINGS FILED WITH THE SERVICE:
The Computerized Data Input, of the
listing when filed with the Multiple Listing
Service by the listing broker, shall be complete and appropriate in
every detail which is ascertainable as specified on the Computerized
Data Input Format. All mandatory fields must be accurately filled in on
the System or they will be deleted after fourteen (14) days.
Section 1.2(a) APPROPRIATE DATA FIELD ENTRIES:
The tax blank should be filled in with the last known tax amount and
year unless unavailable. If information is unavailable, the field should
be filled by the assessed rate for the city and county rather than an
incorrect dollar amount. Tax Map, Group (with a sub map letter),
Warranty Deed Book, Page and Parcel numbers are to be included. Any
exclusive agency listing must be clearly noted as same by marking
appropriate fields in the Computerized Data System. Listings for any
properties that are zoned commercial may be listed in both commercial
and one other property type. However, upon closing, one of the listings
must be withdrawn and the other closed thereby insuring statistical
information accuracy. Remarks and Directions fields shall not include
firm names, agent names, telephone numbers, bonus/commission statements,
or any references to owner condition (i.e. divorce, estate, out of
state). These types of information must be entered in the designated
data field or in the Addendum
Section 1.3 EXEMPTED LISTINGS:
If the seller refuses to permit the listing to be disseminated by the
Service, the REALTOR may then take the listing (“office exclusive”) and
such listing shall be made available upon request to the Service but not
disseminated to the Participants.
Section 1.4 CHANGE OF STATUS OF LISTING:
Any change in listed price, expiration date, status change (other than
expired) or other change in the original listing agreement, shall be
made only when authorized in writing by the seller and shall be
electronically filed with the Service. The change should be made
immediately in the Computerized Data System.
Section 1.5 WITHDRAWAL OF LISTING PRIOR TO EXPIRATION:
Listings of property may be withdrawn from the Multiple Listing Service
by the Listing Broker before the expiration date of the listing
agreement provided notice is filed with the Service including a copy of
the agreement, between the seller and the listing broker which
authorizes the withdrawal.
Section 1.6 CONTINGENCIES APPLICABLE TO LISTINGS:
Any contingency, exclusion, or conditions of any term in a listing shall
be specified and noticed to the Participants in the listing agreement
and on the Computerized Data Input Form under Addendum.
Section 1.7 LISTING PRICE SPECIFIED:
The full gross listing price shall be stated in the listing contract and
the Computerized Data Input Form. The listing price for leased
properties shall be calculated by taking the monthly lease price for the
first 12 (twelve) month period PLUS
the Leasehold Buy-Out Cost.
Compensation payment to be based on the total value of lease, not the
listing price in the Multiple Listing Service.
Section 1.8 LISTING MULTIPLE UNIT PROPERTIES:
All properties which are to be or may be sold separately must have
individual listing agreements as well as a listing agreement on the
whole and must be entered on the Computerized Data the same way. When
part of a listed property has been sold, proper notification should be
given to the Multiple Listing Service in writing.
Section 1.9 NO CONTROL OF COMMISSION RATES OR FEES CHARGED BY
PARTICIPANTS:
The Multiple Listing Service shall not fix, control, recommend, suggest,
or maintain commission rates or fees for services to be rendered by
Participants. Further, the Multiple Listing Service shall not fix,
control, recommend, suggest or maintain the division of commissions or
fees between cooperating Participants or between Participants and
non-participants.
Section 1.10 EXPIRATION, EXTENSION, AND RENEWAL OF LISTINGS:
Listings filed with the Multiple Listing Service will automatically be
removed from the compilation of current listings on the expiration date
specified in the agreement, unless prior to that date the MLS receives
notice that the listing has been extended or renewed. (Amended 11/01)
If notice of renewal or extension is received more than fourteen (14)
days after the listing has been removed from the compilation of current
listings, the extension or renewal will be published in the same manner
as a new listing. Extensions and renewals of listings must be signed by
the seller(s) and filed with the Service. (Amended 11/01)
Section 1.11 TERMINATION DATE ON LISTINGS:
Listings filed with the Service shall bear a definite and final
termination date as negotiated between the listing broker and the
seller.
Section 1.12 JURISDICTION:
Only listings of the designated types of property located within the
jurisdiction of the Association of REALTORS are required to be submitted
to the Service. Listings of property located outside the Association’s
jurisdiction will be accepted if submitted voluntarily by a Participant,
but cannot be required by the Service.
Section 1.13 LISTINGS OF SUSPENDED PARTICIPANTS:
When a Participant of the Service is suspended from MLS for failing to
abide by a membership duty (i.e., violation of the Code of Ethics,
Association Bylaws, MLS bylaws, MLS Rules and Regulations, or other
membership obligations EXCEPT failures to pay appropriate dues, fees, or
charges), all listings currently filed with the MLS by the suspended
Participant shall, at the Participant’s option, be retained in the
service until sold, withdrawn, or expired, and shall not be renewed or
extended by the MLS beyond the termination date of the listing agreement
in effect when the suspension become effective. If a Participant has
been suspended from the Association (except where MLS Participation
without Association membership is permitted by law) or MLS (or both) for
failure to pay appropriate dues, fees, or charges, an Association MLS is
not obligated to provide MLS services, including continued inclusion of
the suspended Participant’s listing in the MLS compilation of current
listing information. Prior to any removal of a suspended Participant’s
listing from MLS, the suspended Participant should be advised in writing
of the intended removal so that the suspended Participant may advise his
clients.
Section 1.14 LISTINGS OF EXPELLED PARTICIPANTS:
When a participant of the Service is expelled from the MLS for failing
to abide by a membership duty (i.e., violation of the Code of Ethics,
Association Bylaws, MLS Bylaws, MLS Rules and Regulations, or other
membership obligations EXCEPT failures to pay appropriate dues, fees or
charges), all listings currently filed with the MLS shall, at the
expelled Participant’s option, be retained in the Service until sold,
withdrawn, or expired, and shall not be renewed or extended by the MLS
beyond the termination of the listing agreement in effect when the
expulsion became effective. If a participant has been expelled from the
Association (except where MLS Participation without Association
membership is permitted by law) or MLS (or both) for failure to pay
appropriate dues, fees, or charges, an Association MLS is not obligated
to provide MLS services, including continued inclusion of the expelled
information. Prior to any removal of an expelled Participant’s listings
from the MLS, the expelled Participant should be advised in writing of
the intended removal so that the expelled Participant may advise his
clients.
Section 1.15 LISTINGS OF RESIGNED PARTICIPANTS:
When a Participant resigns from the MLS, the MLS is not obligated to
provide services, including continued inclusion of the resigned
Participant’s listings in the MLS compilation of current listing
information. Prior to any removal of a resigned Participant’s listings
from the MLS, the resigned Participant should be advised in writing of
the intended removal so that the resigned Participant may advise his
clients.
TOP
Section 2. SHOWINGS AND NEGOTIATIONS:
Appointments for showings and negotiations with the seller for the
purchase of listed property filed with the Multiple Listing Service
shall be conducted through the listing broker except under the following
circumstances:
-
the listing broker gives the cooperating broker specific authority to
show and/or negotiate directly, or
-
after reasonable effort, the cooperating broker cannot contact the
listing broker or his representative. However, the listing broker, at
his option, may preclude such direct negotiations by the cooperating
broker.
Section
2.1 PRESENTATION OF OFFERS IN WRITING:
The listing broker must make arrangements to present the offer as soon
as possible, or give the cooperating broker a satisfactory reason for
not doing so.
Section 2.2 SUBMISSION OF WRITTEN OFFERS:
The listing broker shall submit to the seller all written offers until
closing unless precluded by law, government rule, regulation, or agreed
otherwise in writing between the seller and listing broker. Unless the
subsequent offer is contingent upon the termination of an existing
contract, the listing broker shall recommend that the seller obtain the
advice of legal counsel prior to acceptance of the subsequent offer.
Section 2.3 RIGHT OF COOPERATING BROKER IN PRESENTATION OF OFFER:
The cooperating broker (subagent or buyers agent) or his representative
has the right to participate in the presentation to the seller or lessor
of any offer he secures to purchase or lease. He does not have the right
to be present at any discussion or evaluation of that offer by the
seller or lessor and the listing broker. However, if the seller or
lessor gives written instructions to the listing broker that the
cooperating broker not be present when an offer the cooperating broker
secured is presented, the cooperating broker has the right to a copy of
the seller’s written instructions. None of the foregoing diminishes the
listing broker’s right to control the establishment of appointments for
such presentations.
Section 2.4 RIGHT OF LISTING BROKER IN PRESENTATION OF COUNTER-OFFER
The listing broker or his representative has the right to participate in
the presentation of any counter-offer by the seller or lessor. He does
not have the right to be present at any discussion or evaluation of a
counter-offer by the purchaser or lessee (except when the cooperating
broker is a subagent). However, if the purchaser or lessee gives written
instructions to the cooperating broker that the listing broker not be
present when a counter-offer in presented, the listing broker has the
right to a copy of the purchaser’s or lessee’s written instruction.
Section 2.5 REPORTING SALES TO THE SERVICE:
Sales shall be reported immediately to the Multiple Listing Service by
the listing broker unless the negotiations were carried on under Section
2 (a) or (b) hereof in which case the cooperating broker shall report,
sending a copy to the listing broker within 24 hours after acceptance.
Section 2.6 REPORTING RESOLUTIONS OF CONTINGENCIES:
The listing broker shall report to the Multiple Listing Service within
24 hours that a contingency on file with the Multiple Listing Service
has been fulfilled or renewed, or the agreement canceled. This includes
exclusions of buyers, changes in bonus, etc.
Section 2.7 ADVERTISING OF LISTING FILED WITH THE SERVICE:
A listing shall not be advertised by any Participant, other than the
listing broker, without the prior consent of the listing broker.
Section 2.8 REPORTING CANCELLATION OF PENDING
SALE:
The listing broker shall report to the Multiple Listing Service the
cancellation of any pending sale and the listing shall be reinstated
immediately.
Section 3. REFUSAL TO SELL:
If the seller of any listed property filed with the Multiple Listing
Service refuses to accept a written offer satisfying the terms and
conditions stated in the listing, such fact shall be transmitted
immediately to the Service and to all Participants using the Message
function of the system.
TOP
Section 4. INFORMATION FOR PARTICIPANTS ONLY:
Any listing filed with the Service shall not be made available to any
broker or firm not a Member of the MLS without the prior consent of the
listing broker.
Section 4.1 “FOR SALE” SIGNS:
Only the “For Sale” signs of the listing broker may be placed on a
property.
(a)No “For Sale” signs will be placed on property by agents for which
he/she does not have an active WRITTEN AUTHORIZATION from the owner of
the property.
(TN Code Annotated 1260-2-.12 ADVERTISING).
Section
4.2 “SOLD SIGNS”:
Prior to closing, only the “Sold” sign of the listing broker or their
affiliate may be placed on a property, unless the listing broker
authorizes the cooperating (selling) broker to post such a sign.
Section 4.3 SOLICITATION OF LISTING FILED WITH THE SERVICE:
Participants shall not solicit listing on property filed with the
Service unless such solicitation is consistent with Article 16 of the
REALTORS Code of Ethics, its Standards of Practice, and its Case
Interpretations.
Section 4.4 PROHIBITED FIELDS:
In order to ensure policy consistency, the
following data fields may not be printed on hand-outs, brochures, CMAs,
listing detail sheets, or spreadsheets, and may not be displayed on
internet sites:
|
1.
Commission Fields |
Buyer’s Agent Commission
Facilitator Commission
Sub Agent Commission
Exclusive RTS
Exclusions
Bonus
Variable Rate |
|
2.
Owners name |
|
|
3.
List Date |
|
|
4.
Expiration Date |
|
|
5.
Addenda |
|
|
6.
Showing
Instructions |
|
|
7.
Legal Descriptions |
Deed Book
Page
Map
Group |
|
8.
Update Date |
|
|
9.
Business Name |
|
|
10.
Possession |
|
TOP
Section 5. COMPENSATION SPECIFIED ON
EACH LISTING:
The listing
broker shall specify, on each listing filed with the Multiple Listing
Service, the compensation offered to other Multiple Listing Service
Participants for their services in the sale of such listing. Such offers
are unconditional except that entitlement to compensation is determined
by the cooperating broker’s performance as the procuring cause of sale
(or lease). The listing broker’s obligation to compensate any
cooperating broker as the procuring cause of sale (or lease) may be
excused if it is determined through arbitration that, through no fault
of the listing broker and in the exercise of good faith and reasonable
care, it was impossible or financially unfeasible for the listing broker
to collect a commission pursuant to the listing agreement. In such
instances, entitlement to cooperative compensation offered through the
MLS would be a question to be determined by an arbitration hearing panel
based on all relevant facts and circumstances including, but not limited
to, why it was impossible or financially unfeasible for the listing
broker to collect some or all of the commission established in the
listing agreement; at what point in the transaction did the listing
broker know (or should have known) that some or all of the commission
established in the listing agreement might not be paid; and how promptly
had the listing broker communicated to cooperating brokers that the
commission established in the listing agreement might not be paid.
(NOTE
1:) In filing a property with the Multiple Listing Service of an
Association of REALTORS, the Participant of the Service is making
blanket unilateral offers of compensation of the other MLS Participants,
and shall therefore specify on each listing filed with the Service, the
compensation being offered to the other MLS Participants. Specifying the
compensation on each listing is necessary because the cooperating broker
has the right to know what his compensation shall be prior to his
endeavor to sell.
The listing
broker retains the right to determine the amount of compensation offered
to other Participants (acting as subagents, buyers agents, or in other
agency or nonagency capacities defined by law) which may be the same or
different.
This shall
not preclude the listing broker from offering any MLS Participant
compensation other than the compensation indicated on any listing
published by the MLS provided the listing broker informs the other
broker in writing in advance of their producing an offer to purchase and provided that the modification in the
specified compensation is not the result of any agreement among all or
any other Participants in the Service. Any superseding offer of
compensation must be expressed as either a percentage of the gross sales
price or as a flat dollar amount.
The
Association Multiple Listing Service shall not have a rule requiring the
listing broker to disclose the amount of total negotiated commission in
his listing contract, and shall not publish the total negotiated
commission on a listing, which has been submitted, to the MLS by a
Participant. The Association Multiple Listing Service shall not disclose
in any way the total commission negotiated between the seller and the
listing broker.
The
compensation specified on listing filed with the Multiple Listing
Service shall appear in one of two forms. The essential and appropriate
requirement by an Association Multiple Listing Service is that the
information to be published shall clearly inform the Participants as to
the compensation they will receive in cooperative transactions unless
advised otherwise by the listing broker in writing in advance of their
producing an offer to purchase. The compensation specified on listings
published by the MLS shall be shown in one of the following forms:
-
By showing a percentage of the
gross selling price.
-
By showing a definite dollar amount.
The
Multiple Listing Service shall not include offers of cooperation that do
not include an offer of compensation expressed as a percentage of the
gross selling price or as a definite dollar amount nor shall they
include general invitations by listing brokers to other Participants to
discuss terms and conditions of possible cooperative relationships.
(NOTE
2:) The listing broker may, from time to time, adjust the
compensation offered to other Multiple Listing Service Participants for
their services with respect to any listing by advance published notice
to the Service so that all Participants will be advised.
(NOTE
3:) The Multiple Listing Service shall make no rule on the division
of commissions between Participants and nonparticipant. This should
remain solely the responsibility of the listing broker.
Section
5.1 PARTICIPANT AS PRINCIPAL:
If a
Participant or any licensee (or licensed or certified appraiser)
affiliated with Participant has any interest in property, the listing of
which is to be disseminated through the Multiple Listing Service, that
person shall disclose that interest when the listing is filed with the
Multiple Listing Service, and such information shall be disseminated to
all Multiple Listing Service Participants.
Section
5.2 PARTICIPANT AS PURCHASER:
If a
Participant or any licensee (including licensed and certified
appraisers) affiliated with a Participant wishes to acquire an interest
in property listed with another Participant, such contemplated interest
shall be disclosed in writing to the listing broker not later than the
time an offer to purchase is submitted to the listing broker.
Section
5.3 DUAL OR VARIABLE RATE COMMISSION AGREEMENTS:
The
existence of a dual-or variable-rate commission agreement (i.e. one in
which the seller/landlord agrees to pay a specified commission if the
property is sold/leased by the listing broker without assistance and a
different commission if the sale/lease results through the efforts of a
cooperating broker; or one in which the seller/landlord agrees to pay a
specified commission if the property is sold/leased by the listing
broker either with or without the assistance of a cooperating broker and
a different commission if the sale/lease results through the efforts of
a seller/landlord) shall be disclosed by the listing broker by
indicating y (yes) or n (no) in the
data field variable as required by the MLS. The listing broker shall, in
response to inquiries from potential cooperating brokers, disclose the
differential that would result in either a cooperative transaction or,
alternatively, in a sale that results through the efforts of the
seller/landlord. If the cooperating broker is a buyer/tenant
representative, the buyer/tenant representative must disclose such
information to their client before the client makes an offer to
purchase.
TOP
SERVICE CHARGES:
Section
6. SERVICE FEES AND CHARGES:
The
following service charges for operation of the Multiple Listing Service
are in effect to defray the costs of the Service and are subject to
change from time to time in the manner prescribed:
-
Initial Participation Fee: An applicant
for participation in the Service shall pay an application fee as set
by the Board of Directors with such fee to accompany the application.
-
Recurring
Participation Fee: The monthly participation fee of each Participant
shall be an amount equal to the monthly fee times each salesperson and
licensed or certified appraiser who has access to and use of the
Service, whether licensed as a broker, salesperson, or licensed or
certified appraiser who is employed by or affiliated as an independent
contractor with such Participant. Payment of such fees shall be made
on or before the first day of the month to the Multiple Listing
Service.
-
Subscription
Fees: One complete set of current listings shall be supplied to the
Participant for any additional new licensees “users” affiliated with
his firm upon payment of an Application for subscription fee as set by
the Board of Directors and the first monthly recurring Participation
Fee. Participants shall be responsible for the recurring Participation
Fees for each set of listings supplied to any individual, employed by
or affiliated as an independent contractor (including licensed or
certified appraisers) with the Participant, who has access to and who
utilizes the service. A fine will be assessed to the Participant of
MLS for any sales person using the service that has not been reported
to the Association as a “user” through the Participant, within the 30
day time period of notification (Refer to By-laws, Article VI Section
13).
-
In no instance should an Association
require a Participant to pay a subscription fee for an individual
affiliated with him who has no use for and does not use the Service.
-
The emphasis is on “use of the
Service”. If a licensee brings listings to the Participant who files
them with the MLS, this is “use” of Service.
-
Those
not using the Service must sign an application of MLS waiver which
is also to be signed by their Designated REALTOR Broker Participant
and such request is subject to approval of the Committee and the
Board of Directors. These exemptions are to be renewed annually.
-
Fee
for AFFILIATE MEMBERS to lease “SOLD” book is a fee set by the
Committee with the approval of the Board of Directors and is
assessed quarterly, upon receiving “SOLD” information.
Payment of Fees: All MLS fees, dues, and
charges, including, but not limited to initial participation fees,
recurring participation fees, subscription fees, etc., shall be assessed
only to the MLS PARTICIPANT. Payment of such fees will only be accepted
from the Participant and not from the non-principal brokers or sales
licensees affiliated with the Participant. None of the foregoing is
intended to preclude the MLS Participant from being reimbursed by the
affiliated licensees for fees or charges incurred on their behalf
pursuant to an in-house agreement that may exist.
Section
6.1 MLS Waiver Policy Guideline:
Waivers
from MLS fees will be granted to educators, office secretaries, and
appraisers, who are not actively listing or selling property and for
unusual circumstances which will be reviewed by the MLS Committee, on an
individual basis, and upon the approval of the Board of Directors. All
participants, whether or not primary members, must report and pay fees
for all licensees affiliated with them, or submit a request for waiver
approval.
Waiver
requests must be submitted by November 15, for the upcoming year or
within thirty (30) days of participant joining or subscriber
transferring.
Section
6.2 UNAUTHORIZED USE FINE:
In no instance should a Participant or user
through a Participant let any unauthorized person use or have in his
possession, the authorized Participants’ or users’ MLS compilation
(book) or MLS computer access. This is confidential information “FOR
MEMBERS ONLY.” A fine in the amount of $200 - $500 will be assessed to
the Participant Broker of the MLS for any “PROVEN” unauthorized use of
Participant’s or any agent’s (affiliated with his firm) copy of current
listing compilation or MLS computer access.
TOP
Section 7. COMPLIANCE WITH RULES:
The following action may be taken for
noncompliance with the rules:
-
For failure to pay any service charge or
fee within one month of the date due, and provided that at least ten
days notice has been given, the Service shall be suspended until
service charges or fees are paid in full. All fees and monies owed
Association or Association’s MLS will be paid by the 10th
of the month following the month due or ALL service will be suspended
until paid in full. (Total of 40 days from the date fee was incurred.)
NOTE: Suspension of service means that all books and services for
the office of the delinquent PARTICIPANT will be held and no new
listings will go in. The PARTICIPANT will remain responsible for
PAYMENT of service during suspension period and/or until such time he
notifies the Association in writing of his resignation.
-
For failure to comply with any other
rule, the provisions of Sections 9 and 9.1 shall apply.
TOP
Section 8. MEETINGS OF MLS COMMITTEE:
The
Multiple Listing Service Committee shall meet for the transaction of its
business at a time and place to be determined by the Committee or at the
call of the Chairman.
Section
8.1 MEETINGS OF MLS PARTICIPANTS:
The
Committee may call meetings of the Participants in the Service to be
known as meetings of the Multiple Listing Service.
Section
8.2 CONDUCT OF THE MEETINGS:
The
Chairman, or Vice Chairman, shall preside at all meetings or, in their
absence, a temporary Chairman from the membership of the committee shall
be named by the Chairman or, upon his failure to do so, by the
Committee.
TOP
Section 9. CONSIDERATION OF ALLEGED
VIOLATIONS:
The
Committee shall give consideration to all written complaints from
Participants having to do with violations of the Rules and Regulations.
Section
9.1 VIOLATIONS OF RULES AND REGULATIONS:
If the
alleged offense is a violation of the Rules and Regulations of the
Service and does not involve a charge of alleged unethical conduct or
request for arbitration, it may be considered and determined by the
Multiple Listing Service Committee, and if a violation is determined,
the Committee may direct the imposition of sanction, provided the
recipient of such sanction may request a hearing before the Professional
Standards Committee of the Association in accordance with the By-laws
and Rules and Regulations of the Association of REALTORS within twenty
(20) days following receipt of the Committee’s decision. If the Multiple
Listing Committee has a procedure established to conduct hearings, the
decision of the Multiple Listing Committee tribunal may be appealed to
the Board of Directors within twenty (20) days of the tribunal’s
decision being rendered.
Section
9.2 COMPLAINTS OF UNETHICAL CONDUCT:
All other
complaints of unethical conduct shall be referred by the Committee to
the Secretary of the Association of REALTORS for appropriate action in
accordance with the professional standards procedures established in the
Association’s Bylaws.
TOP
Section 10. CONFIDENTIALITY OF MLS
INFORMATION:
Any
information provided by the Multiple Listing Service to the Participants
shall be considered official information of the Service. Such
information shall be considered confidential and exclusively for the use
of Participants and real estate licensees affiliated with such
Participants who are licensed or certified by an appropriate state
regulatory agency to engage in the appraisal of real property and
licensed or certified appraisers affiliated with such Participants.
Section
10.1 MLS NOT RESPONSIBLE FOR ACCURACY OF INFORMATION:
The
information published and disseminated by the Service is communicated
verbatim, without change by the Service, as filed
with the Service by the Participant. The Service does not verify such
information provided and disclaims any responsibility for its accuracy.
Each participant agrees to hold the Service harmless against any
liability arising from any inaccuracy or inadequacy of the information
such Participant provides.
Section
10.2 ACCESS TO COMPARABLE AND STATISTICAL INFORMATION:
Association
members who are actively engaged in real estate brokerage, management,
mortgage financing, appraising, land development, or building, but who
do not participate in the MLS, are nonetheless entitled to receive, by
purchase or lease, all information other than current listing
information that is generated wholly or in part by the MLS including
“comparable” information, “sold” information, and statistical reports.
This information is provided for the exclusive use of Association
Members and individuals affiliated with Association Members who are
engaged in the real estate business and may not be transmitted,
retransmitted, or provided in any manner to any unauthorized individual,
office or firm except as otherwise specified in these Rules and
Regulations.
TOP
Section
11. By the act of submission
of any property listing data to the Association MLS the Participant
represents that he has been authorized to grant and also thereby does
grant authority for the Association to include the property listing data
in its copyrighted MLS compilation and also in any statistical report on
“Comparables”.
Section
11.1 All right, title and interest in each copy of every Multiple
Listing Compilation created and copy-righted by the Great Smoky
Mountains Association of REALTORS, and in the copyrights therein, shall
at all times remain vested in the Great Smoky Mountains Association of
REALTORS.
Section
11.2 Each Participant shall be entitled to lease from the Great
Smoky Mountains Association of REALTORS a number of copies of each MLS
Compilation sufficient to provide the Participant and each person
affiliated as a licensee (including licensed or certified appraisers)
with such Participant with one copy of such Compilation. The Participant
shall pay, for each such copy, the rental fee set by the Association. **
Participants shall acquire by such lease only the right to use the MLS
Compilation, in accordance with these Rules.
*The term
“MLS Compilation” as used in Sections 11 and 12 herein, shall be
construed to include any format in which property listing data is
collected and disseminated to the Participants, including, but not
limited to, bound book, loose-leaf binder, computer data base, card
file, internet or any other format whatever.
**This
section should not be construed to require the Participant to lease a
copy of the MLS Compilation for any licensee (or licensed or certified
appraiser) affiliated with the Participant who is engaged exclusively in
a specialty of the real estate business other than listing, selling, or
appraising the types of properties which are required to be filed with
the MLS and who does not, at any time, have access to nor use of the MLS
information or MLS facility of the Association and has been approved for
waiver of fees by the Board of Directors.
TOP
Section 12. DISTRIBUTION:
Participants shall at all times maintain control over and responsibility
for each copy of any MLS Compilation leased to them by the Association
of REALTORS, and shall not distribute any such copies to persons other
than subscribers who are affiliated with such Participant as licensees,
those individuals who are licensed or certified by an appropriate state
regulatory agency to engage in the appraisal of real property and any
other subscribers as authorized pursuant to the governing documents of
the MLS. Use of information developed by or published by the
Association’s Multiple Listing Service is strictly limited to the
activities authorized under a Participant’s licensure(s) or
certification and unauthorized uses are prohibited. Further, none of the
foregoing is intended to convey “Participation”, or “Membership” or any
right of access to information developed by or published by the
Association’s Multiple Listing Service where access to such information
is prohibited by law.
Section
12.1 DISPLAY:
Participants and those persons affiliated as licensees with such
Participants, shall be permitted to display the MLS Compilation to
prospective purchasers only in conjunction with their ordinary business
activities of attempting to locate ready, willing, and able buyers for
the properties described in said MLS Compilation.
Section
12.2 REPRODUCTION:
Participants or their affiliated licensees shall not reproduce any MLS
Compilation or any portion thereof except in the following limited
circumstances:
Participants or their affiliated licensees may reproduce from the MLS
Compilation, and distribute to prospective purchasers, a reasonable*
number of single copies of property listing data contained in the MLS
Compilation which relate to any properties in which the prospective
purchasers are or may, in the judgment of the Participant or their
affiliated licensees, be interested.
Nothing
contained herein shall be construed to preclude any Participant from
utilizing, displaying, distributing, or reproducing property listing
sheets or other compilations of data pertaining exclusively to
properties currently listed for sale with the Participant.
Any MLS
information, whether provided in written or printed form, provided
electronically, or provided in any other form or format, is provided for
the exclusive use of the Participant and those licensees affiliated with
the Participant who are authorized to have access to such information.
Such information may not be transmitted, retransmitted, or provided in
any manner to any unauthorized individual, office, or firm.
None of the
foregoing shall be construed to prevent any individual legitimately in
possession of current listing information, “sold” information,
“comparables”, or statistical information from utilizing such
information to support an estimate of value on a particular property for
a particular client. However, only such information that an Association
or Association-owned Multiple Listing Service has deemed to be
nonconfidential and necessary to support the estimate of value may be
reproduced and attached to the report as supporting documentation. Any
other use of such information is unauthorized and prohibited by these
Rules and Regulations.
*It is
intended that the Participant be permitted to provide a prospective
purchaser with listing data relating to properties which the prospective
purchaser has a bona fide interest in purchasing or in which the
Participant is seeking to promote interest. The term “reasonable”, as
used herein, should therefore be construed to permit only limited
reproduction of property listing data intended to facilitate the
prospective purchasers’ decision making process in the consideration of
a purchase. Factors which shall be considered in deciding whether the
reproductions made are consistent with this intent, and thus
“reasonable” in number, shall include, but are not limited to, the total
number of listings in the MLS Compilation, how closely the types of
properties contained in such listing accord with the prospective
purchaser’s expressed desires and ability to purchase, whether the types
of properties contained in the property listing data is consistent with
a normal itinerary of properties which would be shown to the prospective
purchaser.
TOP
USE OF MLS INFORMATION:
Section
13. LIMITATIONS ON USE OF MLS INFORMATION:
Use of
information from the MLS compilation of current listing information,
from the Association’s Statistical Report, or from any ‘sold’ or
‘comparable’ report of the Association or MLS for public mass-media
advertising by an MLS Participant or in other public representations may
not be prohibited.
However,
any print or nonprint forms of advertising or other forms of public
representations based in whole or in part on information by the
Association or its MLS must clearly demonstrate the period of time over
which such claims are based and must include the following or
substantially similar Notice:
Based on
information from the Great Smoky Mountains Association of REALTORS or
its Multiple Listing Service from the period (date) through (date).
TOP
Section 14. CHANGES IN RULES AND
REGULATIONS:
Amendments to the Rules and Regulations of
the Service shall be by a majority vote of Directors of the Great Smoky
Mountains Association of REALTORS.
TOP
Section
15. ARBITRATION OF DISPUTES:
By becoming and remaining a Participant, each Participant agrees to
arbitrate disputes involving contractual issues and questions, and
specific non-contractual issues and questions defined in Standard of
Practice 17-4 of the Code of Ethics with MLS Participants in different
firms arising out of their relationships as MLS Participants subject to
the following qualifications. (Amended 11/97)
-
If all
disputants are members of the same Board of Realtors® or
have their principal place of business within the same Board’s
territorial jurisdiction, they shall arbitrate pursuant to the
procedures of that Board/Association of Realtors®.
-
If the
disputants are members of different Boards of Realtors® or
if their principal place of business is located within the territorial
jurisdiction of different Boards of Realtors®,
they remain obligated to arbitrate in accordance with the procedures
of the Tennessee Association of Realtors®.
Interboard
Arbitration Procedures: Arbitration shall be conducted in accordance
with any existing interboard agreement or, alternatively, in accordance
with the Interboard Arbitration Procedures in the Code of Ethics and
Arbitration Manual of the
National Association of Realtors®. Nothing herein
shall preclude Participants from agreeing to arbitrate the dispute
before a particular Board/Association of Realtors®.
(Amended 11/98)
TOP
Section 16—STANDARDS OF CONDUCT FOR MLS
PARTICIPANTS:
Section
16.1 MLS Participants shall
not engage in any practice or take any action inconsistent with the
agency or other exclusive relationship recognized by law that other MLS
Participants have with clients. (Amended 1/98)
Section
16.2 Signs giving notice of
property for sale, rent, lease, or exchange shall not be placed on
property without consent of the seller/landlord.
Section
16.3 MLS Participants acting
as subagents or as buyer/tenant agents or brokers shall not attempt to
extend a listing broker’s offer of cooperation and/or compensation to
other brokers without the consent of the listing broker. (Amended 1/98)
Section
16.4 MLS Participants shall
not solicit a listing currently listed exclusively with another broker.
However, if the listing broker, when asked by the MLS Participant,
refuses to disclose the expiration date and nature of such listing
(i.e., an exclusive right to sell, an exclusive agency, open listing, or
other form of contractual agreement between the listing broker and the
client) the MLS Participant may contact the owner to secure such
information and may discuss the terms upon which the MLS Participant
might take a future listing or, alternatively, may take a listing to
become effective upon expiration of any existing exclusive listing.
Section
16.5 MLS Participants shall
not solicit buyer/tenant agreements from buyers/tenants who are subject
to exclusive buyer/tenant agreements. However, if asked by an MLS
Participant, the broker refuses to disclose the expiration date of the
exclusive buyer/tenant agreement, the MLS Participant may contact the
buyer/tenant to secure such information and may discuss the terms upon
which the MLS Participant might enter into a future buyer/tenant
agreement or, alternatively, may enter into a buyer/tenant agreement to
become effective upon the expiration of any existing exclusive
buyer/tenant agreement. (Amended 1/98)
Section
16.6 MLS Participants shall
not use information obtained from listing brokers through offers to
cooperate made through multiple listing services or through other offers
of cooperation to refer listing brokers’ clients to other brokers or to
create buyer/tenant relationships with listing brokers’ clients, unless
such use is authorized by listing brokers. (Amended 11/01)
Section
16.7 The fact that an
agreement has been entered into with an MLS Participant shall not
preclude or inhibit any other MLS Participant from entering into a
similar agreement after the expiration of the prior agreement. (Amended
1/98)
Section
16.8 The fact that a client
has retained an MLS Participant as an agent or in another exclusive
relationship in one or more past transactions does not preclude other
MLS Participants from seeking such former client’s future business.
(Amended 1/98)
Section
16.9 MLS Participants are
free to enter into contractual relationships or to negotiate with
sellers/landlords, buyers/tenants or others who are not subject to an
exclusive agreement but shall not knowingly obligate them to pay more
than one commission except with their informed consent. (Amended 1/98)
Section
16.10 When MLS Participants
are contacted by the client of another MLS Participant regarding the
creation of an exclusive relationship to provide the same type of
service, and MLS Participants have not directly or indirectly initiated
such discussions, they may discuss the terms upon which they might enter
into a future agreement or, alternatively, may enter into an agreement
which becomes effective upon expiration of any existing exclusive
agreement. (Amended 1/98)
Section
16.11 In cooperative
transactions, MLS Participants shall compensate cooperating MLS
Participants (principal brokers) and shall not compensate nor offer to
compensate, directly or indirectly, any of the sales licensees employed
by or affiliated with other MLS Participants without the prior express
knowledge and consent of the cooperating broker.
Section
16.12 MLS Participants are
not precluded from making general announcements to prospective clients
describing their services and the terms of their availability even
though some recipients may have entered into agency agreements or other
exclusive relationships with another MLS Participant. A general
telephone canvass (only if the participant has purchased current, state
supplied Do Not Call List), general mailing, or
distribution addressed to all prospective clients in a given
geographical area or in a given profession, business, club, or
organization, or other classification or group is deemed “general” for
purposes of this rule. (Amended 1/98)
The following
types of solicitations are prohibited:
Telephone
or personal solicitations of property owners who have been identified by
a real estate sign, multiple listing compilation, or other information
service as having exclusively listed their property with another MLS
Participant; and mail or other forms of written solicitations of
prospective clients whose properties are exclusively listed with another
MLS Participant when such solicitations are not part of a general
mailing but are directed specifically to property owners identified
through compilations of current listings, “for sale” or “for rent”
signs, or other sources of information intended to foster cooperation
with MLS Participants.
Section
16.13 MLS Participants, prior
to entering into an agency agreement or other exclusive relationship,
have an affirmative obligation to make reasonable efforts to determine
whether the client is subject to a current, valid exclusive agreement to
provide the same type of real estate service. (Amended 1/98)
Section
16.14 MLS Participants,
acting as agents of, or in another relationship with, buyers or tenants,
shall disclose that relationship to the seller/landlord’s agent or
broker at first contact and shall provide written confirmation of that
disclosure to the seller/landlord’s agent or broker not later than
execution of a purchase agreement or lease. (Amended 1/98)
Section
16.15 On unlisted property,
MLS Participants acting as buyer/tenant agents or brokers shall disclose
that relationship to the seller/landlord at first contact for that
client and shall provide written confirmation of such disclosure to the
seller/landlord not later than execution of any purchase or lease
agreement. (Amended 1/98)
MLS
Participants shall make any request for anticipated compensation from
the seller/landlord at first contact.
Section
16.16 MLS Participants,
acting as agents or brokers of sellers/landlords or as subagents of
listing brokers, shall disclose that relationship to buyers/tenants as
soon as practicable, and shall provide written confirmation of such
disclosure to buyers/tenants not later than execution of any purchase or
lease agreement. (Amended 1/98)
Section
16.17 MLS Participants are
not precluded from contacting the client of another broker for the
purpose of offering to provide, or entering into a contract to provide,
a different type of real estate service unrelated to the type of service
currently being provided (e.g., property management as opposed to
brokerage). However, information received through a Multiple Listing
Service or any other offer of cooperation may not be used to target
clients of other MLS Participants to whom such offers to provide
services may be made.
Section
16.18 MLS Participants,
acting as subagents or buyer/tenant agents or brokers, shall not use the
terms of an offer to purchase/lease to attempt to modify the listing
broker’s offer of compensation to subagents or buyer’s agents or
brokers, or make the submission of an executed offer to purchase/lease
contingent on the listing broker’s agreement to modify the offer of
compensation. (Amended 1/98)
Section
16.19 All dealings concerning
property exclusively listed or with buyer/tenants who are subject to an
exclusive agreement shall be carried on with the client’s agent or
broker, and not with the client, except with the consent of the client’s
agent or broker or except where such dealings are initiated by the
client. (Amended 1/98)
Section
16.20 Participants, users,
and subscribers, prior to or after terminating their relationship with
their current firm, shall not induce clients of their current firm to
cancel exclusive contractual agreements between the client and that
firm. This does not preclude Participants from establishing agreements
with their associated licensees governing assignability of exclusive
agreements. (Adopted 1/98)
Section
16.21 These rules are not
intended to prohibit ethical, albeit aggressive or innovative business
practices, and do not prohibit disagreements with other MLS Participants
involving commission, fees, compensation, or other forms of payment or
expenses.
Section
16.22 MLS Participants shall
not knowingly or recklessly make false or misleading statements about
competitors, their businesses, or their business practices.
TOP
Section
17. Orientation: Any
applicant for MLS Participation and any licensee affiliated with an MLS
Participant who has access to and use of MLS-generated information shall
complete an orientation program of no more than eight (8) classroom
hours devoted to the MLS rules and regulations and computer training
related to MLS information entry and retrieval and the operation of the
MLS within 180 days after access has been provided. (Amended 11/96)
Multiple
Listing Service
Additional
Rules and
Regulations
Internet Data Exchange (IDX) - Effective December 1, 2001
TOP
Section 18.
IDX Defined: IDX affords MLS Participants the option of authorizing
display of their active listings on other Participants’ Internet web
sites. Participants may display on Participants' public websites
aggregated MLS active listing information through, at Participants'
option, either downloading and placing the data on Participants public
access websites or by framing such information on the MLS or Association
public access website (if such site is available) subject to the
requirements of state law and regulation.
Participation in IDX is
available to all MLS Participants who are REALTORS who are engaged in
real estate brokerage and who consent to display of their listings by
other Participants. This requirement can be met by maintaining an office
or Internet presence from which Participants are available to represent
real estate sellers or buyers (or both).
Unless state law requires
prior written consent from listing brokers, listing brokers' consent for
such display is presumed unless a listing broker affirmatively notifies
the MLS that the listing broker refuses to permit display (either on a
blanket or on a listing-by-listing basis). If a Participant refuses
on a blanket basis to permit the display of that Participant's listings,
then that Participant may not download or frame the aggregated MLS data
of other Participants.
Service
fees and charges for participation in IDX may be established annually by
the Board of Directors.
1 - Other
Terms Defined:
Internet
Data Exchange (“IDX”), also referred to as “Broker Reciprocity”, is the
next stage in the evolution of MLS as the primary means of enhancing
cooperation between REALTORS to facilitate the purchase and sale of real
property. IDX gives MLS Participants the tool they need to display each
other’s listings on their Internet websites. Under IDX, brokers exchange
consent to display each other’s listings on the Internet.
" IDX
Database" is a current aggregate compilation of active listings data of
MLS Participants except those listings where the property seller has
opted out of Internet publication by so indicating on the listing
contract. The IDX Database is used to display data on a Participants'
website and is created by transfer of data from the GSMAR MLS database.
2 - Some
data fields included in the MLS are considered to be "Prohibited Fields"
and may not be published in the IDX Database. The fields are defined in
the attached Prohibited Fields Addendum.
3 - All
listings displayed shall include a current Great Smoky Mountains
Association of REALTORS® copyright notice immediately following the
property information. Listing data displays shall identify the listing
firm, listing firm telephone number and listing agent name(s) within the
body of the display. This information shall be in the same font, color
and size as the other listing information fields. If multiple font sizes
are used, these fields must be in a size equal to or greater than the
font size used for the majority of the listing data fields. A display of
another Participants' listing may not include any contact information or
branding of the Participant who owns the website or any of its agents
within the "body" of the listing data. The "body" is defined as the
rectangular space whose borders are delimited by the utmost extent in
each direction of the listing text and photo data.
A search
result identifying listings in a "brief" or "thumbnail" format may not
include any contact information or branding of the Participant who owns
the website or any of it's agents within the "body" of the search
results area. The "body" is defined as the rectangular space whose
borders are delimited by the utmost extent in each direction of the
composite of the listing text and photo data of all returned listings. A
"brief" or "thumbnail" is defined as being no more than two horizontal
lines of text and/or a photograph no more than 110 pixels high and shall
contain a link to the property display.
All search
results resulting in a "brief" or "thumbnail" format display shall
include a current Great Smoky Mountains Association of REALTORS®
copyright notice immediately following the "body" of the search results
on each page.
4 - No
listing information related to another Participant's listing contained
in the IDX Database may be modified or manipulated. (This is not a
limitation on the design of the site but refers to the actual data.) All
displays of IDX Database data must include the disclaimer "Information
Deemed Reliable But Not Guaranteed" or wording of similar intent. When
listings are displayed in brief or thumbnail format, this disclaimer may
appear at the bottom of the brief or thumbnail body on each page instead
of with each brief or thumbnail.
5 - Any
display of other Participant's listings must indicate the source of the
information being displayed. All downloads and all data contained in IDX
Databases must be refreshed at least once every seven (7) days from the
MLS database. A notice stating the date which data was updated from the
MLS shall be clearly posted on all search pages.
6 -
Participants are prohibited from sharing the MLS Database and IDX
Database with any unauthorized third party. Participants shall regularly
monitor their website for signs that a third party is "scraping" data
and take immediate action to have it stopped if found. Any web page
which provides search capabilities of the IDX Database shall display the
following disclosure: "The information being provided is for consumers'
personal, non-commercial use and may not be used for any purpose other
than to identify prospective properties consumers may be interested in
purchasing."
7 - Any
search of properties from an IDX Database must be constructed to limit
the returned properties to a maximum of one hundred (100).
8 - The IDX
Database is limited to listing data from the Great Smoky Mountains
Association of REALTORS® Multiple Listing Service and shall not be
co-mingled with any other listings.
9 – If a
Participant chooses to display less listings than the entire Great Smoky
Mountains Association of REALTOR® active database, Participant may do so
with proper disclosure. For example, a Participant may choose to display
only those listings from a particular geographic area, in a particular
property type, in a particular price range, etc. A Participant may even
choose to exclude listings of some of its competitors. A disclosure
might look like either of these:
“[Your
firm’s name here] participates in the Great Smoky Mountains Association
of REALTORS® MLS’s IDX Broker Reciprocity program, allowing us to
display other broker’s listings on our site. However, [firm name]
displays only [listings in the Gatlinburg area] [only residential
listings] [exceptional properties (with list prices above $200,000)].”
“[Your firm
name] does not display the entire Great Smoky Mountains Association of
REALTORS® MLS IDX Broker Reciprocity Database on this website. The
listings of some real estate brokerage firms have been excluded.”
10 - Any
Internet site used by Participant for publication of an IDX Database
must be controlled by the Participant and advertised as that
Participant's (Firm’s) Internet site. Participant must register the URL
of their site which displays an IDX Database or frames the Association’s
MLS database website with the Great Smoky Mountains Association of
REALTORS® within 30 days of the site being available to the public. The
Association shall provide Participant a form for registration.
11 -
Changes to any Internet site necessary to cure a violation of Multiple
Listing Rules and Regulations must be accomplished within ten days of
notice from the Multiple Listing Service of the violation.
TOP
Prohibited Field Addendum
The
following fields may not be displayed in an IDX Database:
|
1.
Commission Fields |
Buyer’s Agent Commission
Facilitator Commission
Sub Agent Commission
Exclusive RTS
Exclusions
Bonus
Variable Rate |
|
2.
Owners name |
|
|
3.
List Date |
|
|
4.
Expiration Date |
|
|
5.
Addenda |
|
|
6.
Showing
Instructions |
|
|
7.
Legal Descriptions |
Deed Book
Page
Map
Group |
|
8.
Update Date |
|
|
9.
Business Name |
|
|
10.
Possession |
|
TOP
|