Printable Version of MLS Rules and Regulations
page 1 of 9 (next page)
Mountain Central Board of REALTORS®
Multiple Listing Service
Rules and Regulations
Listing Procedure
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, located within the territorial jurisdiction of the Mountain Central Board of REALTORS® (MCBR) Multiple Listing Service (MLS) taken by Participants, on appropriate forms currently in use, shall be delivered to the MLS or input under the “Listing Input” system within two (2) business days after all necessary signatures of seller(s) have been obtained. Only properties authorized to be sold or transferred by the property's titled owner(s) may be filed with the MLS. A Participant shall not list a property with the MLS until such time as a signed written authorization from each owner having title to the property has been received by the Participant. Failure to submit a listing within the allowed two (2) business day period, and in accordance with the terms of this section, may result in a fine per transaction, suspension or termination of service, or a combination thereof in such amounts and for such periods of time as shall be determined by the MCBR Board of Directors in its sole discretion.
Note 1: Business Day shall mean Monday through Friday excluding Saturday and Sunday and excluding holidays as defined in Idaho Code, section 67-5302.
Types of Properties: Following are some of the types of properties that may be published through the MLS, including types described in the preceding paragraph that are required to be filed with the MLS and other types that may be filed with the MLS at the Participant's option provided, however, that any listing submitted is entered into within the scope of the Participant's licensure as a Real Estate Broker:
RESIDENTIAL
Single Family
Multi-Family
Condo/Townhouse
Residential w/Acreage
LOTS & ACRE
Vacant lot
Vacant Acreage
Development Potential
FARM & RANCH
Farm
Ranch
Vacant Farm/Ranch Acreage
COMMERCIAL
Commercial Building
Commercial Acreage
Business
Industrial
However, the MLS may reserve the right to refuse to accept a listing which fails to adequately protect the interests of the public and the Participants; and assure that no listing filed with the MLS establishes, directly or indirectly, any contractual relationship between the MLS and the client (buyer or seller).
The MLS 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 compensation to the other Participants of the MLS acting as agents, buyer agents, or both. The listing agreement must include each titled owner's written authorization to submit the agreement to the MLS.
The different types of listing agreements include:
(a) exclusive right to sell
(b) exclusive agency
The MLS shall not accept net listings or open listings.
The exclusive right to sell listing is the conventional form of listing submitted to the MLS in that the seller authorizes the listing Broker to cooperate with and to compensate other Brokers.
The exclusive agency listing also authorizes the listing Broker, as exclusive agent, 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 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.
Note 2: The MLS does not regulate the type of listings its Participants may take. This does not mean that the MLS must accept every type of listing. The MLS shall decline to accept open listings 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 Participants free to accept such listings to be handled outside the MLS.
Note 3: The MLS may, at its option, accept exclusively listed property that is 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.
Section 1.1 - Listings Subject to Rules and Regulations of the Service: Any listing taken on a contract to be filed with the MLS is subject to the rules and regulations of the MLS upon signature of the seller(s). The MLS may, in its discretion, or through the direction of the MCBR executive director, require a Participant to produce a copy of a listing agreement regarding any property listed with the MLS.
Section 1.2 - Detail on Listings Filed with the Service: A listing agreement or property data form, when filed with the MLS by the listing Participant, shall be complete in every detail which is ascertainable as specified as “Required Items” on the property data form.
Section 1.2.1 – Accuracy of Data: Listing information in all the fields must be complete andaccurate. Should the MLS become aware of inaccurate information, the listing Participant will be given five (5) days notice of such inaccurate information, and if not corrected, the Listing will be deleted by the MLS Administrator. Listings that contain missing or inaccurate information may subject the Participant and/or Subscriber to the imposition of a fine, suspension or termination of service, or a combination thereof as determined by the MCBR Board of Directors in its discretion.
Section 1.3 - Exempted Listings: If the seller refuses to permit the listing to be disseminated by the MLS, the Participant may then take the listing, and such listing shall be considered "office exclusive." The listing must be accompanied by certification signed by the seller that he does not desire the listing to be disseminated by the MLS. This rule shall also apply to non-published listings.
Section 1.4 - Change of Status of Listing: Any change in listed price or other change in the
original listing agreement shall be made only when authorized in writing by the seller and shall be filed with the MLS within two (2) business days after the authorized change is received by the listing Participant.
Section 1.5 - Withdrawal of Listing Prior to Expiration: Listings of property may be withdrawn from the MLS by the listing Participant before the expiration date of the listing agreement, provided notice is filed with the MLS, including a copy of the agreement between the seller and the listing Participant which authorizes the withdrawal.
page 1 of 9 (next page)
Mountain Central Board of REALTORS®
Multiple Listing Service
Rules and Regulations
Listing Procedure
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, located within the territorial jurisdiction of the Mountain Central Board of REALTORS® (MCBR) Multiple Listing Service (MLS) taken by Participants, on appropriate forms currently in use, shall be delivered to the MLS or input under the “Listing Input” system within two (2) business days after all necessary signatures of seller(s) have been obtained. Only properties authorized to be sold or transferred by the property's titled owner(s) may be filed with the MLS. A Participant shall not list a property with the MLS until such time as a signed written authorization from each owner having title to the property has been received by the Participant. Failure to submit a listing within the allowed two (2) business day period, and in accordance with the terms of this section, may result in a fine per transaction, suspension or termination of service, or a combination thereof in such amounts and for such periods of time as shall be determined by the MCBR Board of Directors in its sole discretion.
Note 1: Business Day shall mean Monday through Friday excluding Saturday and Sunday and excluding holidays as defined in Idaho Code, section 67-5302.
Types of Properties: Following are some of the types of properties that may be published through the MLS, including types described in the preceding paragraph that are required to be filed with the MLS and other types that may be filed with the MLS at the Participant's option provided, however, that any listing submitted is entered into within the scope of the Participant's licensure as a Real Estate Broker:
RESIDENTIAL
Single Family
Multi-Family
Condo/Townhouse
Residential w/Acreage
LOTS & ACRE
Vacant lot
Vacant Acreage
Development Potential
FARM & RANCH
Farm
Ranch
Vacant Farm/Ranch Acreage
COMMERCIAL
Commercial Building
Commercial Acreage
Business
Industrial
However, the MLS may reserve the right to refuse to accept a listing which fails to adequately protect the interests of the public and the Participants; and assure that no listing filed with the MLS establishes, directly or indirectly, any contractual relationship between the MLS and the client (buyer or seller).
The MLS 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 compensation to the other Participants of the MLS acting as agents, buyer agents, or both. The listing agreement must include each titled owner's written authorization to submit the agreement to the MLS.
The different types of listing agreements include:
(a) exclusive right to sell
(b) exclusive agency
The MLS shall not accept net listings or open listings.
The exclusive right to sell listing is the conventional form of listing submitted to the MLS in that the seller authorizes the listing Broker to cooperate with and to compensate other Brokers.
The exclusive agency listing also authorizes the listing Broker, as exclusive agent, 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 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.
Note 2: The MLS does not regulate the type of listings its Participants may take. This does not mean that the MLS must accept every type of listing. The MLS shall decline to accept open listings 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 Participants free to accept such listings to be handled outside the MLS.
Note 3: The MLS may, at its option, accept exclusively listed property that is 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.
Section 1.1 - Listings Subject to Rules and Regulations of the Service: Any listing taken on a contract to be filed with the MLS is subject to the rules and regulations of the MLS upon signature of the seller(s). The MLS may, in its discretion, or through the direction of the MCBR executive director, require a Participant to produce a copy of a listing agreement regarding any property listed with the MLS.
Section 1.2 - Detail on Listings Filed with the Service: A listing agreement or property data form, when filed with the MLS by the listing Participant, shall be complete in every detail which is ascertainable as specified as “Required Items” on the property data form.
Section 1.2.1 – Accuracy of Data: Listing information in all the fields must be complete andaccurate. Should the MLS become aware of inaccurate information, the listing Participant will be given five (5) days notice of such inaccurate information, and if not corrected, the Listing will be deleted by the MLS Administrator. Listings that contain missing or inaccurate information may subject the Participant and/or Subscriber to the imposition of a fine, suspension or termination of service, or a combination thereof as determined by the MCBR Board of Directors in its discretion.
Section 1.3 - Exempted Listings: If the seller refuses to permit the listing to be disseminated by the MLS, the Participant may then take the listing, and such listing shall be considered "office exclusive." The listing must be accompanied by certification signed by the seller that he does not desire the listing to be disseminated by the MLS. This rule shall also apply to non-published listings.
Section 1.4 - Change of Status of Listing: Any change in listed price or other change in the
original listing agreement shall be made only when authorized in writing by the seller and shall be filed with the MLS within two (2) business days after the authorized change is received by the listing Participant.
Section 1.5 - Withdrawal of Listing Prior to Expiration: Listings of property may be withdrawn from the MLS by the listing Participant before the expiration date of the listing agreement, provided notice is filed with the MLS, including a copy of the agreement between the seller and the listing Participant which authorizes the withdrawal.
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