Commercial Property

Where Real Estate Associations Stand On MLS-Entry-Only Listings

offers published in MLS must be clear and unambiguous. Thus "reciprocal” or "I"ll pay you what you pay me” are not acceptable. Listing brokers who want to vary their compensation offers from what is published in MLS must do so by separate written communication to other participants. Does a buyer"s representative have any duties to a seller who is represented by an MLS-entry-only broker? The buyer representative"s duties are the same as they would be if the seller were represented by a full-service broker or were selling the property without an agent: to be honest. Does anything change if the buyer"s representative is acting as a transaction broker or in another non-agency capacity? No. Transaction and other non-agency relationships still impose duties to protect the interests of the party with whom the transactional agent is working. What should a buyer"s representative do when she needs to talk with an MLS-entry-only broker who is not cooperative? There is little a buyer"s representative can do to force an MLS-entry-only broker to communicate. The MLS-entry-only broker"s duties are governed by his contractual relationship with the seller. Who is responsible for notifying a seller"s MLS-entry-only broker that the seller has accepted an offer? That escrow has closed? The seller has the responsibility for such notification. The buyer"s broker may choose to provide the MLS-entry-only broker with this information, but has no responsibility to do so. If a buyer"s agent is not able to quickly present an offer to the seller, who has liability for any negative consequences? It depends on why the delay occurred. If any party acted negligently, that party has potential liability. Can a buyer"s representative present an offer directly to a seller who is represented by an MLS-entry-only broker? Yes, if the listing broker has indicated that cooperating brokers are authorized to deal directly with the seller. Should listing brokers have the same concerns about working with buyers who are not represented as buyer"s representatives, how about working with sellers who are represented by MLS-entry-only brokers? Yes. Listing brokers should take care not to inadvertently create unintended relationships with buyers. Can the MLS define a minimal level of services that an exclusive agent must provide? No. State laws and regulations control. Can NAR establish a minimum level of services that licensees must provide to clients? No. Again, state laws and regulations control. Has the new Illinois law, which requires brokers in an exclusive relationship to provide a minimum level of services, caused MLS-entry-only brokerages to be illegal? If so, is this an illegal restraint of trade? No. In Illinois, MLS-entry-only brokers may have to increase the services they provide to ensure their agreements rise to the level of exclusive listings.

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RES commented:

I have got enough knowledge regarding the MLS entry. I think the Realtor must perform their responsibility. Thanks for this informative post .

09.03.2012

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