Last week, the Board approved amendments to the MLSOK Rules and Regulations and MLSOK Compliance Guidelines. One of the most significant updates is the Master Listing Agreement.
DEFINITION
1.25 “Master Listing Agreement” means a listing agreement whereby the sole ownerof multiple REO/bank owned, developer owned, investment, or new construction properties contracts with a Participant to list such properties simultaneously or over time, each set forth in an attachment or supplement to, and subject to the terms of, the Master Listing Agreement.
1.26 “Master Listing Agreement Addendum” means the form provided by MLSOK to be completed and submitted by a Participant for each new listing that is subject to an ongoing Master Listing Agreement.
MASTER LISTING AGREEMENT SUPPLEMENTAL FORM
Available on TransactionDesk, this new form can only be used in conjunction with an ongoing Master Listing Agreement, previously executed by a Broker and Seller.
Who can use the form?
Sellers who own several properties
What kind of properties qualify?
- Multiple REO/bank owned
- Developer owned
- Investment
- New construction
COMPLIANCE GUIDELINES
SECTION 5: SERIOUS VIOLATIONS Failure to submit a Master Listing Agreement Addendum form within one (1) Business Day of entering MLS Listing Information for a REO/bank owned, developer owned, investment, or new construction listing subject to a Master Listing Agreement.
Fines for Serious Violations are as follows:
- First Infraction: Warning notification
- Second Infraction: $250.00 fine
- Third Infraction: $500.00 fine; and referral to MLS Board of Directors for review and discipline if applicable.
View a complete overview of changes made to the MLSOK documents, including the NAR policy change.