Northeast Georgia Board of REALTORS Multiple Listing Service Policy and Operating Procedures

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1 August 2017 Northeast Georgia Board of REALTORS Multiple Listing Service Policy and Operating Procedures (These procedures are not designed to supersede the Rules and Regulation of the Northeast Georgia Board of Realtors, Inc. or that adopted by the Northeast Georgia Board of Directors, by the National Association of Realtors, and State Real Estate Commission.) Non Compliance of the MLS Operating Procedures will result in notification via error reports, s from NEGBOR office, and/ or any other written or electronic communication to the Broker and Listing Agent and will result in Broker fines. After 3 business days of no compliance the Broker will be billed a violation fee of $25.00 per occurrence. After an additional 3 business days of no compliance there will be an increase of fee to $75.00 per occurrence and the NEGBOR office will change the listing to Temporary Off Market Status until all fees are paid. If all fees are not paid by the due date listed on the invoice, the Listing Office will be disabled from the MLS until all invoices are paid. (Refer to NEG Rules and Regulations, Section 7 & 9 & 16) The multiple listing service is: * a facility for the orderly correlation and dissemination of listing information so participants may better serve their clients and customers and the public, * a means by which authorized participants make blanket unilateral offers of compensation to other participants (acting as subagents, buyer agents, or in other agency or non-agency capacities defined by law), * a means of enhancing cooperation among participants, * a means by which information is accumulated and disseminated to enable authorized participants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers, * a means by which participants engaging in real estate appraisal contribute to common databases. Entitlement to compensation is determined by the cooperating broker s performance as procuring cause of the sale (or lease). While offers of compensation made by listing brokers to cooperating brokers through MLS are unconditional,* a listing broker s obligation to compensate a cooperating broker who was 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 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. It is the consensus of the NAR Multiple Listing Issues and Policies Committee that any listing agreement between a seller and a listing broker that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, engages in a particular trade or profession, or if the range of potential purchasers is otherwise arbitrarily restricted, places an unwarranted condition on listing brokers' offers of cooperative compensation and is not and should not be eligible for inclusion in MLS. Exclusive Right-to-Sell Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker, regardless of whether the property is sold through the efforts of the listing broker, the seller(s), or anyone else; and a contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker regardless of whether the property is sold through the efforts of the listing broker, the seller(s), or anyone else, except that the seller(s) may name one or more individuals or entities as exemptions in the listing agreement and if the property is sold to any exempted

2 individual or entity, the seller(s) is not obligated to pay a commission to the listing broker. (Amended 5/06) Exclusive Agency Listing: A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker if the property is sold through the efforts of any real estate broker. If the property is sold solely through the efforts of the seller(s), the seller(s) is not obligated to pay a commission to the listing broker. Copy of participant s listing agreements will be faxed to the Board Office upon request. Status of Listing: Any listing filed in the NEGB MLS must be posted by the listing broker within 24 hours of status change. Property Change Report will be completed, signed, and faxed to Board Office at time of change to service. (Reference NEG Rules & Regulations Section 1.4) Active: Exclusive Right of Sale or Exclusive Agency Brokerage Agreement to compensate any cooperating Broker member compensation in the sale of the listing. Active with Kickout-Property is under contingency contract with Kick-Out Clause. Contingent: Contract agreement of the listing where contract conditions remain to be satisfied by the buyer and/or seller. Pending: Contract agreement in the sale of the listing have been satisfied or removed. Sold: The Contract Sale of listing has been executed. Withdrawn from MLS (listing contract still in force) Compensation shall be paid by terms of listing contract. Void: Complete termination of contractual listing agreement. Temporarily Withdrawn: The Conditions or Term of the exclusive agreement to compensate any cooperating broker member in compensation in a sale, is temporarily withdrawn. Expired: The exclusive listing contract agreement and terms to compensate any cooperating broker member compensation in the sale of a listing have ended. Note: Sold Before Listed entries must comply with all listing requirements. Transferring Listings-In order to eliminate potential liability, effective immediately (3/4/15), Northeast Georgia BOR staff will no longer be allowed to transfer listings from one company to another. 2) Images- Up to 24 images may be uploaded with a participant s listing filed with the service. a) The primary image used must be an actual picture of or from the subject property being listed. b) Include a driveway/street view of the front of the home in the first four photos. c) No image shall display participant, seller and/or subscriber identification. d) Additional images may be of or from the subject property listed. I. Actual property, not similar property, II. View from the property, III. Common areas (labeled as such) actually associated with the property, IV. Model Home (labeled as model home). e) One image shall be required to be uploaded for each listing within 3 days of the beginning date of listing agreement. f) Severely distorted photos are discouraged. Photos should be a true representation of the property. e) Photos from a Listing posted in MLS may not be copied and used by another agent without written permission from the Listing Broker. 3) Directionsa) Directions to properties are required and shall be clearly stated and made easy to locate by all members unfamiliar with any given area. b) Directions shall begin with an intersection or highway in the town nearest the property, not from the Listing Office. Each segment of the directions shall include;

3 I. Highway (Road) Name and/or Number, II. Compass direction being traveled, III. Mileage to next point, IV. Specific turns as being to right or left, V. Landmarks may be used if they are clearly identified by name or description and not likely to change. VI. Landmarks should not be used if they are identified by having belonged to some previous owner. VII. No other data remarks will be displayed in this field. 4) Remarks Data- Remarks field is published as public information. I. Data should be information to participants and the public pertaining to subject property. II. It may not contain information used to direct a consumer s attention to Listing Participants, sellers, and/ or subscribers. (Reference NEG Rules & Regulations Section 4.4) III. Suggestion of adjoining property may be mentioned with permission of the listing agent if such property is listed for sale. Special Remarks Field is confidential information amongst cooperating members. Special remarks may be used to instruct participants of the following: I. Conditions to show property, II. Direct contact to Participants, sellers, tenants, and/or subscribers under special conditions or limited service conditions. III. Reference to special conditions that may apply, such as, addendums, or qualifications of consumer. IV. Access information in showing instruction which exceed those allowed in Showing Instructions. "Special Conditions" When the following services are offered to participants listings entered into the service shall: a) Specify and identify special conditions that apply to the Broker/Participant s listing. b) Reference instructions to participants. I. Limited Service: Listing participant will not provide: i. Appointments ii. Accept and Present Offers iii. Prepare Counteroffers iv. Negotiate Offers v. Obtain Plat/Survey & Disclosures II. Auction Property (Reference NEG Rules & Regulations Section 1.7) (see Special Remarks data insert of instruction to bid) III. Short Sale (Reference NEG Rules & Regulations Section 5.0.1) (see Special Remarks for addendum or instruction for offer) IV. Foreclosure (see Special Remarks, data instruction for pre-qualification or addendums) V. Licensed Owner If the property owner is a Licensed Real Estate Salesperson or Licensed Real Estate Broker in any state, the Licensed Owner Toggle must be checked to fully disclose as required by Law. 5) Sales Commission Issues- Selling Commission shall be entered as that commission that will be paid to the Selling Broker at Closing, displayed in either percent or dollars. (Reference NEG Rules & Regulations Section 5) 6) Completion Status- Completed new/under Construction- the home must be dried in with rough plumbing & rough electrical completed. Pre-Construction- I. Primary image shall be labeled as Model Home. II. Information related to writing a Purchase Contract shall be available to any member at the time of data entry. This shall include Floor Plans, Surveys, Building Specifications, Material Descriptions, and Warranty Information made available to participant as supporting documents.

4 7) Potable Water Issues- Only those sources of potable water that will be provided by the seller and present at the time of closing shall be listed. 8) Sewage/Septic Systems- Only those sewage/septic systems that are provided by the seller and present at the time of closing shall be listed. 9) Names of Lakes, Rivers or Creeks I. Only those bodies of water fronting or accessing from the subject property shall be named under the Lake Name or River/ Creek Name. II. No property shall be identified as having Lake, River or Creek frontage unless the subject property actually has deeded frontage and touches that body of water or land, and named on a survey, map or deed. III. Survey shall disclose water frontage as a specific contour line indication. IV. Term used to describe branch, creek, river, or stream shall be identified as such on survey, plat or deed. V. Lake/River Access (option in frontage ) is defined as property with Lake/River access via another property and given access rights through deed. 10) Legal Description- Identification of subject property for sale must require the following information for preparation of offer. I. Land Lot (GA) II. District (GA) III. Section (GA, NC) IV. County (GA, NC, TN) County which the legal description is recorded. V. Subdivision Name (if applicable GA, NC, TN) VI. Deed Book, Deed Book Page (GA, NC, TN) VII. Plat Book, Plat Book Page (if applicable GA, NC, TN) VIII. Tax ID IX. Address: Must be the address issued by the 911 system or post office. X. Township: The Township listed in the deed, if any 11) City- I. The name of the City in the MLS listing shall be that of the mailing address issued by the post office or the 911 system, unless the property is actually in another state than the mailing address, then city and state listed on the property tax card shall be used. II. Reference to Miles from town shall be stated as the mileage to the city used in the mailing address. 12) Lockbox- (Reference NEG Rules & Regulations Section 9.3) I. All subject properties indicating Lockbox under showing instructions shall be a Northeast Georgia Board of Realtor MLS lockbox, allowing all participants access with the membership supra key. II. Uses of other lockboxes to secure keys are not prohibited. Codes to gain access should be made available to cooperating members with instructions indicated To Show Call Listing Office, in Special Remarks, or through document manager as To Show instructions. For security reasons this information should not be in fields sent IDX or to Buyer Consumers. III. Call Listing Office/Agent Only use when it is necessary for the Listing Agent to be contacted prior to showing. 13) Internet Links (Non Branded) Non Branded Virtual Tours may be placed as an Internet Link providing they do not identify participant, seller, subscriber or affiliate of the NEG Board. (Non branded means that there is absolutely no reference, information, or links to information to the listing agent or listing office.) 14) Duplicate Listings Some properties may be marketed as residential OR commercial. Such properties may be entered in both categories and Linked. 15) Year Built (Required). Year built is a required field to comply with legal disclosure of Lead Based Paint. If the year built is unknown, a value of 1111 should be entered.

5 16) Square Footage: Above Grade: Defined as heated square footage, above grade Below Grade 17) Variable Commission- A Variable Commission is created when the commission offered for a co-brokered transaction is greater than the commission offered if the Listing Company/Agent sells the property. The purpose of this disclosure is to make a Selling Agent aware of a potential disadvantage to their Buyer. For example: (Commissions listed are for illustration purposes only) In a listing contract the Seller agrees to pay 10% commission, splitting it 5% for the Listing agent and 5% for the Co-Brokering Selling Agent; but then lists another commission of 8% total commission if the Listing Agent or Listing Company sells the listing. In a multiple offer situation, the Listing Agent s buyer may have an unfair advantage because the Seller would be paying less total commission if there is not a Cooperating Broker involved in the transaction. 18) Use of Police Icon Tool by Participants Use of this tool is a means of cooperating participants to contact participant of submitted listing while remaining anonymous to broker participant, broker/agent participant, with notification forwarded to the Board Office indicating that a violation may have taken place, or corrections may be deemed necessary. There is not a way for the participating member to identify the sender without contacting the Board Office. Extreme discretion is suggested in use of this tool. I. Cooperative participants are encouraged to seek advisement of their broker/member participant for advisement on handling subjective infractions of the membership participants. Encouragement to be in contact through other cooperative contact may clarify conditions of concerns regarding the participants listing. II. If the issue identified is a direct violation of the MLS Rules and Regulations, Constitutional By-Laws of the NEG Board, and/or MLS Guidelines and Operating Procedures, further actions may deem to be necessary. III. Message Content must be inclusive in use of the Police Icon. IV. If you seek response or action of message from participant you may provide your contact information to express reply. Otherwise reply or response to sender will not be possible without the Board Office. V. Actions, expressions, and professional conduct of participants are encouraged to be in consideration of Code of Ethics amongst cooperative Realtor participant members of the National Association of REALTORS **********************************************************************************