GREATER LANSING ASSOCIATION OF REALTORS December 2017

Transcription

1 GREATER LANSING ASSOCIATION OF REALTORS December 2017 MULTIPLE LISTING SERVICE (MLS) RULES AND REGULATIONS STATUS CODES: A Active - Currently on the Market for sale/lease AB Active with Backup Offers - Property has an accepted offer but seller is allowing showings in order to acquire a Backup Offer. (April 2016) P Pending Seller has an accepted offer and seller chooses not to continue to show property. (April 2016) C Closed the contract has been fully executed and the property has been closed. ( ) W Withdrawn Taken off the market, and all marketing stops. Status can be returned to Active. (October 2016) [Previously called Stop Action] L Cancelled - Permanently taken off the market, and all marketing stops. (October 2016) Contingent Contingent with first right of refusal for Buyer to close on named property or contingent with first right of refusal for Seller finding suitable property. (Required to be disclosed in Public Remarks and Agent to Agent remarks.) X Expired The listing agreement has expired, and all marketing stops. (March 2011) DEFINITIONS. The following definitions shall apply in these Rules and Regulations: Agency Relationships A. Seller s Agent - - A Seller s Agent, under a Listing contract with the Seller, acts solely on behalf of the Seller. A Seller can authorize a Seller s Agent to work with Subagents, Buyer s Agents, and/or Transaction Coordinators. A Subagent of the Seller is one who has agreed to work with the Listing Agent, and who, like the Listing Agent, acts solely on behalf of the Seller. Seller s Agents and their Subagents will disclose to the Seller known information about the Buyer, which may be used to the benefit of the Seller. B. Buyer s Agent A Buyer s Agent, under a Buyer s Agency contract with the Buyer, acts solely on behalf of the Buyer. A Subagent of the Buyer is one who has agreed to work with the Buyer s Agent and who, like the Buyer s Agent, acts solely on behalf of the Buyer. Buyer s Agents and their Subagents will disclose to the Buyer known information about the Seller, which may be used to benefit the Buyer. C. Dual Agents A Real Estate Licensee can be the Agent of both the Seller and the Buyer in a transaction, but only with the knowledge and informed consent, in writing, of both the Seller and the Buyer. In such a Dual Agency situation, the Licensee will not be able to disclose all known information to either the Seller or the Buyer. As a Dual Agent, the Licensee will not be able to provide the full range of fiduciary duties to the Seller or the Buyer. The obligations of a Dual Agent are subject to any specific provisions set forth in any agreement between the Dual Agent, the Seller, and the Buyer. D. Transaction Coordinator A Transaction Coordinator is a Licensee who is not acting as an Agent of either the Seller or the Buyer, yet is providing services to complete a real estate transaction. The Transaction Coordinator is not an Agent for either Party and, therefore, owes no fiduciary duty to either Party.

2 Audits The MLS Department will now choose random days to audit paperwork. Random Audits of an entire day will be pulled from Hot Sheets. All paperwork entered on said day will be requested, by , from the Broker. See Section 16 L. Authorizing Signature The signature of the Designated REALTOR /MLS Participant and/or MLS Signatory will be required on all written communications concerning any MLS matters. In addition, the Multiple List Number must be included on all correspondence to the MLS Department or the MLS Committee. Basement Partially finished means a % of Basement is Functional /finished space. (September 20, 2017) Commercial Property Zoned by the township or planning for commercial usage. (April 2011) Condominium A building or complex in which units of property are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners and has no land included. (April 2017) Designated REALTOR /MLS Participant Any REALTOR of this or any other association who is a principal, partner, corporate officer, or branch office manager acting on behalf of a principal, without further qualification, except as otherwise stipulated in these bylaws, shall be eligible to participate in multiple listing upon agreeing in writing to conform to the rules and regulations thereof and to pay the costs incidental thereto. However, under no circumstances is any individual or firm, regardless of membership status, entitled to multiple listing service membership or participation unless they hold a current, valid real estate broker s license and offer or accept compensation to and from other participants or are licensed or certified by an appropriate state regulatory agency to engage in the appraisal of real property. Use of information developed by or published by an association 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 an association multiple listing services where access to such information is prohibited by law. (Amended 11/08) Mere possession of a broker s license is not sufficient to qualify for MLS participation. Rather, the requirement that an individual or firm offers or accepts cooperation and compensation means that the participant actively endeavors during the operation of its real estate business to list real property of the type listed on the MLS and/or to accept offers of cooperation and compensation made by listing brokers or agents in the MLS. Actively means on a continual and ongoing basis during the operation of the participant s real estate business. The actively requirement is not intended to preclude MLS participation by a participant or potential participant that operates a real estate business on a part-time, seasonal, or similarly time-limited basis or that has its business interrupted by periods of relative inactivity occasioned by market conditions. Similarly, the requirement is not intended to deny MLS participation to a participant or potential participant who has not achieved a minimum number of transactions despite good faith efforts. Nor is it intended to permit an MLS to deny participation based on the level of service provided by the participant or potential participant as long as the level of service satisfies state law. (Adopted 11/08) *The key is that the participant or potential participant actively endeavors to make or accept offers of cooperation and compensation with respect to properties of the type that are listed on the MLS in which participation is sought. This requirement does not permit an MLS to deny participation to a participant or potential participant that operates a Virtual Office Web Site (VOW) (including a VOW that the [2]

3 participant uses to refer customers to other participants) if the participant or potential participant actively endeavors to make or accept offers of cooperation and compensation. An MLS may evaluate whether a participant or potential participant actively endeavors during the operation of its real estate business to offer or accept cooperation and compensation only if the MLS has a reasonable basis to believe that the participant or potential participant is in fact not doing so. The membership requirement shall be applied in a nondiscriminatory manner to all participants and potential participants. (Adopted 11/08) Multi Family Multi Family is any property that can or is creating income for the owner or investor and must have 2 or more units. (April 2017) Jurisdiction The territorial jurisdiction of the Greater Lansing Association of REALTORS as a Member of the National Association of REALTORS shall include all that area or territory within the Counties of Clinton, Ingham (with the exception of the townships of Onondaga, Leslie, Bunker Hill, and Stockbridge), and Eaton. Only Listings of the designated types of property located within the jurisdiction of the Greater Lansing 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 Designated REALTOR /MLS Participant but are not required by the Service. Key Box Entry Key The current Entry Key system utilizes the Supra Display KEY and the Supra ekey utilizing the Supra system. Listing Member A Designated REALTOR /MLS Participant with whom a given property listed for sale or exchange. has been Member GLAR Members are also members of NAR. Once you are a member of the association for 35 consecutive years or 40 accumulative years you are an Emeritus Member. (Member who does not pay dues to GLAR) Life Member -- A Member who has been with the Association for 35 consecutive years or 40 accumulative years. The Member submits a written request to the Membership Committee for Life Membership status. Upon approval the Member will future GLAR dues will be waived. MLS-Only Participants MLS-Only Participation by REALTORS (principals) or any firm comprised of REALTORS (principals) irrespective of where they hold primary Association/Board Membership is allowed through Board of Choice. This MLS participation is subject to their agreement to abide by the GLAR MLS Rules and Regulations, NAR Code of Ethics and Arbitration Manual; and payment of MLS dues, fees, and charges. MLS Signatory Any MLS Subscriber in a management position who holds a Broker s or Associate Broker s license at the Designated REALTOR /MLS Participant s Office and has been authorized in writing to the Association Office, by his/her Firm s Designated REALTOR /MLS Participant to execute any and all MLS documents MLS Subscriber Subscribers (or users) of the MLS include Brokers, Associate Brokers, Sales Associates, and all types of State Licensed Appraisers affiliated with approved Designated REALTOR /MLS Participants. Manufactured Homes Manufactured Homes are built entirely in a factory under the federal building code administered by the Department of Housing and Urban Development (HUD). These homes are constructed to meet the Federal Manufactured Home Construction and Safety Standard Act of June 15, The federal standards regulate manufactured housing design and construction, strength and durability, transportability, fire resistance, energy efficiency and quality. The HUD Code also sets [3]

4 performance standards for the heating, plumbing, air conditioning, thermal and electrical systems. HUD is the only federally-regulated national building code. Each home or segment of a home is labeled with a red tag that is the manufacturer s guarantee the home was built to conform to the HUD Code. On-site additions, such as garages, decks and porches, often add to the attractiveness of manufactured homes and must be built to local, state or regional building codes. Manufactured homes generally come in single or two-section units and their dimensions range from 8 feet or more wide and 40 feet or more long. Manufactured homes can be placed on a basement and include multiwides and expandable manufactured homes. Excluded are travel trailers, motor homes, and modular housing. (March 2011) Mobile Homes The term Mobile Homes is often used interchangeably with the term Manufactured Homes but in fact they mean quite different things. Mobile Homes refers to homes built prior to 1976 when the HUD code governing building standards for factory-built homes was instituted, greatly improving quality standards. Homes built from that year on should, technically, no longer be referred to as Mobile Homes but instead are Manufactured Homes and are built to a higher standard of quality than yesterday s Mobile Homes. (March 2011) From the Manufactured Home Buyers Handbook published by Michigan Department of Labor & Economic Growth Bureau of Construction Codes & Fire Safety: Mobile Home Commission Act, P.A. 96 of 1987, as amended: A Michigan law that regulates the manufactured home indu7stry. It establishes a code, which covers licensing of retailers, communities and installer/servicers, community construction, home warranties and titling. It prescribes the powers and duties of local governments, certain agencies and departments related to the industry. Business Licensing: The Act requires annual licensing for those businesses operating in Michigan as retailers, installer/servicers and communities. The license must be displayed at the business location. (Added December 19, 2011 per MLS/Forms Committee Report dated November 16, 2011 and approved by BOD December 7, 2011) Modular Homes Modular homes are homes that are built in two or more sections in a controlled factory setting that are then transported and assembled at the building site. Modular homes are built to either local or state building codes as opposed to manufactured homes (sometimes still erroneously referred to as mobile homes) which are also built in a factory but are governed by a federal building code. (March 2011) Multiple Listing Service/Forms Committee (MLS/Forms Committee) A Committee to supervise the Multiple Listing Service and all forms utilized by GLAR Members. Nonmember Licensees An individual holding a current Real Estate or Appraiser s license and who is affiliated with a Designated REALTOR /MLS Participant. MLS Participation and other MLS related fees shall be billed through the Designated REALTOR /MLS Participant. Members in GLAR or REALTOR Members in another REALTOR Association, in good standing, are entitled to subscribe to GLAR Comparable Sales Books. Nonmember REALTOR - Realtors who do not belong to the MLS of the Greater Lansing Association of REALTORS or to the Association but who is a REALTOR in good standing with another local Association of REALTORS. Office Associates Unlicensed Users of the GLAR MLS, who are affiliated or employed within the MLS Firm of a Designated REALTOR /MLS Participant in good standing. This class of User is authorized to use the MLS within the employing GLAR MLS Member Firm s course of daily inputting and updating of Listing information and other functions performed for authorized Subscribers/Users of the MLS (within the employing GLAR MLS Member s Firm). [4]

5 No outside personal use of the GLAR MLS is authorized or permitted. Refer to Association Policy for GLAR Membership benefits. To be Built: To be built across 1 st photo using Status A, AB, C, and P. Under construction across 1 st photo using Status A, AB, C, and P Move in Ready across 1 st photo using Status A, AB, C and P Once the property is closed all information/photos will be changed to reflect the actual details of the property data. (May 2016) Residential Property Single-family homes, Condos, or Town House that has land included. (April 2017) Selling Member A Designated REALTOR /MLS Participant who procures a qualifying Contract from a prospective Purchaser for real property. Buy/Sell Site Condo s A site condominium is defined as a single family totally detached dwelling (no shared garages or any other attached buildings) encumbered by a declaration of condominium covenants or condominium form of ownership. (April 2011) Third-Party Vendor A Third-Party Vendor shall be any Company/Vendor providing software or services and which may receive information from the GLAR MLS system. Vacant Land Vacant, Unplatted land. Vacant Lot Property that has been platted with lot numbers and/or parcel numbers assigned. 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 are located within the territorial jurisdiction of the Multiple Listing Service, and are taken by Designated REALTORS /MLS Participants on GLAR s or other acceptable forms shall be delivered to the Multiple Listing Service within 72 hours with all necessary signatures: a. Single family homes for sale or exchange b. Vacant lots and acreage for sale or exchange c. Two-family, three-family, and four-family residential buildings for sale or exchange d. Commercial Note 1: The Multiple Listing Service shall not require a Designated REALTOR /MLS Participant to submit Listings on a form other than the form the Designated REALTOR /MLS Participant individually choose to utilize provided the Listing is of a type accepted by the Service, although a property data form may be required as approved by the Multiple Listing 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 interests of the Public and the Designated REALTORS /MLS Participants Assure that no Listing form filed with the Multiple Listing Service establishes, directly or indirectly, any 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 [5]

6 Listing Broker to offer compensation to the other Designated REALTOR /MLS Participants of the Multiple Listing Service acting as Subagents, Buyer Agents, or both. The Listing contract 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 Open Exclusive agency 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 Listings is the conventional form of Listing submitted to the Multiple Listing Servicer in that the Seller Authorizes the Listing Broker to cooperate with and to compensate other Brokers. The Exclusive Agency Listing also authorizes the Listing Designated REALTOR /MLS Participant, as Exclusive Agent, to offer cooperation and compensation on blanket unilateral bases, 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 the 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. GLAR s MLS shall accept Exclusive Agency Listings. Any Listing other than Exclusive Right-to-Sell Listings shall be so noted in the Remarks Section of the Listing Contract and in the MLS database. However, Open or Net Listings will not be accepted for publication in the MLS. Note 2: A Multiple Listing Service does not regulate the type of Listings its members may take. This does not mean that a Multiple Listing Service must accept every type of Listing. The Multiple Listing Service shall decline to accept Open Listings (except where acceptance is required by law 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 Designated REALTORS /MLS Participants free to accept such Listings to be handled outside the Multiple Listings Service. Note 3: A Multiple Listing Service may, as a matter of local option, accept exclusive 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. Any Listing taken on a contract to be filed with the Multiple Listing Service (MLS) is subject to the Rules and Regulations of the Service upon signature of the Seller(s) and the Designated REALTORS /MLS Designated REALTOR /MLS Participant or MLS Signatory. (NAR) 1.1: Types of Properties Following are some of the types of properties that may be published 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 Designated REALTORS /MLS Participant s option provided, however, that any Listing submitted is entered into within the scope of the Designated REALTOR /MLS Participant s licensure as a Real Estate Broker. (NAR) [6]

7 Residential Commercial (for sale) Vacant Condominium Commercial Lease Business Opportunity Income Residential/Multi Family Listings Subject to Rules and Regulations of the Service All properties listed, marketed, advertised, and /or promoted by a Member Company are required by these Rules and Regulations to be input into the GLAR MLS Computer system by the Listing Member within two (2) business days after the Listing is received by such Member. (November 2015) All Listings must be processed through the MLS unless a written request for an exemption is received. Where the Owner, based upon his/her best interest, does not want the Listing published in the MLS, a written request for exemption shall be filed with the MLS within five (5) business days, and may be inserted into the Listing contract. On all exempt Listings, a Listing contract is still required and must accompany any written request for exemption from the Owner. The term cooperate herein does not imply any type of compensation. 1.2 Detail on Listings filed with the Multiple Listing Service - A Listing contract or property data form, when filed with the Multiple Listing Service by the Listing Designated REALTOR /MLS Participant, shall be complete in every detail which is ascertainable as specified on the property data form and must reflect the current physical condition of the home with the exception of proposed builds. (January 2017) 1.3 Exempted Listings If the Seller refuses to permit the Listing to be disseminated by the MLS, the Designated REALTOR /MLS Participant may then take the Listing (office exclusive) and such Listing shall be filed with the MLS but not disseminated to the Designated REALTORS /MLS Participants. Filing of the Listing should be accompanied by certification signed by the Seller that he does not desire the Listing to be disseminated by the MLS. 1.4 Changes in Status of Listings and Selling Price and Terms - Whenever a Listing Member is required by the Owner to change the price and/or terms of any property filed with the MLS, such Member shall obtain from the Owner written authority for such change of price and/or terms, and a copy of the authorized change shall be kept on file. Any such change must be made in the MLS within three (3) business days of execution date. The Owner's and respective Broker's signatures are required on all copies of communications that are to be on file. Changes 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 kept on file Pending Sales The Listing Member shall input Pending Sales into the GLAR MLS Database Computer system within five (5) business days after the offer is accepted with all contingencies removed except: 1. Sale subject to obtaining financing for purchase of subject property. 2. Sale subject to the closing of Purchaser s currently owned property Pending Sales Pending Sales, which have been in the MLS as Pending for longer than 365 days, will automatically be dropped from the MLS system. However, if the Listing is expired out of the computer after one year, the Listing can be input into the GLAR MLS Computer system as a Nonlist Sale. For further clarification concerning Computer input on Nonlist Sales and the required paperwork, see Section AB Status Listing Member shall input AB status by the next business day after an offer is accepted. (October 2015) [7]

8 1.5 Cancelation of Listing Prior to Expiration Listings of property may be canceled from the Multiple Listing Service by the Listing Broker before the expiration date of the Listing contract, provided notice is filed with the Service, including a copy of the agreement between the Seller and the Listing Broker, which authorizes the withdrawal. A copy of the authorized withdrawal shall be submitted to GLAR if audited within 5 business days. Sellers do not have the unilateral right to require an MLS to withdraw a Listing without the Listing Broker s concurrence. However, when a Seller(s) can document that his or her exclusive relationship with the Listing Broker has been terminated, the Multiple Listing Service may remove the Listing at the written request of the Seller. 1.6 Contingencies applicable to Listings - Any contingency or conditions of any term in a Listing shall be specified and noted to the MLS. However, Listings may not be published in the MLS if they contain the wording subject to availability of securing a suitable property or other similar wording. (March 2017) Reporting Resolution of Contingencies The Listing Broker shall report to the Multiple Listing Service within twenty-four (24) hours that a Contingency on file with the Multiple Listing Service has been fulfilled or renewed, or the agreement canceled. 1.7 Listing Price Specified The full gross Listing price stated in the Listing contract will be included in the information published in the MLS compilation of current Listings, unless the property is subject to auction. 1.8 Listing Multiple Unit Properties - A Listing appearing under more than one property class in the MLS System must have a separate Listing contract, completed and signed by the Seller, for each class under which it is listed. Withdrawal forms must be submitted to the Association with only the Broker s signature required. (Owner s signature is not required.) October 2016 MLS System does not allow Parcel number used more than once Multiple Parceled Properties All properties, which are to be closed individually, must be filed with the MLS individually. When a part of a listed property has been closed, the balance of the property must be filed with the MLS, if it is to remain in the MLS Withdrawal and/or Stop Action of a Listing under Multiple Classes - If listed in more than one property class, Withdrawals or Stop Actions shall be submitted on a Listing Change form or other appropriate document signed by the Listing Designated REALTOR /MLS Participant and the Seller, and must reference all other MLS numbers corresponding to the property.) October 2016 MLS System does not allow Parcel number used more than once. 1.9 No Control of Commission Rates or Fees Charged to Designated REALTOR /MLS Participants The Multiple Listing Service shall not fix, control, recommend, suggest, or maintain commission rates or fees for services to be rendered by Designated REALTORS /MLS Participants. Further, the Multiple Listing Service shall not fix, control, recommend, suggest, or maintain the division of commissions or fees between cooperating Designated REALTORS /MLS Participants, or between Designated REALTORS /MLS Participants and nonparticipants Expiration 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 contract, unless prior to that date the MLS receives notice that the Listing has been extended or renewed. IF NOTICE OF RENEWAL OR EXTENSION IS RECEIVED AFTER THE LISTING HAS BEEN ROMOVED FROM THE COMPILATION OF CURRNT LISTINGS, [8]

9 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 Extension of Listings All extensions must be dated on or before the expiration date and must be input no later than the expiration date of the Listing. The Owner s and Broker s signatures are required on all extension forms. Any such change must be made in the MLS within 72 hours of execution date Termination Date on Listings Listings filed with the Service shall bear a definite and final expiration or termination date as negotiated between the Listing Broker and the Seller Jurisdiction Only Listings of the designated types of property located within the jurisdiction of the Greater Lansing Association of REALTORS MLS 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 Designated REALTOR /MLS Participant, but cannot be required by the Service Listings of Suspended Participants When a participant of the service is suspended 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 failure 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 closed sold, canceled 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 became 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 listings in the MLS compilation of current listing information. Prior to any removal of a suspended participant s listings from the MLS, the suspended participant should be advised, in writing, of the intended removal so that the suspended participant may advise his clients 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 failure to pay appropriate dues, fees, or charges), all listings currently filed with the MLS by the expelled participant shall, at the participant s option, be retained in the service until closed, canceled, or expired, and shall not be renewed or extended by the MLS beyond the termination date 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 participant s listings in the MLS compilation of current listing 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 Listing(s) of Resigned Designated REALTORS /MLS Participants - When a Designated REALTOR /MLS Participant resigns from the MLS; the MLS is not obligated to provide services, including continued inclusion of the resigned Designated REALTOR S /MLS Participant's Listings in the MLS compilation of current Listing information. Prior to any removal of a resigned Designated REALTOR S /MLS Participant's Listings from the MLS, [9]

10 the resigned Designated REALTOR /MLS Participant should be advised in writing of the intended removal so that the resigned Designated REALTOR /MLS Participant may advise his/her Clients Personal Ownership - Property which is the primary residence and owned by a REALTOR Member of the Association is exempt from the MLS providing it is on a Listing contract accompanied by a written request for exemption as outlined above Prospect Reservations The MLS will publish Exclusive Right-to-Sell Listings with prospect reservations. Said reservations must be noted on the lineside Withdrawn A copy of the Listing Change Form placing a Stop Action on the Listing, signed by the Owner, must be input to GLAR MLS system within five (5) business days. (With the new Audit system, the form must be in file and only sent to GLAR if audited) 1.19 School District Code All Listings submitted to the MLS shall be input under the correct area code as delineated by the taxing authority respective Measurement of Square Footage The REALTOR must be consistent when he or she calculates and reports the finished above-grade room count and the square feet of gross living area that is above grade. For units in condominiums or cooperative projects, the REALTOR should use the interior perimeter unit dimensions to calculate the gross living area. In all other instances, the REALTOR should use the exterior building dimensions per floor to calculate a property s above-grade gross living area. Only finished above-grad areas should be used garages and basements (including those that are partially above grade) should not be included. A level is to be considered below grade if any portion of it is below grade, regardless of the quality of its finish or window area of any room. Therefore, a walkout basement with finished rooms would not be included in the above-grade room count Fields restricted to Property Information The following fields in the MLS Computer system are restricted to information about the property only: Internet (Public) Remarks, Photos or Images, Open House Remarks, and Double Brochures. These fields may not be used for telephone number, addresses, Web Site URLs, or identification of the Agent or any personal contact information including phone numbers and business cards. Remarks (Agent-to- Agent Remarks) may include Private or Agent to Agent information. The Virtual Tours field will be used for Virtual/Visual Tours/Ads only and cannot contain the URL of the Listing Agent s Web Site and that participants cannot embed log-in functions into the Tours accessible through the MLS, but can be branded. (3/18/2015) All proposed builds or homes under construction must be disclosed in public remarks. If the photos are not actual photos of the listed property, this also must be disclosed. (Adopted 01/2012) 1.23 Photographs for Listings Members will be given five (5) days from the System List Date to upload photos to the Listings that are designated as Office Submit after which the Photographer will be sent to take a photo, and the Office will be billed a fee for the Photo. A road side front elevation view must be one of the first 36 photos unless the owner of the property submits a written letter to the Association stating that they do not want pictures of their property to appear in the MLS. (Updated ). Banners are allowed on Photos as long as MLS Rules and Regulations are followed (Adopted 01/2012) [10]

11 If it is a Vacant Lot or Vacant Land Listing, it is the Agents choice to place a drawing/diagram or photo of the Property as the first photo Owner(s) Signature(s) Listing contracts shall be signed by all Owners. In the event Relocation Company is the authorized Seller, it shall be deemed acceptable to submit to the Association Office a copy of that part of the contract or other legal documentation giving signatory authorization to a RELATOR Member Firm Broker s Signature Listing Contracts must be signed by the Designated REALTOR /MLS Participant or his/her authorized designee (MLS Signatory) who must also be a Broker or Associate Broker. Written authorization for an MLS Signatory from the Designated REALTOR /MLS Participant must be on file at the Association Office prior to the use of such Signatory. Listing Contracts submitted to the Association Office without the authorizing signature of the Designated REALTOR /MLS Participant or MLS signatory will be returned to the respective Office and will be fined Mobile Homes Mobile homes will only be accepted for publication if land is included in the sale Liquor Licenses MLS will not accept any liquor license only Listings. All liquor licenses must have some real property or Business Opportunity included Required - All required fields (prefaced by the letter R) must be complete, or Broker may be fined Reserved Items If the Reserved Items Yes or No field is answered as Yes on the Listing Contract, the items reserved must be published and available to all Designated REALTORS /MLS Participants in either the Public Remarks Section or the Double Brochure Designated Salesperson Each Listing must have a Designated Salesperson for the responsibility of receiving calls on that Listing from other Offices. Should the Designated Salesperson for a Listing terminate their license from the Company, the REALTORS /MLS Participants must replace that Agent s name with that of a new Designated Salesperson Staff will search the MLS computer system following the publication of the transferred or terminated Agent s name in the Membership Bulletin. Staff will replace the names of terminated or transferred Agents on MLS Listings with the name of the REALTORS /MLS Participants of the Listing Company if the Designated REALTOR /MLS Participant has not already replaced the Designated Salesperson Nonmember REALTORS - Nonmember REALTORS may submit Listings to the MLS of the Greater Lansing Association of REALTORS by requesting and prepaying for the required forms for a fee of $75 for each Listing. They will be required to send a copy of the signed Listing Contract from their Primary Board and a photo or diagram of the property (as appropriate). Staff will verify that they are REALTORS prior to accepting their Listing for input into the GLAR MLS. SECTION 2 SELLING PROCEDURES 2.0 Showings and Negotiations - Appointments for showing 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: [11]

12 A. The Listing Broker gives the Cooperating Broker specific authority to show and/or negotiate directly, or B. After reasonable effort, the Cooperating Broker cannot contact the Listing Broker or his representative. However, the Listing Broker, at his/her option, may preclude such direct negotiations by Cooperating Brokers. C. Right to show properties - Members shall have the right to show properties upon publication of Listing in the MLS by the Listing Member provided that the instructions or limitations of the Listing Contract are followed. D. Duplicate Listings in same Class Code In the case of two or more Firms with an Exclusive Right-to-Sell or Exclusive Agency Listing for the same property, the MLS Staff shall have the right to withdraw any subsequent Listing(s) submitted for publication in the MLS. On cases involving controversy over a Listing(s), the MLS/Forms Committee shall have the right to withdraw all Listings from publication until the matter is resolved. E. Pending sales Property marked as a Pending Sale should not be shown unless prior arrangements are made with the Listing Broker. 2.1 Presentation of Offers 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. 2.2 Submission of Written Offers and Counter 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 the 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. Designated REALTORS /MLS Participants representing Buyers or Tenants shall submit to the Buyer or Tenant all offers and counter-offers until acceptance, and shall recommend that Buyers and Tenants obtain legal advice where there is a question about whether a preexisting Contract has been terminated. 2.3 Right of Cooperating Broker in Presentation of Offer The Cooperating Broker (Subagent or Buyer 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/she 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 the 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 or Lessor s written instructions. None of the foregoing diminishes the Listing Broker s right to control the establishment of appointments for such presentations. 2.4 Right of Listing Broker in Presentation of Counter-offer The Listing Broker or his/her representative has the right to participate in the presentation of any Counter-offer made by the Seller or the Lessor. He/she 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 is presented, the Listing Broker has the right to a copy of the Purchaser s or Lessee s written instructions. [12]

13 2.5 Reporting Sales to the Service - Status changes, including final closing of sales, shall be reported to the Multiple Listing Service by the Listing Broker within 72 hours after they have occurred. If negotiations were carried on under Section 2 a. or b. hereof, the Cooperating Broker shall report accepted offers to the Listing Broker within 24 hours after occurrence and the Listing Broker shall report them to the MLS within 72 hours after receiving notice from the Cooperating Broker. Note: The Listing Contract of a property filed with the MLS by the Listing Broker should include a provision expressly granting the Listing Broker the authority to advertise; to file the Listing with the MLS; to provide timely notice of status changes of the Listing to the MLS; and to provide sales information including selling price to the MLS upon sale of the property. If deemed desirable by the MLS to publish sales information prior to final Closing (Settlement) of a sales transaction, the Listing Contract should also include a provision expressly granting the Listing Broker the right to authorize dissemination of this information by the MLS to its Designated REALTORS /MLS Participants. 2.6 Reporting Resolutions of Contingency 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. 2.7 Advertising of Listings filed with the Service A Listing shall not be advertised by any Designated REALTOR /MLS Participant other than the Listing Broker without the prior consent of the Listing Broker. 2.8 Reporting Cancellation of Pending Sale The Listing Broker shall report immediately to the Multiple Listing Service the cancellation of any Pending Sale, and the Listing shall be reinstated immediately. 2.9 Disclosing the Existence of Offers Listing Brokers, in response to inquiries from Buyers or Cooperating Brokers shall, with the Seller s approval, disclose the existence of offers on the property. Where disclosure is authorized, the Listing Broker shall also disclose, if asked, whether offers were obtained by the Listing Licensee, by another Licensee in the Listing Firm, or by a Cooperating Broker Availability of Listed Property Listing Brokers shall not misrepresent the availability of access to show or to inspect Listed Property Nonlist Sales A nonlist sale is any sale generated by a Designated REALTOR /MLS Participant of property within the Association s jurisdiction in which a Designated REALTOR /MLS Participant has no ownership interest and is not currently filed with the MLS. Examples: Expired Listing, co-op with nonmember, unlisted property, and property which was exempt from being filed with the MLS. Nonlist sales to be filed with the MLS should be filled out on the input/data pages of the Listing Contract according to property type and should be input into the GLAR MLS Computer system within five (5) business days of the closing date with all required spaces filled in as a regular Listing and must have the signature of the Designated REALTOR /MLS Participant /or MLS Signatory. Proof of Sale which could be; most recent settlement statement or closing agreement or property transfer affidavit or signed and notarized deed etc. must accompany the input/data sheets of Listing Contract. Nonlist Sale data that is missing information required will be returned to the Listing Company, by and will be removed from the computer if the information is not returned. If it is a Vacant Lot or Vacant Land Listing, it is the Agents choice to place a drawing/diagram or photo of the Property as the first photo. A photo should be submitted for all other property types unless the owner of the property submits a written letter to the Association stating that they do not want pictures of their property to appear in the MLS. (August 2015) [13]

14 SECTION 3 SECTION 4. Not adopted by GLAR (Refusal to Sell) PROHIBITIONS 4.0 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. 4.1 For Sale Signs Only the For Sale signs of the Listing Broker may be placed on a property. 4.2 "Sold" Signs Prior to Closing, only the "Sold" sign of the Listing Broker may be placed on a property, unless the Listing Broker authorizes, the Cooperating (Selling) Broker to post such a sign. 4.3 Solicitation of Listing Filed with the Service - Designated REALTORS /MLS Participants shall not solicit a 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. Note 1: This Section is to be construed in a manner consistent with Article 16 of the Code of Ethics and particularly Standard of Practice This Section is intended to encourage Sellers to permit their properties to be filed with the Service by protecting them from being solicited, prior to expiration of the Listing, by Brokers and Salespersons seeking the Listing upon its expiration. Without such protection, a Seller could receive hundreds of calls, communications, and visits from Brokers and Salespersons who have been made aware through MLS filing of the date the Listing will expire and desire to substitute themselves for the present Broker. This Section is also intended to encourage Brokers to participate in the Service by assuring them that other Designated REALTORS(R)/MLS Participants will not attempt to persuade the Seller to breach the Listing Agreement or to interfere with their attempts to market the property. Absent the protection afforded by this Section, Listing Brokers would be most reluctant to generally disclose the identity of the Seller or the availability of the property to other Brokers. This Section does not preclude solicitation of Listings under the circumstances otherwise recognized by the Standards of Practice related to Article 16 of the Code of Ethics. 4.4 Use of the Terms MLS and Multiple Listing Service No Designated REALTOR /MLS Participant, Subscriber, or Licensee affiliated with any Participant shall, through the name of their firm, their URLs, their addresses, their Web Site addresses, or in any other way represent, suggest, or imply that the individual or firm is an MLS, or that they operate an MLS. Participants, Subscribers, and Licensees affiliated with Designated REALTORs /Participants shall not represent, suggest, or imply that Consumers or others have direct access to MLS databases, or that Consumers or others are able to search MLS databases available only to Participants and Subscribers. This does not prohibit Participants and Subscribers from representing that any information they are authorized under MLS Rules to provide to Clients or Customers is available on their Web Sites or otherwise. SECTION 5. DIVISION OF COMMISSIONS [14]

15 5.0 Compensation Specified on Each Listing - The Listing Broker shall specify, on each Listing filed with the Multiple Listing Service, the compensation offered to other Designated REALTORS /MLS 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 the sale (or lease) or as otherwise provided for in this Rule. The Listing Broker s obligation to compensate any Cooperating Broker as the procuring cause of the 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 the Cooperating Brokers that the commission established in the Listing Agreement might not be paid. In filing a property with the MLS of an Association of REALTORS, the Designated REALTOR /MLS Participant of the Service is making blanket unilateral offers of compensation to the other Designated REALTOR /MLS Participants, and shall therefore specify on each Listing filed with the Service, the compensation being offered to the other Designated REALTORS /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 Compensation specified on the Listings 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 Designated REALTORS /MLS Participants as to the compensation they will receive in cooperative transactions, unless advised otherwise by the Listing Broker, in writing, in advance of submitting an offer to purchase. The compensation specified on Listings published by the MLS shall be shown in one of the following forms: 1. By showing the percentage of the gross selling price. 2. By showing a definite dollar amount. (Amended 5-10) The Listing Broker retains the right to determine the amount of compensation offered to other Designated REALTORS //MLS Participants (acting as Subagents, Buyer Agents, or in other Agency or Nonagency capacity defined by law) which may be the same or different. This shall not preclude the Listing Broker from offering any Designated REALTOR /MLS Participant compensation other than the compensation indicated on any Listing as published by the MLS, provided the Listing Broker informs the other Broker, in writing, in advance of submitting 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 Designated REALTOR /MLS 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. (Amended 5/10) Note 1: 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 the Association MLS shall not publish the total negotiated commission on the Listing which has been submitted to the MLS by a Designated REALTOR /MLS Participant. The Association [15]