January/February 2007 Issue
Page 3

LOCAL NEWS

NEW MLS POLICIES
Effective January 15, 2007

SECTION 1    LISTING PROCEDURES:  All listings of properties, properly signed by the seller(s) and the agent, of the following types, located within the territorial jurisdiction of the MLS of Elkhart County, Inc. and are taken by Participants and are exclusive right to sell or exclusive agency listings shall be entered into the computer within 72 hours (excepting weekends and holidays). Effective January 15, 2007, Participants will not be required to submit copies of every listing contract to the MLS unless the contract falls in the following categories: 

Late Input or Quiet Listing
Special Designations
*Listing Contract Audit

Listing contracts in these categories must be submitted to the MLS within 7 days of obtaining seller’s signature or pay a $25.00 late fee.

*The MLS will randomly audit the listing contracts.  In the case of an audit, the Participant(s) will be required to submit a copy of the listing contract to the MLS office within 2 business days.  If the MLS does not receive the listing contract within 2 business days, the listing will be removed from the MLS and the Participant may be subject to further fines.  If the listing is removed from the MLS, the listing will be reinstated upon compliance.

Late Input or Quiet Listing:  According to Section 1.3 Exempted Listings, if the seller refuses to permit the listing to be disseminated by the Service, the Participant may then take a quiet listing and such listing shall be filed with the Service but not disseminated to the Participants.  Filing of the listing must be accompanied by certification by the seller(s) that he does not desire the listing to be disseminated by the Service.  Failure to submit required listing contracts within the allotted time will incur a $25.00 late fee.

Special Designations:  According to Section 1, Listing Procedures the following designations are required:

Exclusive Agency Listing (EAL):  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 basis or restrictive basis.  Exclusive agency listings should be clearly distinguished by a simple designation such as a code or symbol.  

Prospect (PRO):  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. 

Dual Commission (DC):  The existence of a dual or variable rate commission arrangement (i.e. one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale/lease results through the efforts of a cooperating broker, or one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker either with or without assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller/landlord) shall be disclosed by the listing broker by a key, code, or symbol as required by the MLS (DC).  The listing broker shall, in response to inquires from potential cooperating brokers, disclose the difference that would result in either a cooperative transaction or, alternatively in a sale/lease that results through the efforts of the seller/landlord.  If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their client before the client makes an offer to purchase or lease. Failure to disclose Special Designations in the MLS will incur a $100 fine per violation.

SECTION 1.2 DETAIL ON LISTINGS FILED WITH THE SERVICE:  A listing agreement and profile sheet, when filed with the MLS by the listing broker, shall be complete in every detail which is ascertainable as specified on the Profile Sheet.  A Property Data Profile Sheet is required as approved by the MLS and the seller or Participant must certify that the information on the Profile Sheet is true and accurate to the best of their knowledge and belief.  The MLS disclaims any and all liability for the publishing of any misinformation, unannounced deletions and exceptions or any errors common to the transactions and publishing of the detailed information.  A $25.00 fine will be assessed monthly for each incomplete listing. (An incomplete listing is one in which a starred item on the profile sheet is not filled in with complete and accurate information.)  Failure to disclose Special Designations in the MLS will incur a $100 fine per violation.

AGENT LISTING INPUT FEATURE

Effective January 15, 2007, Participants may give agents in their office access to listing input features. The Participant will remain responsible for the actions of the agent including payment of any fines levied for violations by the agent.  The Participant must send written notice containing the agent name, agent number and effective date to the MLS. The MLS will have 24 hours to activate the agent’s input features. 

Agent(s) input features to include: add a listing, maintain fields, and load photo(s).  Only Participants and office staff are authorized to change listing statuses such as extension, renew, pending, closed, reduced, raised, first right, back up offers, back on market, and cancelled.  Violation of this rule will result in immediate termination of agent input privileges.

Status Change Policy

Only Participants and office staff are authorized to change the status of a listing. Status change forms or like documentation does not need to be sent to the MLS on a regular basis. The MLS will conduct periodic status change audits to verify compliance with the requirement to have signatures on the appropriate status changes.  The audit is not negotiable and the requested documentation must be provided within 2 business days.  Failure to comply with the audit could result in a suspension of privileges and/or fines.    

LOCKBOX  SERVICE FEE

Effective September 7, 2006, Participants who utilize the service provided by Supra but do not use a keypad will be charged an annual Lockbox service fee.  The amount will be equal to the annual fee of the D-Key.  The fees associated with the keypads offset the cost of the entire service and therefore if a member uses some but not all components, they will be charged.  If a Participant does not use the keypads or the lockboxes, no fees shall be assessed.

2007 COMMITTEE SIGN-UP

The 2007 Committee Sign-up is under way.  This is a great way to get involved in the Board and network with your fellow members.  Click here for information about each committee and the sign-up sheet.  Fax your form to Carol at 875-7174 or email her at members@ecbor.com with your selection.

The Board President is still seeking Chairman for several committees. If you are interested in serving as a committee member or a Committee Chair contact President Tona Ambrosen at 522-2822 or the Board office at 875-3283.

The Board President will be hosting a Committee Chair orientation at the Board office on Tuesday, February 13, 2007 at 4:30 p.m. Refreshments will be served and we hope to see all the new chairman there.

Enrollment Form

NEW MEMBER APPLICATION PROCESS

An appointment is REQUIRED. Please call Carol - 574-875-3283 to schedule. (24-hour notice required.) Please be sure to read ALL of the information below the schedule.

What do new members need to bring to this appointment?
1. Completed membership application. (Agents: Complete Section I and II ONLY.)
(Copy of license is necessary)
2. Completed Elkhart County keypad application
3. MLS Processing Form – requires Broker signature
4. South Bend Electronic Access Card Agreement – requires Broker signature
5. Appropriate fees (dues, application fees and lock box key pad fees)
(Fees must accompany application)
What should the new member expect at the Board office and how long will it take?
The new member will turn the membership application, keypad agreement and fees over to Carol who will begin the membership process. The new member will receive a receipt showing what fees were paid.
The new member will also receive their Elkhart County Agent ID number, access information to ECBOR MLS access and their voice mail number.
(The information for South Bend MLS will be sent to the agent in a “congrats letter” that is sent out after approval from the Board of Directors. This letter will also indicate the date of the next orientation they will need to attend and the date of the next membership meeting where they will be presented to the membership.)
The agent will then attend a keypad training class where they will receive a keypad and learn how to utilize the keypad and lockbox system and the different key options available to them.
Members should plan to spend approximately one hour at the Board Office for their New Member appointment and keypad training.
An appointment is REQUIRED.  Please call Carol - 574-875-3283 to schedule.

Page 1 | Page 2 | Page 3 | Page 4 | Page 5 | Page 6

Printable Version of Complete Issue in PDF FormatN(New window will open. select File|Print. When done printing, close that browser window.)

To Site Menu

© This page designed by Digital Dezines
All Rights Reserved