Section 1.2-5: Virtual Tour/3D Virtual Tour/Aerial Drone Video Link Fields - Virtual Tours/3D Virtual Tour/Aerial Drone Videos entered into the MLS cannot be reused by another broker without the consent of the listing broker who originated the tour(s).
Section 1.2-10:Tax Information - The Tax ID# must match the Tax ID# supplied by the MLS tax vendor, where available. When not available, Tax ID must also contain the SWIS Code.
Section 2.3: Right of Cooperating Broker in Presentation of Offer - Cooperating participants or their representatives have the right to participate in the presentation of any offer they secure to purchase or lease to the seller or lessor. They do not have the right to be present at any discussion or evaluation of the offer by the seller or lessor and the listing broker. However, if the seller or lessor gives written instructions to the listing broker that the cooperating brokers may not be present when offers they procure are presented, cooperating brokers have the right to a copy of the seller’s written instructions. This policy is not intended to affect listing broker’s right to control the establishment of appointments for such presentations. Note – These written instructions from the seller are to be submitted to the MLS when a listing contract is requested. Where the cooperating broker is not present during the presentation of the offer, the cooperating broker can request in writing, and the listing broker must provide, written affirmation stating that the offer has been submitted to the seller, or written notification that the seller has waived the obligation to have the offer presented.
Section 5: Compensation Specified On Each Listing. Updated Note - MLSs may also, as a matter of local discretion, allow participants to offer cooperative compensation as a percentage of the net sales price, with the net sales price defined as the gross sales price minus buyer upgrades (new construction) and seller concessions (as defined by the MLS unless otherwise defined by state law or regulation). (Adopted 5/08).
While MLSs are not required to authorize participants to offer cooperative compensation based on net sale prices, those that do permit such offers must define “seller concessions” for purposes other than new construction, unless that term is defined by applicable state law or regulation. The definition of “seller concessions” is loan origination or discount fees, mortgage application fee, mortgage tax, deed and mortgage recording fees, mortgage title insurance premium, appraisal fee, credit report and lender’s attorney’s fee, pre-payables and escrow that is paid by the seller on behalf of buyer, as per original contract. Note - A good place to disclose net sales compensation information is in the Private Remarks in Matrix since this section is reserved for information to be shared with other MLS Participants.