Section 1.0 – Listing Procedures

LISTING PROCEDURES

Listings of real property of the mandatory types listed below, which are listed subject to a real estate broker’s license and are located within the territorial jurisdiction of the Multiple Listing Services, and are taken by Participants* must be submitted to the Triad Multiple Listing Service, Inc., hereinafter called the “Service” or “MLS,” by entry into the on-line system and noticed to all Participants within three (3) business days of the effective/marketing date shown on the listing agreement. The listing agreement must include the seller’s authorization to submit the agreement to the Service.  The Service shall accept exclusive right to sell listing contracts, exclusive right to sell with prospect reservations (exclusive right to sell listings with named prospects exempted), exclusive agency listing contracts, and may accept other forms of agreement which make it possible for the listing broker to offer cooperation and compensation to the other participants of the Service acting as subagents, buyer agents, or both.  Exclusive agency listings and exclusive right to sell listings (with or without reservations) must be noticed to all Participants in the on-line system by the following method in the Listing Type field by entering:  ERS=exclusive right to sell, ERR=exclusive right to sell with reservations, EA=exclusive agency, AP=auction property, LS=limited service (as defined in Section 1.2.1).  The Service does not accept net listings or open listings.  Participants shall not establish, directly or indirectly, any contractual relationship between the Service and the client (buyer or seller).  If the listing broker also intends to cooperate and/or compensate subagents, buyer agents, or both, the listing agreement shall contain the seller’s written authorization.

 

1  Shareholders in the Triad Multiple Listing Service, Inc.:

Greensboro Regional REALTORS® Association, Inc.

High Point  Multiple Listing Service, Inc.

Winston-Salem Regional Association of REALTORS®, Inc.

 

* Participants are defined in Article IV of the Bylaws of the Triad Multiple Listing Service, Incorporated.


MANDATORY PROPERTY TYPES:  The following property types must be submitted to the Service:

  1. Residential Single family homes
  2. Residential vacant lots and acreage tracts.
  3. Two-family, three-family, and four-family residential buildings

 

OPTIONAL PROPERTY TYPES:

  1. Subdivided Non-Residential Lots 5.  Manufactured Homes*
  2. Land and Farms                         6.  Manufactured Home Parks
  3. Business Opportunity 7.  Commercial Income
  4. Motel-Hotel 8.  Industrial
  5. Residential Rental

MANDATORY TYPE OF SALE DISCLOSURE:  One of the following Types of Sale must be submitted to the Service:

  1. Owner Sale
  2. Potential Short Sale
  3. Pre-Foreclosure
  4. Foreclosure/REO/Bank

* Manufactured homes must have the wheels removed and the chassis placed on a permanent foundation.  Further, each agent is urged to verify facts concerning the Certificate of Origin and/or Certificate of Title.  Reference:  NCREC Bulletin article found on www.ncrec.state.nc.us, (copy attached as exhibit #4).

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