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 Mandatory-Listing Area of the Multiple Listing Service, 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).

Listing Status Definitions:  The following statuses shall apply to listings in Triad MLS.

Active: A valid listing agreement exists between the listing broker and seller.  The listing is available for sale and showings.  No offer (with or without contingencies) has been accepted.  Listing must be entered into the MLS and Active within 3 business days of the Listing Agreement’s Effective Date.

Coming Soon-No Show: A valid listing agreement exist between the listing broker and the seller.  Coming soon-No Show listings are displayed ONLY in the MLS system.  They are NOT distributed outside the MLS.  Seller must acknowledge by completion of Coming Soon-No Show Seller Authorization.  No Showings or Open Houses are allowed, period. Listing must be entered into the MLS and in Coming Soon – No Show status within 3 business days of the Listing Agreements’ Effective Date.

 Due Diligence Period: Potential Buyers opportunity to engage in a process of further investigation of the property and the transaction as described in the Offer to Purchase and Contract within a period of time agreed to by the seller and potential buyer.  Property available for showings and additional offers, at the property owner’s full discretion.  Status must be changed from Active within 2 business days of acceptance of the Offer to Purchase and Contract.

 Pending AB: Pending Accepting Backup offers. A valid Offer to Purchase and Contract accepted.  Property still actively marketed.  Property available for showings and back-up   Status must be changed from Active within 2 business days of acceptance of the Offer to Purchase and Contract.

 Pending: Seller requires no further marketing or showings. Status must be changed from Active within 2 business days of acceptance of the Offer to Purchase and Contract.

Short Sale Contingent: If Type of Sale is “Potential Short Sale” this status is used while the Offer to Purchase and Contract is waiting 3rd party approval.  Status must be changed from Active within 2 business days of acceptance of the Offer to Purchase and Contract. Once approval has been given for this sale the status will need to be changed to either Pending or Pending AB.  Short Sale Contingent cannot go directly to Closed.

Temporarily Off Market: The listing contract remains in force between the listing broker and the seller, but the listing is not currently being marketed through the MLS.  Listing must be edited and returned to Active if showings are resumed. Status must be changed in the MLS within 2 business days of seller notifying agent.  A listing in Temporarily Off Market status will automatically go to Expired status on the expiration date.  Days on Market (DOM) will not accrue while in this status.  A listing in Temporarily Off Market status may not be listed with another firm.

Closed: When listing firm has been notified the new deed has been recorded the property is officially closed.  Status must be changed within 3 business days of this notification.

Expired: The expiration date is found on the Listing Agreement.  This date must be entered into the MLS.  If the property does not sell during the listing term and the seller does not renew the listing agreement, the listing will automatically go into the Expired status. 

 Withdrawn: The listing contract has been terminated (no longer in force) prior to the expiration of the term of the contract. Days on Market (DOM) stop accruing.  A listing in Withdrawn status may be listed with another firm.  The listing firm has executed a termination of listing agreement with the seller.

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