Definitions
ADMINISTRATIVE USER – Affiliated Administrative and clerical staff who provide support to Participants and Subscribers
ASSESSOR USER – City or county real estate assessors for localities within the Commonwealth of Virginia
COMING SOON STATUS – In the MLS, the Coming Soon status indicates that the agent and the seller are preparing the property for sale, but it is not ready for full marketing and showing. Listings in Coming Soon status may not be shown until the home becomes an Active listing. While under the Coming Soon listing status, listings are displayed only on the MLS to Virginia MLS Cooperative Participants and Subscribers and authorized Data Share Partners. Listings under this status are not included in external, public facing data feeds. Listings under this status may not be shown and may remain under Coming Soon Status for a period of forty-five (45) days or less. A Listing Agreement and Pre-Marketing Addendum ratified by the property owner is required for all Listings entered under Coming Soon Status.
COOPERATION – Cooperation is the obligation to share information on listed property and to make property available to other brokers for showing to prospective purchasers and tenants when it is in the best interests of their clients.
CVR MLS – Central Virginia Regional MLS, LLC.
CVR MLS COMMITTEE – a committee of Participants and Subscribers appointed by the President of CVR MLS and approved by the CVR MLS Board of Directors (BOD). The role of the CVR MLS Committee is to provide input and guidance to the MLS Staff and BOD on the selection and administration of MLS services and technology; and make recommendations to the BOD.
Data Share Partner – An MLS with whom CVR MLS has signed a data share license. Data share includes the exchange of listing, agent and office information to each MLS to provide greater listing access to the respective MLS Users.
EXCLUSIVE AGENCY LISTING – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the legally recognized agency or non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant if the property is sold through the efforts of any real estate broker. If the property is sold solely through the efforts of the Seller, the Seller is not obligated to pay a commission to the Listing Participant.
EXCLUSIVE RIGHT TO SELL LISTING – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the legally recognized agency or non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant, regardless of whether the property is sold through the efforts of the Listing Participant, the Seller, or anyone else; and a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant regardless of whether the property is sold through the efforts of the Listing Participant, the Seller, or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and if the property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Participant.
EXCLUSIVE AUTHORIZATION TO LEASE LISTING – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Lessor, and the Lessor agrees to pay a commission to the Listing Participant, regardless of whether the property is leased through the efforts of the Listing Participant, the Lessor, or anyone else; and a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Lessor and the Lessor agrees to pay a commission to the Listing Participant regardless of whether the property is leased through the efforts of the Listing Participant, the Lessor, or anyone else, except that the Lessor may name one or more individuals or entities as exemptions in the Listing Agreement and if the property is sold to any exempted individual or entity, the Lessor is not obligated to pay a commission to the Listing Participant.
EXPIRED – In the MLS, the Expired status means the Listing Agreement or contract for the listing has expired and has not been renewed.
INTERNET DATA EXCHANGE (IDX) – A means by which each Participant may permit the display of its firm’s Listings to appear on other IDX Participants’ Internet displays.
INTERNET DATA EXCHANGE DATABASE or IDX DATABASE- The current aggregate compilation of the Listings of all IDX Participants with the exception of those Listings in which a Seller has opted out of Internet publication.
LEASED – In the MLS, the Lease Status means the possession of the property has been transferred from a lessor to a lessee.
LEASED PENDING – In the MLS, the Leased Pending status indicates that the property is currently subject to a lease contract and is no longer considered active or available for showing.
LIMITED SERVICE LISTING – Exclusive Agency Listings or Exclusive Right to Sell Listing under which the Listing Participant will not provide one, or more, of the following services:
1. Conducting marketing activities on behalf of the Seller in accordance with the brokerage agreement. In so doing, the Participant shall seek a sale at the price and terms agreed upon in the brokerage relationship or a price and terms acceptable to the seller; however, the Participant shall not be obligated to seek additional offers to purchase the property while the property is subject to a contract sale, unless agreed to as part of the brokerage relationship or as the contract of sale so provides
2. Assisting in the drafting and negotiating of offers and counteroffers, amendments and addenda to the real estate contract pursuant to §54.1-2101.1 of the Code of Virginia and in establishing strategies for accomplishing the Seller’s objectives
3. Receiving and presenting in a timely manner written offers and counter offers to and from the Seller and purchasers, even when the property is already subject to a contract of sale
4. Providing reasonable assistance to the seller to satisfy the Seller’s contract obligations and to facilitate settlement of the purchase contract.
LISTING AGREEMENT – an enforceable, written and fully executed agreement for an Exclusive Right to Sell Listing or Exclusive Agency Listing between a Listing Participant and Seller whereby the Seller employs the Participant to market and sell the subject property. The Listing Agreement for properties submitted to CVR MLS must contain the copyright authorizations required under these Rules and Regulations and the Seller’s authorization regarding internet and address display and limitations if any regarding Automated Valuation Models (AVM) and the posting of comments about the property. See Appendix A of these Rules and Regulations for required language.
LISTING CONTENT (LISTING) – “Listing content” as used in the National Association of REALTORS® multiple listing policies, including the model MLS rules and regulations, includes, but is not limited to, photographs, images, graphics, audio and video recordings, virtual tours, drawings, descriptions, remarks narratives, pricing information and other details or information related to listing property.
MULTIPLE LISTING SERVICE (MLS) – the multiple listing service owned and operated by CVR MLS.
MLS DATABASE – The database maintained by CVR MLS that contains real estate Listings in the following categories: active, pending, sold, , for lease, leased, lease-pending, temp withdrawn and released Listing data, as such database is modified from time to time by CVR MLS. The term MLS Database, as used in these Rules and Regulations, shall be construed to include any format in which Listing data is collected and disseminated.
NEW CONSTRUCTION – Recently constructed dwellings that have not been lived in, properties under construction and/or to-be-built properties.
PARTICIPANT – See Section 3.1
PENDING – In the MLS, a Pending status indicates that the property is currently under contract and pending settlement.
PENDING WITH CONTINGENCIES – This listing status indicates that a purchaser offer with one or more contingencies has been accepted by the Seller but the Seller is willing to consider back up offers.
PUBLIC MARKETING — advertising that includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.
PROPERTY MANAGEMENT AND EXCLUSIVE RENTAL AGREEMENT – A Listing pursuant to a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized nonagency representative of the Seller, and the Seller agrees to pay a commission to the Listing Participant, regardless of whether the property is leased through the efforts of the Listing Participant, the Seller, or anyone else; and a contractual agreement under which the Listing Participant acts as the agent or as the legally recognized non-agency representative of the Seller and the Seller agrees to pay a commission to the Listing Participant regardless of whether the property is leased through the efforts of the Listing Participant, the Seller, or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and if the property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Participant.
RELEASED – In the MLS, a Released status indicates that the listing agreement between the Seller and Listing Agent has been terminated or released.
SELLER – Property Owner(s) and/or Lessor(s)/ Landlord(s)
SHORT SALE – a transaction in which title transfers, where the sale price is insufficient to pay the total of all liens and costs of sale and where the Seller does not bring sufficient liquid assets to the closing to cure all deficiencies.
SOLD – In the MLS, the Sold status indicates that the property has been transferred from a Seller to a Buyer.
SOLD NON-MLS LISTING – Listings that (a) do not qualify for submission into the MLS under these Rules and Regulations or (b) are not authorized by the Seller for MLS submission or (c) are sold outside CVR MLS may be entered into the MLS system by the CVR MLS agent representing the buyer’s side of the transaction after the transaction has closed.
SUBSCRIBER – See Section 3.2.
TEMP WITHDRAWN – In the MLS, the Temp Withdrawn status indicates that the property is subject to an active listing agreement, but the property has been temporarily taken off the market and market and showing activities have been suspended.
USER – Participants, Subscribers, Administrative Users and Assessor Users, collectively.
TECHNOLOGY PROVIDER – any third person or entity that displays Listing content on a Participant’s or Subscriber’s behalf.
VIRGINIA MLS COOPERATIVE – An agreement entered into by the Central Virginia Regional MLS, LLC (CVR MLS) and CBRAR Property Services, Inc (CBRAR PS) to provide the authorized users of these MLS’s access to a combined multiple listing database.
Article 2: DEFINITIONS