Article 1: ORGANIZATION AND PURPOSE
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- Section 1.1 Name
- Section 1.2 Jurisdiction
- Section 1.3 Purpose
- Section 1.4 Meetings
- Section 1.5 Posting of Rules & Regulations
The name of this organization is the Central Virginia Regional Multiple Listing Service (CVR MLS). CVR MLS is a Virginia limited liability corporation solely and wholly-owned by the Richmond Association of REALTORS® and the Southside Virginia Association of REALTORS®.
The jurisdiction of CVR MLS is comprised of the cities of Richmond, Hopewell, Petersburg and Colonial Heights, and the Counties of Chesterfield, Dinwiddie, Goochland, Halifax, Hanover, Henrico, Mecklenburg, Powhatan, Prince George, Charles City, New Kent and King William, Greensville, Surry and Sussex.
The Multiple Listing Service operated by CVR MLS is:
- a facility for the orderly compilation and dissemination of Listing information through which Participants may better serve their clients, and customers and the public;
- a means by which authorized Participants make blanket unilateral offers of compensation to other Participants (acting as buyer agents, or in other agency or non-agency capacities defined by law);
- a means of facilitating cooperation among Participants;
- a means by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers;
- a means by which Participants engaging in real estate appraisal contribute to common databases
Entitlement to compensation is determined by the cooperating broker’s performance as procuring cause of the sale (or lease).
Practice Note: The offer of compensation made through the MLS is a contractual agreement between the listing participant and the cooperating broker who is the procuring cause. All offers of compensation are unconditional and may not be alter once an offer has been presented. Clients do not have the ability to determine or direct who will or will not be compensated.
The meetings of the CVR MLS Board of Directors for the transaction of CVR MLS business shall be held in accordance with the Operating Agreement of CVR MLS.
A current version of the CVR MLS Rules & Regulations is available on the CVR MLS MATRIX web site. CVR MLS Rules and Regulations may be amended from time to time by the Board of Directors of the Central Virginia Regional Multiple Listing Service. Changes to the Rules and Regulations will be noticed to all Users on the CVR MLS MATRIX web site and shall become effective no earlier than 30 days after such notice is posted.