Article 5: LISTING PROCEDURES

Section 5.1 Listings Subject to CVR MLS Rules and Regulations

All Participant Listings of the property types identified in Section 5.2 of these Rules and Regulations are subject to CVR MLS Rules and Regulations upon Seller’s ratification of the Listing agreement. Only Exclusive Authorization to Sell, Exclusive Authorization to Lease and Exclusive Agency Listings that conform to these rules and regulations are eligible for inclusion in the MLS Database. Listings of property types identified in Section 5.2 of these Rules and Regulations must be in Active status in the CVR MLS Matrix system within three (3) days of Listing Agreement ratification by the Seller. Listed properties located outside the CVR MLS jurisdiction may be voluntarily submitted to CVR MLS, but submission of these Listings is not required.     

 

Section 5.5.1 Disclosure of Potential Short Sales

Participants may, but are not required to, disclose potential short sales (defined as a transaction where 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) to other participants and subscribers.

Section 5.1.2 Coming Soon Status – Terms and conditions of use

1. Only properties subject to a ratified listing agreement and pre-marketing addendum may be entered under the Coming Soon status.
2. Listings under the Coming Soon listing status are only available to Commonwealth MLS Cooperative Participants and Subscribers.
3. This status is not included in RETS feeds and these listings are not to be advertised on broker, agent, public or syndication websites or in other media. A firm For Sale Sign and Coming Soon Rider may be installed on the property while the property is under Coming Soon status.
4. Listings under Coming Soon Status may not be shown. In the event that a Seller agrees to allow a Coming Soon listing to be shown the listing status must be changed to Active prior to the showing.
5. Days on Market (DOM) do not accrue while a listing is under the Coming Soon listing status.
6. You must include an Expected On-Market Date when using the Coming Soon listing status. This is the date when you expect your listing to be Active in the Matrix system. This date cannot exceed 21 days from the date you submitted your listing to the MLS under the Coming Soon listing status.
7. Use of the Coming Soon listing status is limited to 21 days. After 21 days have passed, the listing status will automatically change to Active status. If you need more time after the 21 days have expired, consider using the Temp Withdrawn listing status.
8. Listings under Coming Soon Status must have a List price and offer of cooperative compensation.
9. Because a Listing under the Coming Soon status will have an MLS number, the listing agent will be able to add virtual tours, marketing materials, and listing documents ahead of time.
10. A listing that was once under the Coming Soon status cannot revert back to the Coming Soon status. The property must be off market for 90 days or more before it can be re-entered in Coming Soon status. Rev. 4/17

Section 5.2 MLS Property Types

All Listings of the following property types located within the CVR MLS jurisdiction are required to be entered into the MLS Database:

  1. Single Family – New and resale residential single family dwellings and farms
  2. Condo/Townhouse – New and resale residential condo/townhouse dwellings
  3. Residential Multi-Family – New and resale residential multi-family (2, 3 or 4 unit) residential dwellings.
  4. Residential Lots/Land – New and resale residential lots and Land.

 

Listings of the following property types may be entered into the MLS database on a voluntary basis:

  1. Residential Rentals – Single family single dwellings for rent
  2. Improved and unimproved commercial property for sale
  3. Commercial property for lease
  4. Commercial business opportunities that include some interest in real property

Rev 3/16

Section 5.2.1 Voluntary Listing Submission

Residential Rental Listings
Submission of residential rental Listings is voluntary but once entered into the MLS Database all rental listings must conform to the Rules and Regulations of CVR MLS. Residential rental listings are exempt from the SUPRA lockbox requirement.

Commercial Listings – For sale and for lease
Submission of Commercial Listings is voluntary but once entered into the MLS Database all listings must conform to the Rules and Regulations of CVR MLS. Commercial listings for sale and for lease are exempt from the SUPRA lockbox requirement.

Practice Note: While the contribution of residential rental listings and commercial listings for sale and for lease is voluntary, if submitted to the MLS database, they must conform to all MLS rules and regulations (including audit, photos, status updates, data accuracy, etc.) All listings added to the MLS database are subject to audit and fines for non-compliance. Rev 3/16

Section 5.3 Listing Types

CVR MLS does not regulate the type of Listings Participants may take, however, not all Listings are eligible for submission. CVR MLS will accept the following types of Listings subject to compliance with the terms and conditions of these Rules and Regulations:

  1. Exclusive Right of Sale Listing
  2. Exclusive Agency Listing
  3. Exclusive Authorization To Lease Listing
  4. Limited Service Listing
  5. Independent Contractor (Non-Agency) Exclusive Right to Sell Listing
  6. Property Management Agreement/Exclusive Rental Agreement Listing (Voluntary)

Section 5.4 Seller Authorization and Forms

All Listing Agreements must include the Seller’s written authorization to submit the Listing Content to the CVR MLS and lockbox authorization (if a lockbox is requested by the Seller). Electronic versions of CVR MLS Listing Agreements for Exclusive Right to Sell Listings and Limited Service Listings, Exclusive Authorization to Lease Listings and other transaction related forms are provided for use by Participants and Subscribers free of charge.  The CVR MLS forms contain all of the required authorizations and can be accessed through the CVR MLS MATRIX website and the Instanet software program. Non-CVR MLS listing agreement must include all required disclosures and Authorizations. This required language can be found in Appendix A of these rules and regulations.

Listings entered into the MLS database under Coming Soon status must be subject to a Listing Agreement and Pre-Marketing Addendum ratified by the property owner.

 

Practice Note: A prepared addendum which includes all requisite permissions and authorizations required under CVR MLS Rules and Regulations is available in Instanet.

Section 5.4.1 Legally Required Seller Disclosure Forms

CVR MLS Users are encouraged to obtain and upload executed copies of all legally-required seller disclosure forms when a listing is entered into the MLS. Rev. 6/11

Practice Note: While upload of legally required disclosures is not mandatory, it is recommended as a best practice.

Section 5.5 Entry of Listing Content

Listings may be entered into the MLS Database utilizing the MATRIX web site or may be submitted by fax, email or hand delivery to CVR MLS. Participants and Subscribers who wish to have their Listings entered by CVR MLS staff must complete and submit a CVR MLS Listing Input Form and a copy of the Listing Agreement within the time frame outlined in Section 5.1 of these Rules and Regulations. A fee will apply to requests for entry of Listings by CVR MLS staff. Payment for Listing input must be provided at the time the Listing Agreement and Input form are submitted.

Listing Content provided to CVR MLS shall be limited to information related to the sale, lease or exchange of listed property. The information must be objective and verifiable by an interested party. The information may not include any subjective impressions or opinions which could be misunderstood or misconstrued.

Section 5.6 Incomplete/Inaccurate Listing Content

All listings filed with CVR MLS, must contain complete and accurate information in all completed fields. To the extent such information is reasonably ascertainable; all data fields shall be completed with relevant property data. Listings not linked to tax information, incorrect area designations, and property type, for example, are considered incomplete. Listings found to have incomplete, inaccurate or misleading information will be subject to a fine, in accordance with these rules and regulations.

When “Other” is selected from a pick list for a features field, a description is required in the related description field. The information entered in the required description fields must accurately depict the related feature. The word “other” may not be used in the Other Description field. Rev 3/16

Section 5.6.1 Identification of Seller

The full name of the Seller(s) must be entered in the Owner Name field in MATRIX. In the case of some REO listings only, the name of the owner of record may not be known. In these instances, if the Listing Participant or Subscriber does not know the name of the Seller(s), the term “Owner of Record” may be entered into the Owner Name field. A Listing Participant or Subscriber must update the Owner Name field within 3 days of obtaining the correct Seller(s) name. This provision applies only to listings entered with REO as a selection in the “Owned By” field. Rev. 6/1/2011

Section 5.7 General Remarks Field

Only information that is descriptive of and relevant to an accurate portrayal of the Listed property may be included in the general “Remarks” field. Information considered specific to the agent/office contact information, self-advertising and promotion is prohibited. Specific information prohibited in the general remarks field includes, but is not limited to, agent/office name, agent/office phone number, cell phone numbers, e-mail address, web site address, URL, or any HTML links of any kind that directly or indirectly link to a company or agent advertising, Open House announcement, or any other information of this nature. Information specific to the office or agent may be entered into the “Agent Only Remarks” field.

Practice Note: Information referring to Open Houses, commissions, branded URL’s, photos or virtual tours and self-promoting URL’s, contact information or other forms of advertising are prohibited in General Remarks. These types of information may be entered in the Agent Only Comments section. Open House information must be entered in the Open House fields. If entered in the correct fields it may also be included in Agent Only Comments field.

Section 5.7.1 Open House Information

Information concerning Open Houses is prohibited in the remarks field. Open House information is only permitted in the Open House fields and Agent Only Comments.

Section 5.8 Photographs

Photos or virtual tours included in Listing Content are limited to photos of the property for sale and the neighborhood in which it’s located. Inclusion of personal photos or self/office promotional photos/information is prohibited. All Listings must contain a minimum of one (1) photo except where sellers expressly direct that photographs of their property not appear in MLS compilations. Such instructions shall be included in the property listing agreement.

Photos must be uploaded within three (3) days of the Listing entry date.

For New Construction Listings where no photo is available, the ‘Under Construction’ template may be posted in place of a photo. Photos of a model home that are a true and accurate reflection of the dwelling, price and amenities described in the listing may also be used.

For Lots/Land listings where no photo is available, the ‘Land’ template or Plat shall be posted in place of a photo.

Photos may be uploaded through the CVR MLS system or delivered to CVR MLS for staff entry within the timeframe noted above. A fee will apply to Listing photos entered by CVR MLS staff. Payment must accompany all photo upload requests.

Coming Soon Status – An image or photo is not required of any listing in Coming Soon status until such time that the listing’s status is changed to Active status. Rev 4/17

Section 5.9 Office Exclusive or "Exempt" Listings

If a Seller does not authorize the dissemination of their Listing information by CVR MLS, the Participant or Subscriber may take the Listing as an Office Exclusive or Exempt Listing. The Exempt Listing must include certification from the Seller that they do not authorize submission of the Listing information to CVR MLS and a copy of the Listing Agreement must be filed with CVR MLS within three (3) days of Listing ratification by the Seller.

Section 5.10 Delayed Showing

If a Seller requests that a Listing be entered into the MLS database but not be available for showing until a later date, the Delayed Showing Listing agreement must include the seller’s instruction and the date when showings may begin. The Listing must be entered into the MLS Database within three (3) days of Listing ratification by the Seller. When the Listing Content is entered into the MLS Database the “Delayed Showing” field must be marked “Y” and the showing date entered into the “No Showing Until” date field.

Section 5.11 Designation of Listing Type

Participants and Subscribers must indicate whether a Listing is an Exclusive Right to Sell or Exclusive Agency in the Listing Type field in the MLS Database or on the Listing Input Form.

Section 5.12 Named Prospects Exempted

Exclusive Right to Sell Listing and Exclusive Agency Listing Agreements must list the names of prospects that the Seller has exempted from the Listing and the period of exclusion. Notification to cooperating Participants and Subscribers shall be made by noting the existence of exempted parties in Agent Only Comments. Participants and Subscribers should contact the Listing Participant or Subscriber to verify the identity of exempted parties prior to writing an offer to purchase for the property.

Section 5.13 Compensation

All Listings must include an offer of compensation to cooperating Participants and the Listing Agreement must contain the Seller’s written authorization to compensate cooperating Participants. Offers of compensation are unconditional.

Section 5.13.1 Structured Compensation Terms

Compensation must be expressed as a percentage of the gross price, a flat fee or combination of either or both. Compensation may be structured as agreed to by the Seller and the listing broker provided the amount of compensation can be calculated by a cooperating broker at the time an offer is prepared. The details or formula needed to calculate structured compensation must be entered in the Structured Comp Terms field. This field may not be used to alter or condition an offer of compensation or for bonus information.

Section 5.14 Listing Price Specified

The full gross list, lease or exchange price must be stated in the Listing Agreement and entered as the Listing Price in the CVR MLS Database, unless the property is subject to auction. Agents may not enter a listing at a price the Seller is not willing to accept assuming all other terms and conditions meet the Sellers specifications set forth in the listing agreement.

The listing price for auction properties shall be the opening bid price, tax assessment, appraisal, or in the case where the property is available for sale pre-auction, the minimum price the Seller will accept pre-auction. The basis for the list price shall be stated in the Remarks section of the listing. Rev 6/11

Practice Note: A VA Auctioneers license is required to offer real estate for sale by auction and to advertise the terms and conditions of an auctions.

Section 5.15 Listing Termination Date

Listings filed with CVR MLS must have a specific termination date as negotiated between the Listing Participant and the Seller.

Section 5.16 Possession Date

The Listing Agreement must specify either a specific possession date or the number the days between settlement date and delivery of possession of the property.

Section 5.17 Participant or Subscriber as Principal

If a Participant or Subscriber has any ownership interest in a listed property entered into the CVR MLS MATRIX system, that ownership interest must be disclosed by entering “Y” in the Owner Agent field.

Section 5.18 Participant or Subscriber as Purchaser

If a Participant or Subscriber wishes to acquire an interest in property listed with another Participant, such contemplated interest shall be disclosed in writing to the Listing Participant not later than the time an offer to purchase is submitted.

Practice Note: VA law and the NAR Code of Ethics require licensees to disclose their status as a real estate salesperson or broker when purchasing or selling real property.

Section 5.19 Personal Property

Personal property to be included with the sale of real property shall be noted in the Listing Agreement and entered in the appropriate MLS Database field.

Section 5.20 Contingent Conditions or Special Terms

Any and all contingent conditions or special terms of sale or lease must be included in the Listing agreement and noticed to all Participants and Subscribers in Agent Remarks. CVR MLS will not accept any Listing Agreement that stipulates offers to purchase are contingent upon the Seller finding a new home unless there is a definite date or number of days after acceptance of an offer to purchase by which the Seller agrees to find a new home. Any terms, conditions or stipulation which would prevent a Seller from being ready, willing and able to sell or lease the listed property must be designated in the contingency field and described in the “Agent Only Comments” field.

Section 5.21 Reporting Contingency Resolution

The Listing Participant shall enter any change in the status of a contingency within five (5) days of the contingency being fulfilled or removed. Rev 4/17

Section 5.22 Multiple Unit Properties

All Multiple Unit properties that are to be sold, leased or exchanged or which may be sold, leased or exchanged on an individual unit basis must be identified as such in the Listing Agreement and separately entered into the MLS Database.

Section 5.23 Listing Changes

Any change to an original Listing price, terms or conditions shall be made only when authorized in writing by the Seller. Changes must be made in the MLS Database within five (5) days of receipt of Sellers written authorization. Rev 4/17

Section 5.24 Listing Withdrawal Prior to Expiration

Listings may be withdrawn from the MLS by the Listing Participant prior the Listing expiration date.

 

Practice Note: temporarily Withdrawn denotes a listing that is still subject to a valid listing agreement but is not available for sale or a listing where the listing Broker has agreed to provide the owner with a conditional release. Participants and Subscribers may not solicit listings while they are temporarily withdrawn status.

Participants and Subscribers are no longer required to provide CVR MLS with a copy of the Sellers instructions to withdraw the listing from the market at the time the listing status is changed. However, documentation of such written authorization is subject to audit and verification by CVR MLS.

Section 5.25 Listing Release Prior to Expiration

If a Listing Participant and a Seller, by mutual written agreement, release an Exclusive Right to Sell or Exclusive Agency Listing prior to the expiration of the agreement, the Listing Participant must change the status of the Listing to “released” in the CVR MLS MATRIX system within five (5) days of the release ratification.

Sellers do not have a unilateral right to require CVR MLS to remove a Listing from Active status without the Listing Participant’s concurrence. However, when a Seller can document that his exclusive relationship with the Listing Participant has been terminated or released, CVR MLS shall remove the Listing from Active status at the request of the Seller.

Practice Note: All releases (conditional and unconditional) must be signed by the Seller and Listing Participant (Principal or Managing Broker)

Section 5.26 Manipulation of Days on Market

Withdrawal and re-entry of a Listing as a marketing tool or in an attempt to alter or reset the days on market information is prohibited.

Practice Note: A property must be off market for 30 or more days before the days on market will be affected.

Section 5.27 Expiration, Extension and Renewal of Listings

Any Listing filed with CVR MLS will automatically expire on the termination date specified in the Listing Agreement, unless renewed or extended by the Listing Participant and the new expiration date is entered in the MLS system prior to midnight of the original expiration date. Once the expiration date has past, only CVR MLS staff has the ability to change the expiration date.

 

Practice Note: Participants and Subscribers are no longer required to provide CVR MLS with the Sellers authorization to extend a listing at the time the listing expiration date is modified. However, documentation of such written authorization is subject to audit and verification by CVR MLS. The same applies to releases and withdrawals.

Section 5.28 Solicitation of Listings

Participants and Subscribers shall not solicit a property currently filed with CVR MLS unless such solicitation is consistent with Article 16 of the REALTOR® Code of Ethics, its Standards of Practice, and its case Interpretations.

Section 5.29 Listing Duplication

Participants and Subscribers shall not enter duplicates of active Listings. When a property has been previous listed with another Participant, the new Listing Participant and/or Subscriber shall verify that the previous Listing entry is no longer active prior to submitting the property data. Duplicate Listing Content entry under different property types is also prohibited.

Section 5.30 Pre-construction/To Be Built Homes

Pre-construction homes may be entered into the CVR MLS database under the Residential property type provided:

A) The lot owner has executed a listing agreement with a CVR MLS Participant for the sale of the lot. If the lot owner is not the builder, there must be a contractual agreement in place between the lot owner and a builder that grants the builder an interest in the lot. If there is no contractual agreement in place between the lot owner and the builder, the listing does not qualify for MLS submission.

B) The list price must include the price of the lot and the residential structure to be built.

C) The first words in the Public Remarks field must state “Pre-Construction. To be built.”

D) The first photo must be an image of the model offered or an artist rendering. If the image is different from the actual model, disclosure must be made in the Public Remarks and Agent Only Comments.

 

Practice Note: Lead Paint and VA Res Property Disclosure not required for these listings

Section 5.31 Auction Properties

All auction listings entered into the MLS must be subject to a valid listing agreement signed by the owner of the property and contain a list price; unconditional offer of cooperative compensation from the Listing Participant, as set forth in these Rules and Regulations and provide for agency pursuant to Virginia law during the time the listing is active in the MLS. Note: A VA Auctioneers license is required to auction real property and publicly advertise the terms, conditions and other details of a real estate auction.

Auction Information in the Remarks field is limited to:
(a) a statement identifying the listing as a property subject to auction;
(b)an explanation of the basis for the list price (tax assessment, appraisal, opening bid) and
(c) whether or not the seller will accept an offer to purchase prior to the scheduled auction;
The information referenced in items (i)-(viii) below is prohibited in the remarks field.

The following information may be entered in the Agent Only Remarks field:
(i) Any required procedures for Participants/Subscribers to register their representation of a potential bidder;
(ii) The date, time and place of the auction;
(iii) The terms and conditions of the auction
(iv) Whether the auction is being conducted with or without the seller’s reserve;
(v)The time or manner in which potential bidders may inspect the listed property;
(vi) The amount of Buyer premium, if any
(vii) Any other material rules or procedures for the auction
(viii) Auction Company URL

When a property is no longer available for purchase prior to auction (“freeze” or “auction status”) the listing must be placed in temporarily withdrawn or released status. In the event the auction is unsuccessful and there is still a valid listing agreement in place, the listing may be restored to active status.

Section 5.32 Co-Exclusive Listings

Co-Exclusive Listings may be entered into the MLS Database providing the co-listing firm and agent are active Participants/Subscribers of one of three Commonwealth CoOP MLS’s. Only one (1) occurrence of the Listing shall be entered into the CVR MLS Database. The CVR MLS Participant/Subscriber who enters the Listing data will be solely accountable for the accuracy of the Listing content and compliance with these rules and regulations. Co-listings with brokers/agents who are not Participants/Subscribers of one of the three Commonwealth CoOP MLS’s are not eligible for MLS submission. Rev 3/16

Section 5.33 Re-Use of Listing Photos and Content

The copying and/ or re-use of another Participant or Subscribers photos and/or Listing content for any purpose is expressly prohibited unless written consent is obtained from the original Listing Participant.

 

Practice Note: Listing participants and Subscribers may NOT re-use photographs or other listing content previously submitted for a listed property without the WRITTEN permission of the previous listing participant or Subscriber.

Section 5.34 Septic Systems and Bedroom Count

When listing residential property for sale or for lease that is served by a septic system, the total number of bedrooms entered in the MLS for a may not exceed the number of bedrooms indicated on the approved septic permit. Rev 3/16

Section 5.35 HUD/Foreclosure Listings

Special instructions/limitations/restrictions for offer submittal must be disclosed in the “Agent Only Comments” field or uploaded as an attachment to the listing.

Section 5.36 Compliance Audits

CVR MLS Listings are randomly audited for compliance with these Rules and Regulations. The Participant representing a Listing selected for audit will receive a written request to submit a copy of the Listing agreement or other documentation. The requested agreement must be e-mailed, faxed or personally delivered to CVR MLS within three (3) days of the date of the request. Submitted Listing agreements are reviewed for accuracy and compliance with CVR MLS Rules and Regulations. The CVR MLS Committee may also request copies of Listing Agreements.