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. The listing must contain a list price 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.
The following auction information must be included in the Remarks field:
(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 information referenced in items (i)-(viii) below is prohibited in the Remarks field but 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is no longer available for purchase prior to auction (“freeze” or “auction status”) the listing must be placed in Temp Withdrawn or released status.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.
Article 5: LISTING PROCEDURES- Section 5.1 Listings Subject to CVR MLS Rules and Regulations
- Section 5.5.1 Disclosure of Potential Short Sales
- Section 5.1.2 Coming Soon Status – Terms and conditions of use
- Section 5.2 MLS Property Types
- Section 5.2.1 Voluntary Listing Submission
- Section 5.3 Listing Types
- Section 5.4 Seller Authorization and Forms
- Section 5.4.1 Legally Required Seller Disclosure Forms
- Section 5.5 Entry of Listing Content
- Section 5.6 Incomplete/Inaccurate Listing Content
- Section 5.6.1 Identification of Seller
- Section 5.6.3 Property Address
- Section 5.6.2 Identification of Square Footage Source (Resale)
- Section 5.7 General Remarks Field
- Section 5.7.1 Open House Information
- Section 5.8.1 Photo Entry Date
- Section 5.8 Photographs and Virtual Tours
- Section 5.7.2 Adjacent Lots
- Section 5.8.2 Virtual Staging
- Section 5.9 Office Exclusive or Delayed Entry Listings
- Section 5.9.1 Clear Cooperation Policy
- Section 5.10 Delayed Showing
- Section 5.11 Designation of Listing Type
- Section 5.12 Named Prospects Exempted
- Section 5.13 Compensation
- Section 5.13.1 Structured Compensation Terms
- Section 5.14 Listing Price Specified
- Section 5.15 Listing Termination Date
- Section 5.16 Possession Date
- Section 5.17 Participant or Subscriber as Principal
- Section 5.18 Participant or Subscriber as Purchaser
- Section 5.19 Personal Property
- Section 5.20 Contingent Conditions or Special Terms
- Section 5.21 Reporting Contingency Resolution
- Section 5.22 Multiple Unit Properties
- Section 5.23 Listing Changes
- Section 5.24 Listing Withdrawal Prior to Expiration
- Section 5.25 Listing Release Prior to Expiration
- Section 5.26 (Repealed 6/2019)
- Section 5.27 Expiration, Extension and Renewal of Listings
- Section 5.28 Solicitation of Listings
- Section 5.29 Listing Duplication
- Section 5.30 Pre-construction/To Be Built Homes
- Section 5.31 Auction Properties
- Section 5.32 Co-Exclusive Listings
- Section 5.33 Re-Use of Listing Photos and Content
- Section 5.34 Septic Systems and Bedroom Count
- Section 5.35 HUD/Foreclosure Listings
- Section 5.36 Compliance Audits
- Section 5.37 SOLD NON-MLS LISTING