Article 6: COOPERATIVE COMPENSATION
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- Section 6.1 Cooperating Participant Compensation
- Section 6.2 Deleted 5/13
- Section 6.3 Forms of Compensation
- Section 6.4 Modified Compensation
- Section 6.5 Dual or Variable Compensation Arrangements
- Section 6.6 Reference to Additional Properties
A) If the disputants are members of the same Association of REALTORS® or have their principal place of business within the same Associations territorial jurisdiction, they shall arbitrate pursuant to the procedures of that Association of REALTORS®
B) If the disputants are members of different Associations of REALTORS or their principal place of business is located within the territorial jurisdictions, they remain obligated to arbitrate in accordance with the procedures of the Virginia REALTORS®Interboard Arbitration Procedures: Arbitration shall be conducted in accordance with the Interboard Arbitration Procedures in the Code of Ethics and Arbitration Manual of the National Association of REALTORS® Nothing herein shall preclude Participants from agreeing to arbitrate the dispute before a particular Association of REALTORS®
The Listing Participant shall specify in all appropriate CVR MLS Database fields, the compensation offered to other Participants for their services acting as, buyer agents, or in other agency or non-agency capacities as defined by law in the sale, lease or exchange of such Listing. The Listing Participant retains the right to determine the amount of compensation offered to other cooperating Participants, which may be the same or different than the Listing Participant’s compensation.
Compensation shall be shown in one of the following forms:
a.) A percentage (%) of the gross sale lease or exchange price. In the case of rental properties, the percentage shall be based on the first month’s rental amount, or
b.) A definite dollar ($) amount.
The Listing Participant shall not be precluded from offering any cooperating Participant compensation other than the compensation published in the MLS Database provided the Listing Participant informs the other Participants in advance of their submitting an offer to purchase and provided that the modification in the specified compensation is not the result of any agreement among all or any other Participants in CVR MLS.
The existence of a dual or variable rate compensation arrangement must be noticed to other Participants and Subscribers by placing a “Y” in the appropriate compensation field. The Listing Participant shall in response to inquiries from potential cooperating Participants and Subscribers disclose the differential that would result in either a cooperative transaction or, alternatively, in a sale/lease that results through the efforts of the Seller. If the cooperating Participant or Subscriber is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their client before the client submits an offer to purchase or lease.
An offer of compensation shall apply to Listings formally entered into the CVR MLS system, and shall not apply to any other listing. A cooperating Participant shall not assume the offer of compensation entered for a CVR MLS Listing will apply to a property referenced in the “Remarks” section of the Listing. The cooperating Participant or Subscriber must inquire of the Listing Participant or Subscriber as to what compensation, if any, is being offered for the sale of such referenced property.