Article 7: SHOWING AND SELLING PROCEDURES
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- Section 7.1 Showings and Negotiations
- Section 7.2 Presentation of Offers
- Section 7.3 Submission of Subsequent Offers
- Section 7.4 Counter Offers
- Section 7.5 Rights of Cooperating Participant
- Section 7.6 Right of Listing Participant in Presentation of Counter-Offer
- Section 7.7 Advertising – Moved to 4.9.4
- Section 7.8 Sold/Contract Pending Signs
- Section 7.9 Distribution of Tax Record Information
- Section 7.10 Reporting Pending Sales
- Section 7.11 Repealed 8/11
- Section 7.12 First Right of Refusal
- Section 7.13 Reporting Cancellation of Pending Status
- Section 7.14 Reporting Sales to the Service
- Section 7.15 Reporting Refusal to Seller
All dealings concerning property exclusively listed, or with buyers/tenants, who are exclusively represented, shall be carried on with the Listing Participant, and not with the customer, except with the consent of the Listing Participant or when such dealings are initiated by the clients or customers. Any listing filed with the service shall not be made available to any broker or firm not a member of the MLS without the prior consent of the listing broker. Only the sign of the listing broker may be placed on the property.
Appointments for showing and negotiations with the Seller for the purchase of listed property filed with the CVR MLS shall be conducted through the Listing Participant except under the following circumstances:
A. The Listing Participant gives the cooperating Participant specific written authority to show and/or negotiate directly, or;
B. If, after a reasonable effort, the cooperating Participant/Subscriber cannot contact the agent contact listed in the MLS, the Cooperating Participant/Subscriber may contact the Firm broker to make arrangements for showing access or offer presentation.
Practice Note: Cooperating Participants and Subscribers may not contact the Seller of a property or access a lockbox installed on the property unless the Listing contains stated instructions to go direct and use the lockbox or contact Seller/tenant directly.
The Listing Participant shall make arrangements with the Seller to present an offer as soon as possible or give the cooperating broker a satisfactory reason for not doing so.
The Listing Participant shall submit to the Seller all written and verbal offers (including offers received after a contract has been signed) until closing or lease ratification unless precluded by law, government rule, regulation, or as agreed otherwise in writing between the Seller and the Listing Participant/Subscriber. Unless the subsequent offer is contingent upon the termination of the existing contract, the Listing Participant shall recommend that the Seller obtain the advice of legal counsel prior to acceptance of the subsequent offer.
Participants and Subscribers representing buyers or tenants shall submit to the buyer or tenant all offers and counter offers until acceptance and shall recommend that buyers and tenants obtain legal advice where there is a question about whether a pre-existing contract or lease has been terminated.
The Cooperating Participant has the right to participate in the presentation to the Seller of any offer he/she secures to purchase or lease. The Cooperating Participant does not have the right to be present at any discussion or evaluation of that offer by the Seller and the Listing Participant. However, if the Seller gives written instructions to the Listing Participant that the Cooperating Participant not be present when an offer the Cooperating Participant secured is presented, then the Cooperating Participant has the right to receive to receive a copy of the Seller’s written instructions. None of the foregoing diminishes the Listing Participant’s right to control the establishment of appointments for such presentations.
The Listing Participant has the right to participate in the presentation of any counter-offer made by the Seller. The Listing Participant does not have the right to be present at any discussion or evaluation of a counter offer by the purchaser or Lessee. However, if the Purchaser or Lessee gives written instructions to the Cooperating Participant/Subscriber that the Listing Participant not be present when a counter-offer is presented, then the Listing Participant has a right to receive a copy of the Purchaser’s or Lessee’s written instructions. None of the foregoing diminishes the Ccooperating Participant’s right to control the establishment of appointments for such presentations.
Moved to 4.9.2
Prior to closing, the “Sold” or “Contract Pending” signs of the selling Participant may not be placed on a property, unless the Listing Participant authorizes the Cooperating Participant to post such a sign.
Participants/Subscribers are permitted to advertise public tax record information pertaining to closed transactions.
All ratified offers to purchase, exchange or lease must be reported to CVR MLS and the new Listing status change entered into the MLS Database. All transactions should be pended promptly, but not later than Five (5) days from contract, exchange or lease ratification. The Listing Participant should exercise discretion in revealing the sale or lease price prior to settlement. CVR MLS does not accept responsibility for the disclosure of such information.
If negotiations were carried on under Section 7.1 A or B of these Rules and Regulations, the Cooperating Participant shall report contract ratification to the Listing Participant within five (5) days after the occurrence and the Listing Participant/Subscriber shall report the pending status to the MLS within five (5) days of receiving notice from the cooperating broker.
First Right of Refusal Listings subject to a ratified contract containing a First Right of Refusal contingent upon the sale of real property may remain active in the MLS database. The First Right field must be completed and the details of the first right entered into agent only remarks within five (5) days of contract ratification. Once the First Right of Refusal contingency has been removed, the listing status must be updated to pending within five (5) days of the contingency removal. Rev 4/17
Listing Participant/Subscriber shall restore a Listings active status within five (5) days of the cancellation of any pending sale, exchange or lease. Cancellation of the pending status shall mean:
(i) A written release of the purchase agreement, exchange contract or lease has been executed by all parties; or
(ii) The purchase agreement, exchange contract or lease has been terminated as permitted by the terms of such document. The Listing shall only be returned to active status if a valid Listing Agreement is still in effect.
As used in this section, “terminated” shall mean:
(i) a mutual termination, executed by all parties of the purchase agreement, exchange contract or lease;
(ii) a written notice of termination from one party to the other party as permitted under the terms and conditions of the purchase agreement, exchange contract or lease; or
(iii) the expiration or automatic termination of the purchase agreement, exchange contract or lease as provided by an expiration date or other specified language that automatically terminates the purchase agreement, exchange contract or lease without necessity of notice by either party.
When a transaction involves a Cooperating Participant the identity of that cooperating party shall be entered in the MLS Database when the Listing status is changed to pending.
Practice Note: Listing participants/Subscribers may return a listing to active status ONLY after a release has been executed by the purchaser and seller or the contract has been legally terminated and no longer in effect. Sellers have no authority to request or demand that a listing be returned to active status in the MLS. Properties subject to a valid purchase offer must remain in Pended status until one of the aforementioned actions occurs.
When a sale or exchange has closed or a lease has been signed, the Listing Participant shall change the Listing status to sold/leased in the MLS Database within seven (7) days of settlement or lease.
If negotiations were carried on under Section 7.1 A or B of these Rules and Regulations, the Cooperating Participant shall report settlement to the Listing Participant within seven (7) days after occurrence and the Listing Participant/Subscriber shall report them to the MLS within seven (7) days of receiving notice from the cooperating broker. Rev 8/11
If any Seller refuses to accept a written offer satisfying the terms and conditions stated in the Listing Agreement, such fact shall be reported in writing to CVR MLS within three (3) days of such refusal. CVR MLS will disseminate the information to all Participant’s/Subscriber’s.
Practice Note: Sellers cannot be required to accept an offer to purchase. However, all listings must contain a valid listing price authorized by the Seller in a listing agreement between the Seller and the Listing participant.