The BSC MLS does not require Participants to enter into listing agreements using a form other than the form a Participant individually chooses to use. However, the BSC MLS may refuse to accept any listing which fails to adequately protect the interests of the public and other Participants and shall not accept any listing which establishes a contractual relationship between the BSC MLS and a Participant’s client.
The BSC MLS accepts Exclusive Right to Sell listing contracts and Exclusive Agency listing contracts, and may accept other forms of agreement which make it possible for the listing Broker to offer compensation to the other Participants of the MLS acting as subagents, buyer agents, or both.
The listing agreement must include the seller’s written authorization to submit the agreement to the MLS.
The different types of listing agreements include:
- Exclusive Right-to-Sell
- Exclusive Agency
*The BSC MLS does not accept Net listings because they are deemed unethical and, in most states, illegal.
**Open listings are not accepted except where required by law because the inherent nature of an Open listing is such as to usually not include the authority to cooperate and compensate other Brokers and provides a disincentive for cooperation.
The Exclusive Right to Sell listing is the conventional form of listings submitted to the MLS in that the seller authorizes the listing Broker to cooperate with and to compensate other Brokers.
The Exclusive Agency listing also authorizes the listing Broker, as the exclusive agent, to offer cooperation and compensation on blanket unilateral bases, but also reserves to the seller the general right to sell the property on an unlimited or restrictive basis. Exclusive Agency listings and Exclusive Right to Sell listings with named prospects exempt should be clearly distinguished by a simple designation such as a code or symbol from Exclusive Right to Sell listings with no named prospects exempt since they can present special risks of procuring cause controversies and administrative problems not posed by Exclusive Right to Sell listings with no named prospects exempt. Care should be exercised to ensure that different codes or symbols are used to denote Exclusive Agency and Exclusive Right to Sell listings with prospect reservations.
Exclusive Agency and Exclusive Right to Sell listings with prospect reservations. (Amended 4/92)
NOTE 1: Regulation of listing agreements
The BSC MLS does not regulate the type of listings its members may take. This does not mean that the BSC MLS must accept every type of listing. The BSC MLS shall decline to accept Open listings (except where acceptance is required by law) and Net listings, limiting its service to listings of certain kinds of property. The BSC MLS leaves its members free to accept such listings but they must be handled outside the MLS.
NOTE 2: Auction properties
Per NAR’s Handbook on Multiple Listing Policy, an MLS may, as a matter of local option, accept exclusively listed property that is subject to auction. If such listings do not show a listed price, they may be included in a separate section of the MLS compilation of current listings.*
*The BSC MLS will only allow auction listings if an approved listing agreement is present and active between the listing Broker and the seller(s). The BSC MLS does not have a separate section of the MLS for auction prices. The auction price must be entered into the “Asking Price” field.