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Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
Ibn 10 25 10 presentation
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Ibn 10 25 10 presentation

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10/25/2010 IBN monthly meeting presentation on NTREIS Rules & Regulations

10/25/2010 IBN monthly meeting presentation on NTREIS Rules & Regulations

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Transcript

  • 1. NTREIS Rules & Regulations Broker/Manager Overview Prepared for: The Independent Broker Network Presented by: Stacey Buettner Last Amended January 29,2009
  • 2. 01/29/15 Prepared for: Independent Broker Network 2 Broker/Manager Responsibility Each Broker/Manager should become familiar with the entire NTREIS Rules & Regulations so they may answer questions that may come up in their offices. It is encouraged that you study the document and contact the MLS Director for any questions or clarifications you might have.
  • 3. 01/29/15 Prepared for: Independent Broker Network 3 Purpose of MLS The primary purpose of the MLS is NOT to be a vehicle for advertising to the general public. Any uploads to Realtor.com and other sites are a secondary optional benefit to participants.
  • 4. 01/29/15 Prepared for: Independent Broker Network 4 Quick Definitions ● Participant – is an eligible “Designated REALTOR®” ● Other Participant – is a Participant other than the listing Participant working with prospective buyers. ● Subscriber – a “user of the MLS” who is a non- principal broker, sales associate, or licensed or certified appraiser affiliated with a Participant
  • 5. 01/29/15 Prepared for: Independent Broker Network 5 Participation Policies Participants must hold a current, valid real estate broker's license or be licensed or certified to engage in real estate appraisal Participants must pay required dues and fees Participants shall be liable for all obligations to the MLS and to your firm.
  • 6. 01/29/15 Prepared for: Independent Broker Network 6 Listing Procedures -Only an “exclusive right-to-sell” (or lease) or “exclusive agency” No open listings, net listings or non-agency listings Type of listing must be designated in the MLS -Valid, binding, and enforceable listing agreements must have the signature of the property owner(s), an adequate legal description and otherwise satisfy other legal requirements.
  • 7. 01/29/15 Prepared for: Independent Broker Network 7 Listing Procedures cont'd Each listed property must be filed with the MLS within 3 days of the effective date of the listing unless otherwise directed in writing by the owner(s)
  • 8. 01/29/15 Prepared for: Independent Broker Network 8 Listing Procedures cont'd - Expired listings may be extended upon written agreement within 3 days of expiration. After 3 days a new listing must be secured for the listing to be entered into the MLS - Any changes to a listing must be filed within 3 days. - Listing can only be withdrawn from MLS prior to the expiration date with written agreement by the owners and Listing Participant
  • 9. 01/29/15 Prepared for: Independent Broker Network 9 Listing Procedures cont'd - Only photos/drawings of or maps to real property will be accepted in the MLS system -No contact information can be placed in the Property Description Property Photograph Picture Description Driving Directions NO SELF BRANDING
  • 10. 01/29/15 Prepared for: Independent Broker Network 10 Selling Procedures - Appointments for showings and ALL negotiations must be conducted exclusively through the listing Participant. -Listing Participants shall submit ALL offers to the owner(s) unless otherwise specified in writing. -Status Changes MUST be made within 3 days
  • 11. 01/29/15 Prepared for: Independent Broker Network 11 Prohibitions MLS login information cannot be shared with others Key Cards cannot be shared with others
  • 12. 01/29/15 Prepared for: Independent Broker Network 12 Other Participant Compensation VARIABLE RATE COMMISSION – is a commission agreement whereby the owner agrees to pay a specified commission if the property is sold or leased by the listing Participant and a different commission if it is sold or leased by an Other Participant
  • 13. 01/29/15 Prepared for: Independent Broker Network 13 Confidentiality All information relative to a listed property provided by the MLS to Participants and Subscribers is official confidential information of the MLS and MLS Providers and exclusively for the use of Participants and Subscribers.
  • 14. 01/29/15 Prepared for: Independent Broker Network 14 Use of Copyrighted MLS Compilations - MLS compilations available to Participants shall not be distributed to persons who are not subscribers. - Single copies of MLS listing data can be provided to prospective buyers and tenants who may have an interest in the property in the judgment of the Participant or Subscriber.
  • 15. 01/29/15 Prepared for: Independent Broker Network 15 Use of MLS Information - Aggregated MLS sold information may be used in public mass advertising, but information about specific properties listed or sold by Other Participants may not be included in any advertising. - Any information obtained from NTREIS and utilized in advertising must contain a notice identifying NTREIS as the source.
  • 16. 01/29/15 Prepared for: Independent Broker Network 16 Standards of Conduct for Participants - Participants shall not solicit a listing currently listed exclusively with another Participant. - Participants shall not solicit buyer/tenant agency agreements from buyer/tenants who are subject to exclusive buyer/tenant agency agreements - Prior to entering into a rep agreement, Participants are obligated to determine if a prospect is currently in one for the same type of real estate service.
  • 17. 01/29/15 Prepared for: Independent Broker Network 17 Resources
  • 18. NTREIS Rules & Regulations Table of Contents Section 1 – Name Section 2 – Authority Section 3 – Purpose Section 4 – Definitions Section 5 – Participation Policies Section 6 – Dues &Fees Section 7 – Listing Procedures Section 8 – Selling Procedures Section 9 – Prohibitions Section 10 – Other Participant Compensation
  • 19. 01/29/15 Prepared for: Independent Broker Network 19 NTREIS Rules & Regulations Table of Contents Section 11 – Compliance with the Rules Section 12 – Enforcement of Rules or Disputes Section 13 – Confidentiality Section 14 – Ownership of MLS Compilations & Copyrights Section 15 – Use of Copyrighted MLS Compilations Section 16 -Use of MLS Info Section 17 – Internet Data Exchange & Downloading
  • 20. 01/29/15 Prepared for: Independent Broker Network 20 Section 18 – Computer Messaging Section 19 – Virtual Office Website Rules Section 20 – Amendments Section 21 – Arbitration of Disputes Section 22 – Standards of Conduct for Participants NTREIS Rules & Regulations Table of Contents

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