MLSOK Rules and Regulations – FAQ
You should only report sales for comparable, when the property did not have an executed Listing Agreement. For example, for sale by owner or new home construction.
The sales information will be entered in the MLS System as COMP01 under List Broker/ID within thirty (30) calendar days of the date of sale. Reporting comparable sales older than 30 days will not be accepted.
The public remarks must only describe the physical traits of the property and its vicinity.
The following types of properties may be entered into the MLS System, provided, however, that any MLS Listing Information submitted is entered into within the scope of the Participant’s licensure as a real estate broker:
a) single family homes for sale or exchange or lease
b) vacant lots and acreage for sale or exchange or lease
c) two-family, three-family, and four-family residential buildings for sale or exchange or lease
e) residential income;
f) mobile homes;
g) subdivided vacant lot;
h) mobile home parks;
i) land and ranch;
j) commercial income;
k) business opportunity; and
Mobile homes and business opportunities without real property shall not be accepted by MLS.
All properties which are to be sold or which may be sold separately must be indicated individually in the MLS Listing Information and on the Listing Entry Form or the Listing Input Screen. When part of a listed property has been sold, proper notification should be given to the MLS.
For Sale Signs: Only a “for sale” sign of the listing Participant may be placed on a property. “For sale”
signs on properties listed as Coming Soon must include a “coming soon” rider.
Sold Signs: Prior to Closing, only the “sold” sign of the listing Participant may be placed on a property, unless the listing Participant authorizes the cooperating (selling) Participant to post such a sign.
Yes, Any listing entered into the MLS Compilation is subject to these Rules upon signature of the seller(s).
If you are a MLSOK Participant or Subscriber and you have a“Exclusive Right to Sell or Lease Listings” or “Exclusive Agency to Sell or Lease Listings” signed by the seller or landlord and accepted by the Participant. The MLS Listing Information shall be entered into the MLS System within one (1) Business Day after marketing the property to the public.
SECTION 1: DEFINITIONS
1.28 “MLS Listing Information” – (read MLSOK, INC. Rules and Regulations:)
SECTION 3: Listing Procedures
3.1.1 MLS Listing Information of real properties. – (read MLSOK, INC. Rules and Regulations:)
MLS Listing Information shall be entered into the MLS System within one (1) Business Day after marketing the property to the public.
Reporting Under Contract
MLS entry-only listings are listing agreements where the Participant will NOT provide any of the following services:
- arrange appointments for cooperating Participants to show listed property to potential purchasers but instead gives cooperating Participants authority to make such appointments directly with the seller(s)
- accept and present to the seller(s) offers to purchase procured by cooperating Participants but instead gives cooperating Participants authority to present offers to purchase directly to the seller(s)
- advise the seller(s) as to the merits of offers to purchase
- assist the seller(s) in developing, communicating, or presenting counter-offers
- participate on the seller’s(s’) behalf in negotiations leading to the sale of the listed property
It means the property will be sold to the highest bidder.
For Auction Style Listings, the listing price must be the reserve price or higher. ( Reserve Price is a minimum price that the seller is willing to accept for a property.