7.9 Taking Listings

In accordance with the REALTOR® Code of Ethics, the Company urges the use of an exclusive right to sell listing agreement unless it is contrary to the best interests of the owner. The Company recommends use of the “Exclusive Right to Sell Listing Agreement” form provided by the State Association of REALTORS®, AIR CRE library or a similar library. The Company also accepts exclusive agency listings of property in situations where the seller desires to reserve the right to sell the property on an unlimited or restrictive basis. Open listings may be accepted only with consent of a Manager or Broker of the Company. Net listings are not accepted**.** A net listing is one in which the owner agrees to let the agent keep any sale proceeds over a "net" price the owner wants for the property. Listings will be submitted to the multiple listing service in accordance with the rules and regulations of the MLS service unless an exclusion form has been completed.

State law requires that a compensation agreement be in writing and signed by the party to be charged in order to be enforceable. Again, unless approved in advance by the Broker, all listings will be “Exclusive Right and Authorization to Sell” listings. Any exclusive listing agreement (including an exclusive agency or an exclusive buyer-broker agreement) must include a definite, specified date of final and complete termination. The claiming of compensation under an exclusive agreement which does not contain a definite, specified termination date can lead to revocation or suspension of a real estate license.

All owners of a property must sign the listing agreement before you begin marketing the property, unless you have prior written consent from your manager. If someone signs on behalf of another, you must have written evidence of the authority to act, such as a power of attorney or letter of administration. If a party refuses to sign the listing agreement, notify the signing parties in writing that it is the Company’s policy not to market the property until all parties have signed the agreement.

Before taking the listing, search the MLS to determine whether or not the property is currently listed with another broker. It is Company policy to not take a new listing until the existing listing has expired. NOTE: With the approval of your Manager, and subject to Article 16 of NAR’s Code of Ethics, you may enter into a listing agreement prior to the listing expiring as long as it will not become effective until after the expiration of the prior agreement.

If the property is in escrow, continue marketing the property unless the seller agrees otherwise in writing. Make sure the listing does not expire before close of escrow. Get all modifications or extensions in writing.

All listings are taken in the name of the Company, which reserves the right to reassign the listing upon request of the seller, or if the listing has not been handled properly, or the Company deems it in the best interest of the client to do so. Any decision by the Company to reassign a listing is conclusive and you will have no right to a commission upon the sale unless agreed to by your Manager.

If you represent a buyer in a for-sale-by-owner (FSBO) and the buyer is to pay a commission, you must have a written agreement with the buyer to pay that commission, such as a buyer-broker agreement. If the FSBO seller is to pay the commission, you must have a written agreement with the seller, such as a single-party compensation agreement or a separate commission agreement.