Maybe, but maybe not. Many states have defined more inclusive quotes in their real estate laws, but not Massachusetts. The National Association of REALTORS®, author of our MLS rules and regulations, has established guidelines for the acceptance or refusal of co-exclusive lists in MLS, based solely on the definition of state law. What a cucumber! For example, The commission is paid by the seller to the listing real estate agent, who then compensates his broker and all the brokers/agents cooperating with that commission through separate agreements with them. There was a consensus that the service`s three co-exclusive offers can now remain unredealed for the duration of the original contract. Any listing broker can continue to use the co-exclusive list concept and extend these individual offers with sellers, but all references to the MLS deposit must be removed as the ad expires when the agreement expires. Without a definition of state, we do not have a clear basis for accepting or denying exclusive co-announcements in the MLS service in Massachusetts. It has been definitively suggested that, in order to bring the co-exclusives into the MLS, we should first decide, on a list-by-list basis, the terms of the listing agreement, so that we can preemptively consider the list as “open” or “exclusive” and hope that the courts would accept in the event of problems. Yes, both! Rest assured, there is absolutely nothing in state law or in our code of ethics that prevents any agency from entering into such an agreement on co-listing. It`s just an alternative business deal. Also remember that open listings are also valid under state law, the ethical and acceptable business method of working as a trustee of a real estate seller in Massachusetts. And as you know, each business model has its pros and cons, some are displayed in MLS, others are not.
If the broker is a member of the National Association of Realtors, the contract must contain all the following conditions: Co-listing agreements may occur for several reasons: there are two owners of a property and each wants to use his own preferred brokerage (this sometimes happens when a property is sold during a divorce proceeding), or a seller cannot choose which brokerage should be chosen for different but equally attractive marketing strategies. Not all brokers will accept a co-listing agreement, as it will have an impact on their commission, especially if a buyer is recruited by a third broker.