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Cooperating Broker – Shall mean the licensed broker who or which is (i) a Participant and (ii) either a subagent of a Listing Broker, a buyer’s agent or other appropriately licensed facilitator in the process of selling a Listed Property. Wherever the context so requires, reference in these Rules and Regulations to a Cooperating Broker shall include the Participant through which any individual Cooperating Broker is acting.
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Delayed Listing Form – Shall mean the form required to be signed by a Seller and delivered to the Service by the Seller’s Listing Broker when the Seller requests that an identified property be listed in the Service, but only after the Deadline For Filing for that property and only on a fixed date specified in the Form or on a date still to be determined.
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Entry-Only Listing – Shall mean a Listing or Listed Property with respect to which the Listing Broker, pursuant to the Listing Agreement, is not obligated to provide, and will not be providing, any service to the Seller other than the Filing of the Listing and the providing of Seller Contact information to Cooperating Brokers.
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Exclusive Agency – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a commission to the Listing Broker if the Listed Property is sold or is rented or leased through the efforts of any real estate broker. Under an Exclusive Agency Listing, if the Listed Property is sold or is rented or leased solely through the efforts of the Seller, the Seller is not obligated to pay a commission to the Listing Broker or any other broker.
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Exclusive Right To Rent – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is rented or leased through the efforts of the Listing Broker, the Seller or anyone else.
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Exclusive Right to Sell at Auction – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Property is offered for sale as an Auction Listing, the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is sold through the efforts of the Listing Broker, the Seller or anyone else.
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Exclusive Right To Sell – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is sold through the efforts of the Listing Broker, the Seller or anyone else.
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Exclusive Right To Sell With Dual Rate Of Commission – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a specified commission if the Listed Property is sold by the Listing Broker without assistance and a different commission if the sale results through the efforts of a Cooperating Broker.
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Exclusive Right To Sell With Named Exclusion – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is sold through the efforts of the Listing Broker, the Seller or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and, if the Listed Property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Broker (nor will the Service include the Listed Property as a “sold” in any manifestation of the Service Compilation).
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Exclusive Right to Sell With Variable Rate of Commission – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker becomes the sole agent of the Seller and the Seller agrees to pay a specified commission if the Listed Property is sold by the Listing Broker either with or without the assistance of a Cooperating Broker and a different commission if the sale results through the efforts of the Seller.
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Facilitation/Exclusive – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker does not represent either the Seller or the buyer or become the agent of either of them and the Seller agrees to pay a commission to the Listing Broker if the Listed Property is sold through the efforts of any real estate broker. Under a Facilitation/Exclusive Listing, if the Listed Property is sold solely through the efforts of the Seller, the Seller is not obligated to pay a commission to the Listing Broker or any other broker.
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Facilitation/Exclusive Right To Sell – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker does not represent either the Seller or the buyer or become the agent of either of them and the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is sold through the efforts of the Listing Broker, the Seller or anyone else.
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Facilitation/Exclusive Right To Sell With Dual Rate Of Commission – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker does not represent either the Seller or the buyer or become the agent of either of them and the Seller agrees to pay a specified commission if the Listed Property is sold by the Listing Broker without assistance and a different commission if the sale results through the efforts of a Cooperating Broker.
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Facilitation/Exclusive Right To Sell With Named Exclusion – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker does not represent either the Seller or the buyer or become the agent of either of them and the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is sold through the efforts of the Listing Broker, the Seller or anyone else, except that the Seller may name one or more individuals or entities as exemptions in the Listing Agreement and, if the Listed Property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Broker (nor will the Service include the Listed Property as a “sold” in any manifestation of the Service Compilation).
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Facilitation/Exclusive Right to Sell With Variable Rate of Commission – Shall mean, when applied to a Listing Agreement, a Listing Agreement under which the Listing Broker does not represent either the Seller or the buyer or become the agent of either of them and the Seller agrees to pay a specified commission if the Listed Property is sold by the Listing Broker either with or without the assistance of a Cooperating Broker and a different commission if the sale results through the efforts of the Seller.
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Kick-Out Clause – Shall mean a contingency in a Bilateral Agreement between the Seller and the prospective purchaser of a Listed Property in which (i) the prospective purchaser is not required to purchase the Listed Property unless one or more events specified in the Bilateral Agreement have occurred (each, for purposes of this definition, a “Contingency”) and none of those Contingencies is of the same type or kind as the contingencies identified by the Service in its then current Contingent Status Request Form; (ii) until each Contingency has been satisfied, the Seller is permitted to seek additional offers for the Listed Property from third parties; (iii) before accepting an offer from a third party, the Seller is required to notify the prospective purchaser of the offer; and (iv) on receipt of notice of a third-party offer, the prospective purchaser either (A) may abandon each then remaining Contingency within the limited period of time during which abandonment is permitted under the Bilateral Agreement and proceed with the purchase of the Listed Property, in which case the Seller may not accept the additional third-party offer and must sell the Listed Property to the prospective purchaser, or, if the prospective purchaser does not timely abandon each then remaining Contingency as contemplated in clause (A), (B) will forfeit the right to purchase the Listed Property, in which case the Seller has no further obligation to sell the Listed Property to the prospective purchaser.
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Net Sales Price – Shall mean the full or gross selling price of a Listed Property as shown on the Property Data Form for the Property, minus buyer upgrades (for a Listed Property that is new construction) or seller concessions (for a Listed Property that is not new construction). Unless otherwise required by state law or regulation, the term “seller concessions” shall mean, for purposes of this definition, any one or more of the following amounts: (i) points paid by Seller on behalf of the prospective purchaser; (ii) closing costs of the prospective purchaser that are paid by Seller; (iii) cash or cash allowances given by Seller to the prospective purchaser and not escrowed; and (iv) down payment assistance that is given or credited by Seller to the prospective purchaser.
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Non-MLS Listing Form – Shall mean the form required to be signed by a Seller and delivered to the Service by the Seller’s Listing Broker when the Seller requests that an identified property not be Listed in the Service.
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Request for Deferral of Showing Form – Shall mean the form required to be signed by a Seller and delivered to the Service by the Seller’s Listing Broker when the Seller requests that Showings of an identified property be deferred to a date certain, specified in the Form, that is beyond the Filing of the Listing for that property.
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