By Dr. Margot Weinstein, Vice-Chair of the Global and Emerging Market Forum for the Chicago Association of REALTORS® and Director of FIABCI-USA’s Chicago and Midwest Council
Real Estate Broker and Educator/Consultant and Author
firstname.lastname@example.org; www.drmargotweinstein.com, 1-312-664-4849
As licensed professionals continue to do business with an international audience around the world and in Chicago, the Midwest Real Estate Data has set rules for agents to enter their listings in the new 1000 area for international listings. Kris Trojan Senior Compliance Analyst of the Midwest Real Estate Data LLC says regarding entering International listings on the MLS: “I have checked into the rules regarding entering International listings. We only allow Exclusive Right to Sell and Exclusive Agency listings regardless of the location of the property. Any International listing that does not have an Exclusive listing agreement will not be allowed in the service. Listing should follow general rules as below. If you have any other questions, please do not hesitate to call. My contact information is below:
SECTION 1(b): EXCLUSIVE BROKERAGE AGREEMENTS
The Service only accepts property listings subject to an “Exclusive Right to sell”, “Exclusive Right to Lease” or “Exclusive Agency” brokerage agreement. For business only listings, the Service will accept a contract between the broker and their client which provides for the Broker’s exclusive representation and gives the Broker the authority to place the business for sale in the Service.
The different types of Exclusive brokerage agreements include:
a) Exclusive Right to Sell
b) Exclusive Right to Lease
c) Exclusive Agency
Rules and Regulations
An Exclusive Right to sell brokerage agreement is a written agreement between a broker and seller to market the seller’s property, giving the broker the exclusive right to place the listing into the Service and offer cooperation and compensation to other Service Participants.
An Exclusive Right to Lease brokerage agreement is a written agreement between a broker and lessor to lease the lessor’s property, giving the broker the exclusive right to place the listing into the Service and offer cooperation and compensation to other Service Participants.
The Exclusive Agency brokerage agreement also authorizes the Listing Broker, as exclusive agent, to offer cooperation and compensation on a blanket unilateral basis, but reserves to the seller the general right to sell the property on an unlimited or restrictive basis. Exclusive agency and exclusive right to sell brokerage agreements with named exceptions should be clearly distinguished from exclusive right to sell brokerage agreements with no named exceptions pursuant to Section 1.9 below since they can present special risks of procuring cause controversies and administrative problems not posed by exclusive right to sell brokerage agreements with no named exceptions.
Open listings and net listings are not accepted by the Service. Open listings are not accepted because the inherent nature of an open listing is such as to usually not include the power to offer cooperation and compensation. Net listings are not accepted because (1) they are considered unethical, and (2) by nature they do not permit cooperation and compensation on a blanket unilateral basis.
Kris Trojan, Senior Compliance Analyst
Midwest Real Estate Data
2443 Warrenville Rd., Ste. 600
Lisle, IL 60532
(630)955-0011, Fax (630)955-0353 or email: KrisT@mredllc.com