Beginning on August 9, 2023, Bright MLS will update its Listing Entry system to allow for its users to enter any amount into the compensation field, including $0. For REALTORS® concerned that this change will cause a ripple effect in the market, remember that until this update, Bright MLS allowed for offers of compensation as low as 1 cent.

When Realtors® prepare opinions of real property value or price, they MUST be knowledgeable about the type of property being valued

Sellers expect that all other professionals related to a real estate transaction will be limited to access that is under the control or supervision of the agents.

The MLS is a forum that not only allows listing brokers to advertise their properties for sale or for rent but also provides them with a means to make offers of cooperative compensation that can be reviewed and accepted

It was the consensus of the Work Group that any listing agreement between a seller and a listing broker that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, ...

It is possible that a contract written by a non-licensee could be valid, because the fraud and misrepresentation are not being committed by the principals to the contract (buyer and seller) but by one of their agents.

The listing agreement and the buyer/broker agreement are both agreements between the client and the broker not you, the agent.

In order for a broker to accept an offer of compensation, he or she must be able to access the listing and, more specifically,

MRIS allows brokers to offer bonuses under agent compensation fields. However, because of space limitations, MRIS also further allows a broker to place parameters on the bonus in the agent remarks.

For short sale listing agents and brokers who have struggled with banks to receive the full amount of the commission outlined in the listing agreement, a court in Iowa has offered some hope

As long as the contractor or home inspector is on the property for purposes of ensuring that work was completed

If the contract is contingent upon a home inspection and the home inspection addendum is part of the contract, then access to the property is permitted

Purchasers Limited Access to Premises Agreement is used when a purchaser wishes to take possession of the property prior to settlement, but does not intend to occupy the property

The distinguishing characteristic of a multiple listing system is that it serves as a marketplace for competing real estate brokers to offer cooperative compensation to their competitors if those brokers are able to procure a buyer for the listing.