The obligation to compensate a cooperating broker may be excused by an Arbitration Panel if, through no fault of the listing broker, and if the listing broker exercised good faith and reasonable care, it was impossible or financially unfeasible for the listing broker to collect the commission per the listing agreement.

In response to the increase in short sales, our regional MRIS just added two pick list items to assist both listing and selling agents. Short Sales has been added under the Current Financing/Loan pick list.

First and fore most, in this market, before accepting a listing, an agent should always ascertain a few vital pieces of information.

Article 11 of the Code of Ethics states that REALTORS® shall not undertake to provide specialized professional services that is outside their field of competence unless they fully disclose their lack of experience to the client or engage the assistance of one who is competent in the area.

The FTC Rule defines MARS activity as including negotiating, obtaining and arranging a short sale. Under this definition, an agent or broker who performs the following services would fall under the definition of a MARS services provider

The Federal Trade Commission has issued a final rule which requires three different disclosures from real estate agents assisting their clients in selling or purchasing a short sale property.