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New Time Frame Rules Go Into Effect Dec. 1st
Published on Friday, November 22, 2013 at 10:55 AM
The IMLS Board of Directors has approved new rules that updates time frames for submitting new listings, Waiver of Benefits, all listing changes and photos to the MLS.  The new time frames are as follows:

Submitting new listings - Next business day
Submitting all changes to listings - Next business day
Submitting a Waiver of Benefits - Next business day
Submitting photos - Next business day after listing is input into MLS system.

The changes are reflected in the rules below and will go into effect December 1st.

Section 1. Listing Procedures and Types of Listings:

Listings of real or personal property that includes an accurate recorded legal description or parcel number of the following types, which are listed subject to a real estate broker's license, and which are located within the Territorial jurisdiction of the Intermountain Multiple Listing Service, Inc. taken by Participants on an exclusive-right-to-sell listing form or exclusive agency listing form shall be delivered to the Multiple Listing Service or input under the "Listing Input" program by the next business day within three (3) business days after all necessary signatures have been obtained. Failure to submit a listing by the next business day within the allowed three (3) business day period may result in a fine per transaction, in an amount as determined from time to time by the IMLS Board of Directors.

 

Note: Business day shall mean Monday through Friday excluding Saturday and Sunday and excluding holidays as defined in Idaho Code, Section 67-5302.

 

(a)  Single family homes for sale or exchange. All residential listings submitted without an existing foundation shall be listed under vacant lots and/or residential areas with a banner over photo area proclaiming "To Be Built/CLA". Except where sellers expressly direct that photographs of their property not appear in MLS compilations, all residential listings must have at least one exterior front photo submitted by the next business day from  within 10 days of listing being input into IMLS with the exception of “To Be Built” and “Under Construction” listings.

 

Section 1.3 Exempted Listings: If the seller directs the listing agent not to disseminate the listing by the Service, the Participant may execute a valid marketing agreement as an “office exclusive” and the listing shall be filed as an “office exclusive” with the Service by the next business day within 3 business days from which the listing and/or property is marketed and/or advertised. The IMLS Waiver of Benefits form, or a substantially similar MLS Approved form, must be executed by any seller who directs their listing agent not to disseminate their listing by the Service.

 

Section 1.4 Change Of Status Of Listing:

Any change in listed price, status change or other change in the original listing agreement shall be made only when authorized in writing by the seller and shall be input into the Service by the next business day within three (3) business days after the authorized change is received by the listing broker. Failure to submit any change in listed price or other change in the original listing agreement may result in a fine per transaction, in an amount as determined from time to time by the IMLS Board of Directors.

 

Section 1.6 Contingencies Applicable To Listings (except Short Sales):

Any contingency or conditions of any term in the listing shall be specified and noticed to the Participants by the next business day within three (3) business days. Unless the listing involves a Short Sale, listings may only be marked “contingent” when it is documented that all parties agree that the property will continue to be marketed and other offers will be accepted. Listings marked “contingent” in the MLS system must include the terms of the contingency along with the time frame for removal of the contingency in the Agent Remarks Section of the MLS. All other listings with signed offers to purchase shall be marked "pending.” Failure to submit a contingency or conditions of any term in the listing may result in a fine per transaction, in an amount as determined from time to time by the IMLS Board of Directors.

 

Section 1.6.1 Contingency Applicable to Short Sale:

(a) Properties that are subject to a Short Sale shall comply with the disclosure provision set forth in Section 5.0.1 of these rules.

(b) Listings shall be marked “contingent short sale” if acceptance of offer is contingent upon 3rd party approval(s).

(c) Listings shall be marked “pending” when seller is no longer accepting offers or upon seller receiving 3rd party acceptance of offer.

(d) Short Sale contingency or conditions of any term in the listing shall be specified and noticed to the Participants by the next business day.within three (3) business days.

 

Section 2.5 Reporting Of Sales To The Service:

Status changes, including final closing of sales and sales prices shall be reported to the Multiple Listing Service by the listing broker by the next business day within three (3) business days after they have occurred. If negotiations were carried on under Section 2(a) or (b) hereof, the cooperating broker shall report accepted offers and prices to the listing broker within twenty-four (24) hours after occurrence and the listing broker shall report them to the MLS by the next business day after receiving notice from the cooperating broker. Failure to report sales to the Multiple Listing Service by the next business day may result in a fine per transaction, in an amount as determined from time to time by the IMLS Board of Directors.

 

Any sales price reported to the Multiple Listing Service which varies forty-five percent (45%), either higher or lower, from the original listing price submitted to the Multiple Listing Service shall require written documentation, signed by the broker by the next business day within three (3) business days which evidences the actual final sales price. Such written documentation shall include a verified statement from the listing broker and/or a copy of the purchase and sale agreement or other transaction related documents. Further, Participants and Subscribers are prohibited from knowingly or willingly canceling or withdrawing any listing, or engaging in any other conduct which is for the purpose of evading the requirement to report accurate sales prices to the Multiple Listing Service. A violation of this Section will result in a fine per transaction in the amount of five hundred dollars ($500) and/or suspension, or termination from the Multiple Listing Service, as determined from time to time by the IMLS Board of Directors.

 

Section 2.6 Reporting Resolutions Of Contingencies:

The listing broker shall report to the MLS by the next business day within three (3) business days that a contingency in the Multiple Listing Service has been fulfilled or renewed or the agreement cancelled.