11-1

Transcription

11-1

11-1
INDEX TO MLS® RULES & REGULATIONS
RULE
PAGE
ADVERTISING
9.
17
APPOINTMENTS
Appointments
Cancellation
Change in Status
Lockbox Codes
Lockboxes
7.A.(a)&(b)
7.B.
7.D.
7.C.
7.E.
15
15
15
15
15&16
CANCELLATION OF LISTING
5.
14
COMMISSION/DEPOSITS
Balance of Commission Owing
Collection Costs
Commission to Co-operating Broker
Consent to Collect Commission
Deposits Payable to Listing Broker
Entitlement to Commission to Co-operating Broker
Informed by Listing Broker
Insufficient Deposit
Payment of Commission
10.F.
10.I.
10.B.
10.G.
10.C.
10.A.
10.H.
10.E.
10.D.
18
18
17
18
17
17
18
17
17
COMMISSION TRUST
Commission Trust
Commission Trust Agreement
Committee Trust Amount
Copies
Co-operating Brokerage
Definitions
Deposits or Other Monies
Disbursement
Execution or Delivery
G.S.T.
Inclusions
Offer
Priority
Records
Transaction or Trade
Trust Account
12.A.(b)
12.A.(c)
12.A.(d)
12.E.
12.A.(a)
12.A.
12.B.
12.D.
12.C.
12.A.(g)
12.G.
12.A.(h)
12.H.
12.F.
12.A.(e)
12.A.(f)
18
18
19
20
18
18&19
19
19
19
19
20
19
20
20
19
19
DEFINITIONS
Agency
Appointment
Board
Board Loading Fee
Broker
Brokerage
Broker Load
Broker of Record
Buyer
Buyer Representation Agreement
Cancellation
1
1
1
1
1
1
1
1
1
1
2
-i–
11-1
RULE
Client Board
Commercial Listings
Conditional Sale
Co-operating Broker
Co-operating Brokerage
Co-operating Salesperson
CREA
CREA REALTOR® Code
Directors
Estate Sale
Exclusive Listing
Federal Crown Listing
First Refusal – First Right
Framing
iBox
Key
Keyholder Agreement
Lead Brokerage
Listing Agreement
Listing Broker
Listing Brokerage
Listing Condition
Listing Office
Listing Salesperson
Member
MLS®
MLS® Data
MLS® Database
MLS® Data Input Sheet
MLS® Listing
MLS® Market Share Statistical Report
MLS® Photo Book
Offer
OREA
Personal Information
Power of Sale
Principal(s)
Principles of Competition
Purchase
PWGSC
Real Estate
RealtorLink
REBBA or REBBA 2002
RECO
Residential Listing
Sale
Sale Price/Selling Price
Seller
Sellers’ Rights Reserved Listing
Selling Broker
Selling Brokerage
Selling Office
Selling Salesperson
Senior Member
Withdrawal
PAGE
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
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- ii –
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RULE
PAGE
ELIGIBILITY TO LIST ON MLS® SYSTEM & PROPERTIES WHICH MAY BE LISTED
Eligibility
Exclusion of Members
Interpretations of Three Pillars of MLS®
Location of Listing
Three Pillars of MLS®
1.(a),(c)&(d)
1.(e)
1.(b)
1.(f)
1.(a)
5&6
6
5
6
5
FORMS
Agreement of Purchase and Sale
Liability
Use
11.B.
11.C.
11.A
18
18
18
GENERAL
13
20
4.D.
4.A.(n)
4.B.(c)
4.A.(j)
4.A.(b)
4.B.(a)
4.A.(p)
4.A.(f)
4.A.(o)
4.A.(e)
4.E.
4.A.(c)(vi)
4.B.(b)
4.A.(c)(v)
14
13
13
12
10
13
13
11
13
11
14
11
13
11
4.A.(c) (i)
4.A.(g)
4.A.(a)
4.A.(i)
4.B.(d)
4.A.(h)
4.A.(k)
4.C.
4.A.(c)(iii)
4.A.(c)(ii)
4.A.(d)
4.A.(l)
4.A.(m)
4.A.(c)(iv)
10
12
9&10
12
13
12
12
13
10
10
11
13
13
11
LISTINGS
Assignments Consent to List by Buyer
Attachments
Board Loading Fee
Branding of MLS® Photographs
Co-Brokering
Commission Paid by Seller
Common Elements Condominium Fees
Correcting Errors
Estate Conditions Exist
Expiry
Extensions
First Refusal
Listing Changes
Listing Conditional Upon Another Property
Not Being Sold
Listing Conditions
Mandatory Fields
MLS® Listing Contract Minimum Period
MLS® Photographs
Partial Sale
Reference to Price or Offers
Remarks Section
Rental of Property for Sale
Sellers’ Instructions on Appointments or Offers
Sellers’ Rights’ Reserved
Submission to Board
Surveys
Timeshares and Life Leases
Unacceptable Listings
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RULE
PAGE
MLS® INFORMATION
Access
Authorized Use
Listings and MLS® Photo Books – OREB Property
Ownership and Copyright of MLS® Information
OREB Website
3.C.
3.B.
3.D.
3.A.
3.E.
8
8
9
7&8
9
NOTICE OF SALE, CONDITIONAL SALE,
FALLTHROUGH OR WITHDRAWAL
Notice of Sale, Conditional Sale or Fallthrough
Record of MLS® Sale
Selling Price
Withdrawal Agreement
6.A.
6.B.
6.C.
6.D.
14
14
14
15
PRESENTATION OF OFFERS
Agency Disclosure
Listing Broker Requirements
8.A.
8.B.
16
17
RESPONSIBILITIES/PENALTIES
2.(a),(b),(c),(d),(e),(f)
6&7
SCHEDULE A – MLS® GUIDELINES
21
SCHEDULE B – OREA INTERBOARD RULES
32
- iv –
Schedule A – MLS® Guidelines
(Forming Part of the MLS® Rules and Regulations)
Residential Property Class/Common Fields
Definition:
The residential property class includes properties up to and including duplexes; it does not include any property
wholly registered or pending registration as a freehold or leasehold condominium or commercial properties. It does
include common elements condominium corporations that are tied to other properties (POTL). Properties whose title
include a common elements condominium shall be listed in the residential property class and the POTL (parcel of
tied land) must be identified in the legal description (for example: Block 6, Lot 12 t/w an undivided interest in
CCC999).
Note: Most of the following fields are common to other property classes.
Municipality: Use the drop down menu to select the appropriate municipality; while not a required field, this
information is helpful.
Roll Number: The 19 digit roll number is required. If the seller is unable to provide the roll number, members
should check on the MPAC site to obtain the number. If a roll number has not been assigned to the property (for
example in the case of a newly built property) enter zeros and provide an explanation in Salesperson remarks. As
soon as the roll number is available, add it to your listing. The roll number is used in the property history search.
Property Identification Number: This number is unique to every property in Ontario. It may be found on the City
of Ottawa e-map service or by searching on GeoWarehouse. Using this number makes it easier for fellow members
to search for the subject property for sales and assessment data.
“First Refusal” or” First Right” – “First Refusal” and “First Right” means an agreement between a Seller and
prospective Buyer allowing that Buyer to purchase prior to the real property being sold to another potential Buyer
and also means an agreement between a Seller and a prospective Buyer which contains a condition in favour of the
prospective Buyer or the Seller. In commercial leasing, the term is used frequently to denote a concession giving a
tenant the first right, within a limited period of time, to a designated additional area or space.
Sellers Rights Reserved: - Indicate yes for the field if the Seller and the Listing Brokerage have agreed in the terms of
a Listing Agreement that the Seller reserves the right to sell privately to a named or unnamed buyer during the currency of
the Listing Agreement.
Other Listing Conditions: See MLS® rule 2A(c) (i) for details. This field signals your colleagues to contact you to
discuss elements of the listing they should be aware of.
Seller’s name: Full name required; purpose is to make it possible for other members to prepare an Offer; the name
is deleted when the property status changes; clause 11 of the Listing Agreement gives members and the Board the
permission to gather and disclose this information.
Street number: Always use the municipal address. When listing properties without a municipal street number, a
suggested way to complete the house number field and street name field is to take information from the legal
description.
Example:
Legal description read: Conc 3 Pt Lt 4 Burgess Twp
(Field) House Number:
(Field) Street Name:
(Field) Street Type:
C3L4
Burgess
TW
High Street #: This field is used when members are listing a duplex or double where there are two street address
numbers. The highest number is placed in this field.
Postal Code: The postal code is used by the MLXchange system as part of the address that identifies where on the
map a property should be placed. The postal code is also used for the placement of a property on the national public
internet site, CREA’s www.realtor.ca.
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City/Town: This field is used to correctly map the property on the MLXchange system and the CREA public
websites. It is used as part of the search criteria on the public websites and therefore is very important in the
mapping process. Record the name of the closest city or town to the property in question for the best results.
Fronting on:
Example of how to complete this field:
Legal: This field is used to record the complete legal description for the property. Refer to Geowarehouse to obtain
a complete legal description for most properties.
Cross reference MLS#: The cross reference feature may be used if a property is listed in two property classes (e.g.
Duplexes/Doubles may be listed as Residential and/or Multi-Family (Residential)).
This feature may also be used when there is or may be an association between two listings. Examples: a home for
sale where the adjacent vacant lot next door is also listed for sale; a double side-by-side where the other side is also
listed for sale.
Photo Instructions: This field is used to denote if a member is loading an image (SUPPLIED) or if there is no
image with the listing (NONE). Please refer to MLS® Rule 4.A.(j) MLS® Photographs and MLS® Rule 4.a.(k) –
Branding of MLS® Photographs for additional information on images which are allowed on the MLS® system. If a
member does not load their own photos, they may send them to the Board for scanning by the MLS® Department.
There is a cost for this service.
Room levels and dimensions: Be accurate in describing the levels of rooms If dimensions are not provided for
bathrooms or rooms listed under “other”, when the property appears on realtor.ca, the room name will appear
followed by the notation n/a.
The computer cannot distinguish between one inch and ten inches. When entering a dimension with one inch the
following example should be followed:
11.01 x 12.01
All other dimensions: 11.4 x 12.6
If listing a room as “other” or “see remarks”, remember to include the information in the remarks. This might be a
balcony terrace in a high rise or some other unique space which isn’t included in the drop-down menu under room
descriptions. Tip: Use either imperial or metric measurements throughout your listing, but not both as this can be
confusing.
Tip: A full bath consists of a toilet, sink and either a tub or shower or both.
Style and type: The style field describes whether a unit is attached to another dwelling or is detached. The type field
then describes the other attributes of the dwelling. Please see the choices available to each of these fields below.
STYLE FIELD
DETACH
ROW
SEMI-DET
STACK
= Detached
= Row Unit
= Semi Detached
= Stacked
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TYPE FIELD
1.5STY
2STOREY
3STOREY
BUNGLOW
DBL-SXS
DUP-UD
HIRANCH
MOBIL
OTHER
SPLIT
= 1 ½ Storey (typically will have some sloped walls on the 2nd level)
= 2 Storey
= 3 Storey
= Bungalow
= Double - Side by Side
= Duplex – Up and Down
= Hi Ranch
= Mobile Home
= Other
= Split Level
Storeys: The number of storeys in a property refers to the number of levels above ground.
Lot size -Frontage and depth: Must complete both fields in imperial or metric; cannot put a dimension for one and
a descriptor for another.
Zoning: Put in precise zoning information. This information is helpful to buyers.
Bedrooms Above Grade: Bedrooms are considered to be above ground if the floor level of the bedroom is equal to
or above the ground.
Bedrooms Below Grade: Bedrooms are considered to be below ground if the floor level of the bedroom is below
ground. This applies even if only part of the bedroom is below ground (i.e. windows for bedroom are above ground).
The key element is where the floor is for the bedroom.
Bedroom: The definition of a legal bedroom varies from region to region and may also be dependent on when the
home was built. The Ontario Building Code determines some attributes of a bedroom (minimum size, ventilation,
windows, etc.) but does not actually have a definition of a bedroom. Under the Ontario Building Code Act, the local
municipality is the authority having jurisdiction for enforcing the Act and its Regulations. Members are encouraged
to familiarize themselves with the requirements of the municipality where the property is located to ascertain if a
bedroom qualifies as a legal “bedroom”.
Total Baths: Includes partial, full and ensuite bathrooms.
Ensuite: An ensuite is a bathroom which is contained within a bedroom and has no other access.
Retrofit: A yes is this box indicates the building has been retrofitted.
Buildings to be “retrofitted” include assembly occupancies, rooming houses, health care facilities and multiresidential buildings including residential buildings with two dwelling units. Some of the requirements for the latter
may include inter-connected smoke alarm system, fire separations and adequate exits and electrical inspection. For
further information contact the Ottawa Fire Department Inspections at 613-580-2860 or by e-mail to
[email protected]
Number of Garage Spaces: This is a numerical field which should indicate the total number of garage spaces in a
property. A garage is fully enclosed on all sides.
Number of Covered Spaces: This is a numerical field which should indicate the total number of covered parking
spaces in a property. A covered space has a top but is not completely enclosed.
Total Parking: Sum of covered, garage and other (driveway) parking spaces; parking size as determined by
municipal bylaws.
Features for Disabled: This field has been renamed from “Suitable for Disabled”. This field should indicate
whether or not there are features for someone who is disabled. The specific features should be mentioned either in
the Public or REATOR® Remarks section of the listings. Members are encouraged to ensure the “features” meet
with accessibility requirements under the building code.
Rental equipment: If there is no rental equipment, use “none”. If rental equipment is included, specify what it is.
(i.e., hot water tank, alarm system, furnace, etc.)
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Restrictions: Verify any and all restrictions, including hydro and other utilities.
Exclusions: If there is insufficient space to list all exclusions, put notation “contact listing salesperson re
exclusions” in the public remarks.
Gross Taxes: Obtain information from the owner’s tax bill. If the information is not available at the time of listing
the property, include the previous year’s taxes and update the listing as information becomes available. In the City
of Ottawa have the Owner call 244-5656 to obtain current amount of taxes.
Association/Common Area Fee: This field is used to show the amount of any “Association or Common Area Fee”.
This fee may apply to some freehold properties and can be used for a variety of situations (maintenance of roads,
community pool or playground, etc.). This field may be applicable to the Residential and Lot property classes.
Display Property Address on Public Websites – if the Seller has decided that they do not want their address to
appear on public websites, then indicate “No” in this field. Caution: If the address is not displayed the listing will
not appear in the map search on the CREA public websites.
URL Fields:
For the following 6 Web address fields, only the correct web address for the identified field may be placed in this
field, not phone numbers, e-mail addresses or any other information or agent marketing website addresses. The
placement of third party branding on any of the web pages is not allowed. (OREB members and firms are not
considered to be third parties.) All URLs associated with a listing will be removed 180 days after the listing is no
longer active.
MULTIMEDIA (Multi media Link URL) - Must link directly to a multi media tour of the property. If located on a
member’s website then the URL must take the public directly to the link for the specific multi media product
displaying the property (not to the member’s home page)
URLAUDIO (Audio Broadcast URL) – Must link directly to an multimedia tour of the property. If located on a
member’s website then the URL must take the public directly to the link for the specific multimedia product
displaying the property (not to the member’s home page)
URLBROCH (Brochure/Fact Sheet URL) – Must link directly to a brochure or fact sheet about the specific
property. If located on a member’s website then the URL must take the public directly to the link for the specific
brochure on the property being listed.
URLMAP (Municipal Map URL) - Must link directly to a map of the specific property. If located on a member’s
website then the URL must take the public directly to the link for the specific map of the listed property.
OWEB1 (Other Website URL # 1) – If used, it must link to a website with information specific to the property
being listed. If located on a member’s website then the URL must take the public directly to a link about the specific
property (not to the member’s home page).
ADDIT IMAGES (Additional Images Link URL) – If used, it must link directly to additional images of the
property. If located on a member’s website, then the URL must take the public directly to the link for the additional
images of the property (not to the member’s home page).
The Board uploads portions of all active listings, including the above noted URL fields, to REALTOR.ca, the
website operated by The Canadian Real Estate Association. Therefore, the following provisions also apply to the
content of the URL fields:
All multi-media links on REALTOR.ca, namely alternate feature sheet – field 63; virtual tour – field 64; sound bites
– field 65; sales brochure – field 66; additional photos – field 67; and board preferred map service to locate property
– field 84, must be limited to property specific information and no third party advertising or a redirect to third party
sites is permitted on those links, including third party contact information. In accordance with The Canadian Real
Estate Association’s MLS® Technology Council’s Policy, multi-media links are to be limited to the respective
fields. This ensures that REALTOR.ca displays information that consumers expect to see on the link they wish to
use. MLS® Systems are member to member cooperative systems and members who participate on REALTOR.ca
(which is a member developed and financed site) must respect the member to member facet in all multi-media links
provided in association with REALTOR.ca. The REALTOR® website or brokerage website whichever is
designated as the REALTOR®’s contact information on REALTOR.ca can provide such third party advertising and
contact information for third parties. As well, members can include in the General Description – field 27 (public
remarks, known as field – 31 in the French version) a comment to “see my website for further information” without
specifying the nature of such additional information.
The Board will remove any links that are not in accordance with these guidelines.
Directions: Provide specific directions to the property. Perhaps use a major intersection as a starting point for the
directions as a point of reference for fellow members.
Salesperson Remarks: This section is confidential to members and does not appear on the public websites or in the
client view of reports.
Public Remarks: This section appears on public websites – this is your opportunity to market the property to the
public. Refer to MLS® rule 2A(k).
Commission to Selling Office: If CSO is a percentage use the percentage symbol; if the CSO is a dollar amount,
use the dollar symbol.
List Price: If the list price is entered incorrectly and then corrected, contact the Board office for assistance to correct
the original list price field.
Consent to Contact after Expiry: This field denotes if the seller has agreed to be contacted by any member of the
Board after the expiry date of the listing. This information is provided by the seller on page 3 of the OREA Listing
Agreement.
Worldproperties.com: The Canadian Real Estate Association participates in an international website called
Worldproperties.com where a listing can have exposure around the world. Typically it is used for high end or
commercial properties. If you wish your listing to be send to Worldproperties.com simply put a “Y” (for Yes) in this
field. There is a charge for this service.
Selling Salesperson # 1 (SS#1): Insert the name of the member with the Co-operating Brokerage who primarily
represented the buyer.
Selling Salesperson #2 (SS#2): Insert the name of another member with the Co-operating Brokerage who also
represented the buyer, or the name of the team leader/lead agent if applicable.
Condominium Property Class
(refer to Residential Property Class for fields common to both classes.)
Definition:
A condominium is created at law through the registration of a declaration (often referred to as the condominium
constitution) and a description (includes a diagrammatic presentation of the property). There are two types of
condominium corporations: leasehold or freehold. Freehold condominium corporations are further defined as the
following types: common elements corporations; phased corporations; vacant land corporations; and standard
corporations. The types of condominiums which must ONLY be listed under the condominium property class are
leasehold, freehold: phased corporations, freehold: vacant land corporations; and freehold: standard corporations.
For the purposes of the Board's MLS® system, condominium properties which are pending registration, cooperatives, timeshares and life leases must also be listed in the condominium property class.
Suite Number: This field is mandatory if there is a suite number associated with the property. The Suite number is
required to assist others to identify the property and to comply with the MLS® rules which require correct and
complete information. Please provide the suite number in the suite number field, not in the low or high number field.
Corporation number: Get from the owner. It is part of the legal description. If condominium is not yet registered,
check off “Other” in the Title field and insert occupancy fee in the occupancy fee field. Mark condo fee per month
field as 0.
Style and type: The style field describes whether a unit is attached to another dwelling or is detached. The type field
then describes the other attributes of the dwelling. Please see the choices available to each of these fields below.
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STYLE FIELD
APT
DETACH
ROW
SEMI-DET
= Apartment
= Detached
= Row Unit
= Semi Detached
TYPE FIELD
1LEVEL
1.5STY
2STOREY
3STOREY
BUNGLOW
HIRANCH
MOBIL
OTHER
SPLIT
= One Level
= 1 ½ Storey
= 2 Storey
= 3 Storey
= Bungalow
= Hi Ranch
= Mobile Home
= Other
= Split Level
Number of units in building/number of units in project: Not mandatory fields but if you do provide this information,
differentiate between the number in the individual building and the total in the condominium project. This
information is helpful to some buyers.
Special levy: A “Y” in this field alerts the buyer that there may be additional costs involved. Specific details about
the special levy could be included in REALTOR Remarks (i.e. Seller willing to pay special levy or the wording
“Call listing agent re special levy.”)
Included in fee: Tip: Verify with property manager and check the declaration.
Management Company: – Abbreviate if necessary. This information is required on the Condominium Agreement of
Purchase and Sale.
Rental Property Class
Definition: As the name implies, residential and condominium properties that are listed for rent would be in this
property class:
Diplomatic clause: A yes in this field indicates the landlord is willing to accept a lease which contains a diplomatic
clause. Such a clause allows the diplomat renter the right to terminate the lease early, with some notice, in the event
the diplomat is recalled, expelled or transferred or in the event his country ceases to have diplomatic relations with
Canada. The diplomatic clause is provided by the embassy/high commission involved in the negotiations and the
wording may vary from embassy/high commission to embassy/high commission.
Deposit: Amount required by the landlord as a deposit.
Application for rental accommodation: Landlord requires an application from any prospective tenant, often for
credit and reference purposes.
Lots
Definition:
A piece of property which is typically without buildings or structures. (A structure may exist on the property but the
property is being sold for the land value only.) The property does not have a commercial zoning designation.
Local improvement Levy: This field records the amount of any levy that may be payable on the applicable lot and
may come from a variety of sources (i.e. water, sewer, natural gas, etc.). Tip: Check with the municipality.
General Information – Sale of Multiple Lots: You have a listing agreement with a Seller to sell one parcel of land
comprised of fifty (50) lots of one acre each. The Seller is willing to sell the parcel as a whole, or he will sell
individual lots. How do you list this on the MLS® system?
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First of all, ensure that the terms of the listing agreement reflects the seller’s intent. The fifty (50) lots may be listed
on a schedule attached to the agreement to list the entire parcel of land. The first listing you put on MLS® will be
the parcel of fifty (50) acres. You would then enter an individual listing for each lot the Seller wishes to market
through the MLS® system. If the Seller does not want to market all fifty (50) lots individually at a time, but will list
one when others are sold, then enter the listing for the ones available for sale separately. You could cross reference
the MLS® number of the parcel of land with the listing of the individual lot and vice versa.
If you sell one of the lots you have listed separately on the MLS® system, you will then need to amend the listing of
the parcel of land because now you have forty-nine (49) acres, not fifty (50).
You may use the remarks (Public or Salesperson) section of the listing to refer to the lots which are available for sale
and listed on the MLS® system.
What do you do if the fifty (50) acre parcel of land has not yet been severed and the Seller wants to market
individual lots? You could put a notation in the Salesperson remarks section that the sale of the lot is subject to
severance.
Farm Property Class
Number of Parcels: This field is used to relate how many individual parcels are included in the listing. The parcels
may be divided by a road or waterway or may in fact be separated by large distances. Each parcel would have a
separate legal description. This field is not to be confused with the number of acres that may be included in the
listing.
Total Area: This field is used to record how many acres are available. Note: A change should also be made to the
Farm Data Input Form to add the word “acre” to the small description for this field.
Cleared, Cultivated and Tile Drained Areas (three separate fields): These fields are used to record the number of
acres available under each of the designations (i.e. in the Cleared Area field you would record the total number of
cleared acres available for sale out of the Total Area available).
Restrictions: Tthis field is used to denote restrictions to the property being sold. There are many restrictions which
may now exist on farms which may include, but are not limited to:
-
Environmental
Conservation Designation
Waste Water Act
Nutrient Management Act
Wetlands
If any of these type of restrictions apply to the property, indicate OTHER under the restriction field and provide the
specific information under the Public remarks section.
Commercial Property Class
Definition:
Commercial property class refers to buildings or land intended to be used either for the operation of a business
enterprise or to generate a profit either from capital gains or rental income. Businesses intended to generate a profit
are also included in the commercial property class.
Types of Commercial Properties
Apartment:
5+ unit multi-family housing buildings.
Business:
A legally recognized organization designed to provide goods and/or services to
consumers and formed to earn profit.
Industrial:
All buildings used for the manufacture, storage, distribution and/or wholesale of
goods and services.
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Institutional/Special
Purpose:
All buildings purpose-built for use by a governmental authority, such as a fire
station, community building, schools, hospitals and other buildings built for
specific governmental uses. Also churches and other buildings of a unique
nature.
Land:
All land not improved, but zoned for use in the operation of a commercial
enterprise, including multi-family if more than 5 units.
Office:
All buildings where professional and clerical duties are performed.
Retail:
All buildings used for the storage, display and sale of consumer goods and
services. Also includes mixed use retail buildings (e.g., residential units above
retail space).
Descriptions
Operating Costs:
Direct expenses involved in running the building or business. Does NOT include
income taxes, mortgage payments, depreciation and one-time capital
expenditures or reserves for equipment replacement. If not provided in this
field, indicate in salesperson remarks how the financial statements will be made
available or obtained.
(Mandatory field for Business, Industrial, Apt 5+ Units, Office, Retail)
Other Costs:
Any other direct expenses incurred in running the building that are not already
categorized in the data fields. Recurring or non-capital costs not included in
repair and maintenance costs. Does NOT include income taxes, mortgage
payments, depreciation and other one-time capital expenditures or reserves for
equipment replacement.
(Mandatory field for Industrial, Apt 5+ Units, Office, Retail)
Sched Rental Income (SRI):
(Also called Potential Rental Income or PRI). The total rent or income that
would be generated if the building were fully rented at the prevailing market
rates. For vacant units, an estimate of fair market rent is required, and such
potential rents should be included in calculating SRI.
(Mandatory field for Apt 5+ Units)
Parking Income (PARK):
Income derived from short and long-term rental of parking space.
Laundry Serv Income (LAUND): Income derived from rental of laundry equipment and sale of supplies.
Other Income (OTHR):
Any other sources of income which exist, such as commercial rents, signage
income, games room income, etc.
Gross Operating Income (GOI): The total potential rent or income from all sources that can be generated by the
building. Add Scheduled Rental Income (SRI), Parking (PARK), Laundry
(LAUN) and Other Income to arrive at GOI.
Vacancy Loss Ration (V/L):
A reasonable risk factor (%) for loss of rental income due to bad debts and noncollections, and loss due to the vacancy. This figure is derived from market data
(industry sources such as CMHC, broker market surveys, etc.), historical data
from the property and comparisons with similar buildings in the vicinity, and
adjusted for building characteristics such as age, amenities and location.
Effect Rental Income (ERI):
Subtract Vacancy and Credit Loss (V/L) amount from Gross Operating Income
(GOI) to determine Effective Rental Income.
- 28 –
Total Oper Expenses (TOE):
Add all of the Operating Costs and Other Costs involved in running the building.
(Mandatory field for Apt 5+ Unit)
Net Oper Income Multi (NOI):
Income remaining after deducting the Total Operating Expenses (TOE) from the
Effective Rental Income (ERI).
(Mandatory field for: Apt 5+ Units)
How to Enter Open houses
Method # 1
When adding a new listing, scroll to the Open House Flag field (which is located just below the Sign on Property
field).
Click in the Values field & select H (Open House Scheduled).
The Date, Start Time and End Time will appear. Enter this information.
If you wish the Open House to appear on www.Ottawarealestate.org, select Y for Yes.
Select N for No if it is to appear to REALTORS® only (no charge)
Method # 2
Go to the Listing Maintenance section of MLXchange.
Enter your MLS® #
Click on Edit
Find the “Edit Mode: All Input Fields” section on the upper right hand side of screen
Click on down arrow beside “All Input Fields”
Click on “RES Open House” (the first three letters of the entry with denote the property type, i.e. Condominiums
would be “CON Open House”)
Enter an “H” in the “Open House Value” field
Fill out remainder of fields
Click on save
If you have a second Open House for the same listing that you wish to enter, simply insert the date and then the rest
of the fields will appear that you need to complete.
December 2010
- 29 -
Parcel of Tied Land (POTL) / Properties with common areas / Condominiums
SAMPLE
ADDRESS
Approx 2008
Common Fee
Approx Year
Built
Legal Description
Searching by Address / Map on GeoWarehouse
To determine if a property is tied to a common elements corporation, do an address
search on GeoWarehouse, as follows:
Sample 1
46 Kirkstone
Private
$70
2003
This would be
listed under the
Residential
Property Class
PART BLOCK 1 PLAN 4M1074,
PARTS 42 AND 118 PLAN
4R17566; OTTAWA. SUBJECT
TO AN EASEMENT…
TOGETHER WITH AN
UNDIVIDED COMMON
INTEREST IN OTTAWACARLETON COMMON
ELEMENTS CONDOMINIUM
CORPORATION NO. 652.
SUBJECT TO AN EASEMENT IN
FAVOUR OF PARTS 151, 152
AND 166 PLAN 4R1756 6 AS IN
OC103074.
1. enter the address of the subject property, click “Property Details”
2. the details appear on the left side of the page – the property is outlined in red on the
map on the right side of the page
3. right click on the map on a common area, for example the road, parking lots, etc.,
and then left click on “Get PIN Info”
4. hover your mouse over the little green icon that appears and click “Search by Block”
5. on the left side, click “Property Details” and you will see that the map will show a
red outline around all of the common areas and the legal description will describe a
Common Elements Condominium:
OTTAWA-CARLETON COMMON ELEMENTS CONDOMINIUM PLAN NO. 652 THE DESCRIPTION OF
THE CONDOMINIUM PROPERTY IS : PART BLOCK 1 PLAN 4M1074, PARTS 151, 152 AND 166 PLAN
4R17566; OTTAWA. SUBJECT TO AND TOGETHER WITH EASEMENTS AS SET OUT IN SCHEDULE A
OF DECLARATION OC103074.
And will indicate that it is “Party To” (owned by):
THE OWNERS FROM TIME TO TIME OF THE PARCELS OF TIED LAND AS SET OUT IN SCHEDULE
"D" TO THE DECLARATION
To determine if a property has common areas, such as roads, parking lots, etc., that are
not governed by a common elements corporation, but are private:
2. the details appear on the left side of the page – the property is outlined in red on the
map on the right side of the page
Sample 2
142 West
Village Private
$50
2003
This would be
listed under the
Residential
Property Class
Sample 3
30 Stamford
Private
This would be
listed under the
Condominium
Property Class
PART OF BLOCK 11, PLAN
4M1185, BEING PART 3 ON
4R18746, OTTAWA. SUBJECT
TO AN EASEMENT….. (no
condominium)
3. right click on the map on a common area, for example the road, parking lots, etc.,
and then left click on “Get PIN Info”
4. hover your mouse over the little green icon that appears and click “Property Details”
5. the map will have a red outline around all of the common areas. The details on the
left side will indicate a block and plan number for the legal description and the “Party
To” field will list the Owners of each unit in the project who has the right to use the
common elements.
Many of these types of properties, have agreements registered on title pertaining to the
maintenance of the roads, underground services, lighting, fencing and other common
areas however there is no condominium corporation formed to govern these areas.
Buyers may be required to sign these agreements before a transfer of title will occur.
There are status certificates available from the management companies in many cases.
To determine if a property is entirely registered a s a condominium:
$68
1987
UNIT 25, LEVEL 1, CARLETON
CONDOMINIUM PLAN NO. 393 ;
PT LT 17, PL M237, PT 1
4R5786, AS IN SCHEDULE 'A'
OF DECLARATION LT531692 ;
OTTAWA
- 30 –
2. the details appear on the left side of the page – the legal description begins with
Unit #, Level # and Condominium Corporation #. On the map on the right side, the
entire property is outlined in red (units are not individually outlined).
Legal descriptions will include a unit and level number; a condominium number and may
also include a lot and plan numbers of the overall property. These condominiums are
referred to as Freehold Standard Condominium Corporations in the Condominium Act.
Listing Condition Chart
(for guidance only, not a comprehensive list)
Condition/Situation
No showings until …
No offers until…
Offer Irrevocability (as per listing agreement)
Notice for Showings (as per listing agreement or
Form 244)
Listings subject to another property not being sold
Sellers instructions on showings or offer
presentations
Estate Conditions Prevail
Power of Sale
Non Registered Condominiums
TimeShares
Life Leases
Changes to pre-printed clauses in Listing
Agreement
Special conditions under which compensation
will not be payable
First Refusal
Sellers’ Rights Reserved
Conditions Exist
must be marked
Yes Rule 4.A.(c)(iii)
Required to be
shown in Public
Remarks
Required to be
shown in
Salesperson
Remarks
Noted in First
Refusal Field
Sellers’ Rights
Reserved Field
Yes Rule 4.A.(c)(iv)
Yes Rule 4.A.(o)
Yes Rule 4.A.(m)
Yes Rule 4.A.(m)
Yes Rule 4.A.(m)
Yes Rule 4.A.(c)(ii)
Yes 4.A.(c)(ii)
“Listing Condition” means any condition of the Seller that would affect a Buyer’s ability to view, offer on or purchase a property or any changes to the preprinted clauses to the Listing
Agreement.
December 2010
11-1
MLS®1 RULES AND REGULATIONS OF THE MLS® SYSTEM
OF THE OTTAWA REAL ESTATE BOARD
1
“Trademark owned or controlled by The Canadian Real Estate Association. Used under license.”
While all efforts have been made by the Board to ensure that the MLS® rules and regulations in this document do
not violate any of the principles in the Three Pillars and the Interpretations set out above, if it is determined by the
Board, in consultation with CREA, that the MLS® rules and regulations in this document violate any of the
principles in the Three Pillars, the Interpretations, or the Competition Act, they will be amended or deleted as may
be required.
The MLS® System is a co-operative selling system operated and promoted by the Board in association with the
MLS® Marks of CREA. The MLS® System includes an inventory of listings of participating members and ensures
a certain level of accuracy of information, professionalism and co-operation among members to effect the purchase
and sale of real estate.
DEFINITIONS
In these Rules and Regulations:
“Agency” means that relationship between principal and agent, wherein the agent is considered in law to represent
the principal. Whereas the Board has adopted, as its official position, the principle that unless a Co-operating
Brokerage discloses the nature of the Co-operating Brokerage’s agency relationship as that of a Sub-agent, such Cooperating Brokerage shall, for the purpose of these MLS® Rules and Regulations, be deemed to be acting as a
Buyer’s agent. This official Board position does not relieve a Member from full compliance with CREA’s
REALTOR® Code, REBBA and the RECO Code of Ethics.
“Appointment” shall be deemed to be any request by a Member to view a property listed on the MLS® system, including
but not limited to, showings to prospective buyers, previews by Members, building inspections and appraisals.
"Board" means the Ottawa Real Estate Board.
“Board Loading Fee” means the charge required to be paid each time a Listing is filed with the Board for entry by the
MLS® department on the MLS® system. The Board Loading Fee shall be in such amount as shall be determined by the
Directors from time to time.
“Broker” means an individual who has the prescribed qualifications to be registered as a broker under REBBA.
“Brokerage” means a corporation, partnership or sole proprietorship registered under REBBA.
“Broker Load” means the entering of any data into the MLS® system by the Listing Brokerage’s support staff or sales
representatives.
“Broker of Record” means a Broker who is employed by a Brokerage and designated by the Brokerage as the Broker of
Record who shall ensure that the Brokerage complies with REBBA and its regulations.
“Buyer” shall be deemed to include Buyer, Purchaser, Lessee, Exchangee or Optionee.
“Buyer Representation Agreement” means a form which is used to create a Buyer representation relationship between the
Brokerage and potential Buyer and will:
1)
2)
3)
provide a description of the type of property the buyer is seeking;
provide a description of the services to be provided by the Brokerage; and
specify the commission payable and under what circumstances to the Brokerage.
** - indicates that in the case of a substantiated
complaint,a breach of this MLS® Rule may
be subject to the Fine Assessment Template (FAST)
-1–
11-1
“Cancellation” means an Agreement between the Listing Brokerage and the Seller of a property to remove a property
which has been listed on the MLS® system under certain terms and conditions agreed to by both parties.
“Client Board” means any real estate board which has contracted with the Board for the provision of MLS® services. For
the purposes of the Board’s MLS® Rules and Regulations, members of any Client Board which has contracted with the
Board for the provision of MLS® services shall not be considered non-members.
“Commercial Listings” shall be deemed to be those properties which fall under the property descriptions and zoning
criteria of the following commercial data input forms:
- General Commercial/Industrial/Warehouse
- Apartment/Multi-Family (Apartment Buildings of 5 units or more)
- Business
- Land (Commercial Zoning)
“Conditional Sale” means an agreement between a Seller and a Buyer which contains a condition in favour of the Seller or
the Buyer or both.
“Co-operating Broker” means the Senior Member of the Co-operating Brokerage.
"Co-operating Brokerage" means any Brokerage effecting the sale of the real property which represents the Buyer, unless
otherwise stated.
“Co-operating Salesperson” means any person employed, appointed or authorized by the Co-operating Brokerage and
includes Senior, Manager and Active Members of the Board regardless of their registration category with RECO.
“CREA” means The Canadian Real Estate Association.
“Directors” means the Board of Directors of the Board elected in accordance with Section 19 of the By-Law.
“Estate Sale” means the process whereby the estate trustee(s) of an estate proceed with the sale of a property and the
dispersal of the proceeds received from such sale to the beneficiaries of the estate.
“Exclusive Listing” means a Listing that is not filed with the Board to be placed on the MLS® system.
“Federal Crown Listing” means a Listing through PWGSC.
“First Refusal” or “First Right” means an agreement between a Seller and prospective Buyer allowing that Buyer to
purchase prior to the real property being sold to another potential Buyer and also means an agreement between a Seller and
a prospective Buyer which contains a condition in favour of the prospective Buyer or the Seller. In commercial leasing,
the term is used frequently to denote a concession giving a tenant the first right, within a limited period of time, to a
designated additional area or space.
“Framing” shall mean the display of information of one website within another website’s page.
“iBox” means an electronic lockbox.
“Key” means the tool, either DisplayKey or eKey, that provides Member access to the iBox.
“Keyholder Agreement” means the terms and conditions described in the DisplayKey Sub-Lease Agreement or the eKey
Sub-License Agreement or the Loaner DisplayKey Sub-Lease Agreement.
"Lead Brokerage" means where two or more Brokerages are co-brokering a listing, one of them shall be designated the
Lead Brokerage which will have the primary responsibility for the listing.
-2–
11-1
“Listing Agreement" means the Ontario Real Estate Association Listing Agreement forms for Residential and Commercial
Properties used to create a Representation Agreement between the Listing Brokerage and the Seller.
“Listing Broker” means the Senior Member of the Listing Brokerage.
“Listing Brokerage” means the Brokerage with whom the Principal has entered into a Listing Agreement.
“Listing Condition” means any condition of the Seller that would affect a Buyer’s ability to view, offer on or purchase a
property or any changes to the preprinted clauses to the Listing Agreement.
“Listing Content” means the portions of the Listing requiring some originality in the creation and includes but is not
limited to photographs, images and graphics, audio and video recordings, virtual tours, drawings, floor plans, architectural
designs, artistic renderings, surveys and listing descriptions.
“Listing Office” means the location of the office of the Listing Brokerage’s Listing Salesperson as provided from time to
time to the Board.
“Listing Salesperson” means a person employed by the Listing Brokerage who is authorized to bind the Listing Brokerage
in a Listing Agreement and includes Senior, Manager and Active Members regardless of the registration category with
RECO.
“Member” means a person who is registered with the Board as a Senior or Manager or Active Member as defined in the
Board’s By-Law and is referred to in these rules as the Listing Salesperson or the Co-operating Salesperson.
"MLS®" means the Multiple Listing Service®.
“MLS® Data” means any part of the MLS® Database.
“MLS® Database” means the database of real estate listings operated by the Board for the benefit of its Members
under the MLS® trademark, and includes any and all text, images and information gathered, compiled, stored or
published by the Board, and further includes any and all such text, images and information which is made available
by the Board to Members, in whatever format it is disseminated to the Members.
“MLS® Data Input Sheet” means the data input form, paper or electronic version, as prescribed by the Board from
time to time to be used to submit property information for MLS® Listings.
"MLS® Listing" means a Listing which is listed on the Board’s MLS® system and includes the Listing Agreement portion
and any subsequent amendment(s) thereto and the MLS® Data Input Sheet portion and any subsequent amendment(s)
thereto, whether or not the Board requires the submission of both the Listing Agreement portion and the MLS® Data Input
Sheet portion. The term “Listing” as used in these rules means an MLS® Listing and also refers to the Listing display on
the MLS® system.
“MLS® Market Share Statistical Report” means the statistical reports produced by the Ottawa Real Estate Board
which are based on individual Brokerages’ MLS® listings and sales activities.
“MLS® Photo Book” means a publication formerly produced by the Board which incorporates information
pertaining to MLS® listings.
“Offer” means an agreement of purchase and sale presented for acceptance and includes a counter-offer, an offer to lease,
a letter of intent, an option agreement and an assignment of those agreements.
“OREA” means the Ontario Real Estate Association.
“Personal Information” means information about an identifiable individual, but does not include the name, title or
business address or telephone number of an employee of an organization.
-3–
11-1
“Power of Sale” means the process whereby a mortgagee or chargee proceeds with the sale of a property, in order to
enforce its remedies.
“Principal(s)” means the person or company who authorizes the real estate Brokerage to act in a Seller
representation capacity to lease, sell or exchange the property under a Listing Agreement or a person or company
who authorizes a real estate Brokerage to act in a buyer representation capacity to represent his/her interests in a real
estate acquisition.
“Principles of Competition” means the set of principles adopted by all member boards of CREA.
“Purchase” shall be deemed to include purchase, lease, exchange or option.
“PWGSC” means Public Works Government Services Canada.
“Real Estate” means:
1.
real property;
2.
a leasehold or other interest in real property less than a fee simple;
3.
a time share agreement with regard to real or leasehold property;
4.
a movable dwelling that is designed for use as a permanent residence;
5.
a business, including an interest or share of a business, with or without premises, and the fixtures, stock-in-trade,
goods and chattels associated with the business, provided such items are sold in bulk as part of the business
operation.
“REALTORLink®” means the national intranet website of The Canadian Real Estate Association.
“REBBA or REBBA 2002” means the Real Estate and Business Brokers Act or the Act.
“RECO” means the Real Estate Council of Ontario.
“Residential Listing” shall be deemed to include those properties which fall under the property descriptions and zoning
criteria of the following residential data input forms:
- Residential
- Condominium
- Rental
- Lots/Acreage (Residential Zoning)
- Multi-Family (Duplexes, Triplexes, Fourplexes)
"Sale" shall be deemed to include a sale, exchange, lease or option.
“Sale Price/Selling Price” is the amount which is agreed to in the Agreement of Purchase and Sale (and any subsequent
amendments) and is reflected in the trade record sheet.
“Seller” shall be deemed to include seller, vendor, lessor, exchanger or optioner.
“Sellers’ Rights Reserved Listing” means a Listing where the Seller and the Listing Brokerage have agreed in the terms of
a Listing Agreement that the Seller reserves the right to sell privately to a named or unnamed buyer during the currency of
the Listing Agreement.
“Selling Broker” means the Senior Member of the Selling Brokerage.
“Selling Brokerage” means any Brokerage which represents the seller, unless otherwise stated.
-4–
11-1
“Selling Office” means the location of the office of the Co-operating Brokerage’s Co-operating Salesperson as provided
from time to time to the Board.
“Selling Salesperson” means any person employed, appointed or authorized by the Selling Brokerage and includes Senior,
Manager and Active Members of the Board regardless of their registration category with RECO.
“Senior Member” means any person who is registered as a real estate broker in accordance with the Act and who
meets all other requirements of Senior Membership as provided by the By-Law.
“Withdrawal” means an agreement between the Listing Brokerage and the Seller of a property to remove a property which
has been listed on the MLS® system under certain terms and conditions agreed to by both parties.
1.
ELIGIBILITY TO LIST ON MLS® SYSTEM AND PROPERTIES WHICH MAY BE LISTED
(a)
Only listings that comply with the following three pillars of the MLS® Mark can be placed on the
Board’s MLS® system.
The Three Pillars of the MLS® Mark are:
(b)
i)
Membership: Only Members may place a listing on the Board’s MLS® system.
ii)
Agency: A Listing Brokerage must act as agent for the Seller in order to post, amend or
remove a property Listing in the Board’s MLS® System. The nature of any additional
services to be provided by the Listing Brokerage to the Seller is determined between the
Listing Brokerage and the Seller.
iii)
Compensation to Co-operating Broker: The Listing Brokerage agrees to pay to the
Co-operating Brokerage compensation for the co-operative selling of the property. An
offer of compensation of zero is not acceptable.
The Interpretations are:
i)
The Listing Member shall be available to provide professional advice and counsel to the
Seller on all Offers and Counteroffers unless otherwise directed by the Seller in writing.
ii)
The Listing Member is responsible and accountable for the accuracy of information
submitted for inclusion in the Board’s MLS® system and the Board is responsible for
ensuring that the data submitted to it meets reasonable standards of quality.
iii)
Only Members are permitted to display the MLS® trade marks in signage, advertising, etc.
iv)
Where the Seller directs the Listing Brokerage in writing to do so, the Seller’s
contact information may appear in the Salesperson only remarks (non-public) section of a
Listing on the Board’s MLS® system. The Seller’s contact information shall not appear on
Realtor.ca or on other websites operated by the Board, OREA or CREA or in the general
description (public remarks) section of a Listing on the Board’s MLS® system. In accordance
with MLS® Rule 4.A.(l)(i)), the Listing Brokerage may include a direction in the General
Description (public remarks) on websites operated by CREA, OREA or the Board to visit the
Member’s website to obtain additional information about the Listing (but the nature of such
additional information shall not be specified).
v)
Where the Seller has reserved the right to sell the property himself/herself, that fact shall be
specified in the Board’s MLS® system.
-5–
11-1
(c)
Only Senior Members in good standing with the Board shall have the privilege of listing their
brokerages’ Listings on the Multiple Listing Service® system. Access to Board Listing services
operated under the MLS® Mark must be through Board members of either the Listing
Brokerage or as a co-brokerage. Brokerages which are Members of other boards in the province of
Ontario may list on the MLS® system in accordance with the OREA Interboard Listing Agreement.
Only Members of the Board, and Members of other boards in the province of Ontario in accordance
with the Universal Data Sharing Agreement, shall have the privilege of access to the MLS® system.
(d )
Only properties with a real estate component as defined in the definition of Real Estate may be listed
on the Board’s real estate database service operating under the MLS® Mark.
Exclusion ( e)
of Members
No Listing shall be submitted which excludes any Member from showing the property.
Location (f)
of Listing
The Board will accept a listing of a property located outside the Board’s corporate jurisdiction,
including property located in another province or territory or country, provided that:
-
2.
**
the Member, in taking the Listing, does not violate the provisions of
applicable provincial/territorial licensing legislation; and
the Listing complies with all other requirements of the Rules of CREA and
the Board, including the three Pillars of the MLS® Mark.
RESPONSIBILITIES / PENALTIES
(a)
All Members of the Board shall abide and be governed by the MLS® Rules and Regulations.
(b)
The Ottawa Real Estate Board reserves the right to deal with complaints against Members in
accordance with the Rules and Regulations Governing Complaints.
(c)
i)
The Listing Broker and Listing Salesperson(s) are responsible for the content and validity of
an MLS® Listing and for submitting Listing Agreements to the Board as requested. The
Listing Broker and the Listing Salesperson(s) are required to ensure that all information in the
MLS® Listing data provided to the Board, including, but not limited to, the
district/neighbourhood code, address (street and municipality), property type, status of the
Listing (i.e. active, conditionally sold, sold, cancelled, withdrawn, expired) and the tax roll
number, is accurate and correct. All Listings shall be in accordance with CREA’s Rules and
Regulations, REBBA, MLS® Rules and Regulations and Guidelines, By-Law and any other
rule or regulation or policy of the Board. The Board shall be under no liability in any way for
errors or omissions, however caused.
ii)
The Listing Broker and Listing Salesperson(s) are responsible for placing the listing in the
correct property class as defined in Schedule A – MLS® Guidelines.
iii)
The Listing Broker and Listing Salesperson are responsible for reporting sales in
accordance with MLS® Rule 6.A. and are required to ensure that all information
provided
to the Board on the report of sale is correct.
iv)
The Listing Brokerage, and its Members, by placing an MLS® Listing on the Board’s MLS®
system, shall indemnify and save the Board harmless from any loss to the Board arising out of
any claim regarding the Listing Agreement, the MLS® Data Input Sheet and /or publication of
the MLS® Listing on the Board’s MLS® system.
-6–
11-1
(d)
(i)
The Board shall conduct random audits of MLS® Listings. The audit will assist with the
process of verifying information and adherence to the MLS® Rules and Regulations on
MLS® Listings. Areas which are checked include, but are not limited to, the property
address, the Listing price, commencement date, expiry date and conditions of the
Listing. The Member whose Listing has been selected for audit shall, if required, provide
a copy of the Listing Agreement to the Board, with the information on compensation
agreed to between the Seller and the Brokerage removed. Failure to provide the requested
Listing Agreement or to make any corrections requested will result in the matter being
referred to the Professional Standards Committee.
(ii)
3.
If necessary, the Board will make any correction on the MLS® system to mirror the
information shown on the Listing Agreement submitted under the audit procedure.
(e)
Failure to comply with these MLS® Rules and Regulations shall render the offending Member liable to
fines or suspensions of MLS® services in accordance with the Rules and Regulations Governing
Complaints.
(f)
The Member is responsible to ensure that the necessary consent has been obtained from the Sellers and
Buyers to collect, use and disclose their Personal Information on MLS® Listings.
MLS® INFORMATION
A.
OWNERSHIP AND COPYRIGHT OF MLS® INFORMATION
(a)
The Board is the owner of the copyright in its MLS® Database. The MLS® Database is a
licensed
product for the exclusive use of Members and other authorized users and any use of this data for
any unauthorized purpose is prohibited. The right to use, reproduce or download the data is
subject to the authority of the Board and is limited to the specific uses permitted by the Board.
(b)
Members shall comply with, observe and be bound by all restrictions, copyright notices or other
limitations of access to the MLS® Database and use thereof as may be adopted by the Directors
from time to time.
(c)
MLS® Listings are for the exclusive use of Members and their principals. MLS® Listings
published by the Board reflect confidential information available only to Members of the Board
and the confidentiality of such information shall be respected by all Members. However, these
provisions do not prohibit co-operation of Members with non-members on specific transactions in
accordance with paragraph 8 of The Principles of Competition.
(d)
A Member, in submitting Listing information to the Board, consents to such use of that
information as the Board determines, including the uses more specifically set out in Rule 3.A.(e).
(e)
The Member shall advise and obtain the Principal’s authorization that:
i)
all information concerning the Representation Agreement, the properties affected thereby
and the transactions thereunder shall be made available not only to all other Members but
also any third party authorized users with whom the Board has a contract and their
Principals;
ii)
the Board may provide advertisements on active listings to its website, the websites of
The Canadian Real Estate Association and the Ontario Real Estate Association;
iii)
the Board may retain and distribute the Listing information indefinitely and may compile
and publish any statistical analyses including historical MLS® Data based on such
-7–
11-1
information; and
iv)
(f)
B.
The Board shall not be responsible for any indirect, special or consequential damages or any
other obligation or liability arising out of, or in any way connected with, the MLS® Database
including but not limited to computer failure or interruption, or negligence.
AUTHORIZED USE
(a)
The information contained on the MLS® Database is confidential and shall not be distributed to
unauthorized persons or used in any unauthorized manner.
(b)
“Authorized Use” means:
(c)
(d)
C.
all rights in or to any of the Listing Content have been assigned to the Member.
i)
the extraction of data from the MLS® Database by Members of the Board in
good standing necessary to assist them in representing their Principals or specific
identified customers in the trade of real property;
ii)
the extraction, electronic or manual, of a Member’s own active and sold Listings for the
purposes of placing the data on the Member’s personal or corporate website;
iii)
any specific use authorized in writing by the Board.
“Unauthorized Use” is any use not set out in Rule 3.B.(b) and includes but is not limited to:
i)
the extraction of data for the purposes of creating a book or for the population of another
listing database except as provided by Rule 3.B.(b)(ii);
ii)
reproduction or extraction of data beyond that necessary to prepare presentations to a
Principal or a specific identified customer;
iii)
the alteration, modification or reformatting of the data in the database in any form
whatsoever, electronic or otherwise;
iv)
the sale or distribution of any portion of the MLS® Database, in any format whatsoever,
to any third parties.
v)
copying Listing Content from another Member’s Listing for a new Listing.
No use is unauthorized if consented to in writing by the Board. Anyone requesting such consent
is required to meet all eligibility requirements and agree to such undertakings, terms and
conditions as established by the Board, and to execute any agreements in the form provided by
the Board.
ACCESS
(a)
Personal MLS® access codes and passwords are for the Member’s sole and exclusive use and
disclosure to anyone is prohibited without the written consent of the Board.
(b)
Software programs provided by the Board to access the MLS® information are for the Member’s
sole and exclusive use and selling or distributing these programs to any unauthorized person is
prohibited.
-8–
11-1
D.
LISTINGS AND MLS® PHOTO BOOK – OREB PROPERTY
MLS® Listings, the MLS® Photo Book, the MLS® Market Share Statistical Reports and all other MLS®
forms and publications are the property of the Board and may not be reproduced, stored in a retrievable
system or transmitted in any form or by any means electronic, mechanical, photocopied, recorded, or
otherwise, and shall not be left with or distributed to any member of the public, Brokers or sales
representatives who are not Members of the Board. When necessary, single Listings may be provided to
clients or potential customers. Members may use aggregate market information as posted on
REALTORLink® or as printed in the monthly news release package in their own publications with
attribution to the Ottawa Real Estate Board.
E.
**
OREB WEBSITE
a)
Linking
The websites of Members, individuals or corporate, are permitted to link to the home page of the
Board’s website provided the link results in a new, full feature, full screen browser window
occupied by pages created by the Board’s website and the Board’s URL must be displayed in the
internet address line. It must be clear to the website visitors that they are on the Board’s website.
Members may also link to the Listings on which they are a Listing Salesperson on the Board’s
website directly from their own websites by using the Board’s “View my listings” service. Only
the Member’s active listings will be displayed.
**
b)
Framing
Framing of any part of the Board’s website is not permissible.
**
c)
4.
Should the Board become aware that any Member’s website is framing the Board’s website or
linking to a page other than the home page as described in Rule 3.E.(a), the Member will be
directed in writing to take action to cease the framing or inappropriate linking within three
business days of the date of notification, failing which the Board will remove the Member’s
website and e-mail addresses from Board records including MLS® Listings and the member roster
and further the matter will be reported to the Board of Directors for further action.
LISTINGS
A.
** MLS® Listing
Contract
Minimum
Period
Provisions of Listings
(a)
i)
The Listing Brokerage for each MLS® Listing shall secure a Listing Agreement for
a period of not less than sixty (60) days signed by the owner(s) or their authorized
representative and shall deliver to the person(s) who signed the Agreement a true
copy thereof.
Residential MLS® Listings shall be secured on one of OREA’s Residential
Listing Agreement Forms (Form 200 or 210) accompanied by the Board’s
“Schedule A and Data Form”. Commercial MLS® Listings shall be secured on
one of OREA’s Commercial Listing Agreement forms (Form 520, Form 525 or
Form 530) accompanied by the Board’s “Schedule A and Data Form”. The
Federal Listing Agreement may be used for properties owned by the
Government
of Canada.
ii)
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11-1
The provisions of the MLS® Listing Agreement set out under the headings:
- definitions and interpretations
-warranty
-Family Law Act
-verification of information
-use and distribution of information
-successors and assigns
-conflict or discrepancy
- indemnification, and
- schedule(s)
are necessary for the efficient operation of the MLS® system and notwithstanding any
other provisions of the MLS® rules or policies shall not be amended or deleted.
iii)
** Co-Brokering
(b)
Listing Conditions (c)
All properties which are to be, or may be, sold separately, must be listed
individually.
Where a Seller has entered into an MLS® Listing Agreement with more than one Listing
Brokerage for a single Listing, the Brokerages shall decide amongst themselves who shall be
the Lead Brokerage. The Listing Broker of the Lead Brokerage must be a Member of the
Board or another board in Ontario if the Listing is submitted under the OREA Interboard
Agreement. The Listing Broker of the Lead Brokerage shall be responsible for ensuring
adherence to the MLS® Rules and Regulations, and the names of both or all Listing
Brokerages, if Members of any board in Ontario, shall appear in the Listing information on the
MLS® system.
(i)
estate
Where Listing Conditions exist, including but not limited to power of sale,
sale Listings, non-registered condominiums, changes to the preprinted clauses in
the Listing Agreement, seller’s instructions on offer presentations and showings,
Listing subject to another property not being sold and special conditions under
which commission will not be payable by the Seller, the field Other
Conditions Exist Y/N must be marked “yes”. The Listing Salesperson is
obligated to disclose all specific Listing Conditions to Members upon request.
Such disclosure shall be made in writing if so requested.
Sellers’ Rights
Reserved
(ii)
Sellers’ Instructions on (iii)
Appointments or Offers
Where a Listing contains a provision that the Seller has reserved the right to sell
the property himself, the field Sellers’ Rights Reserved must be marked
“yes”.
Where a Seller has instructed that Appointments be suspended for a specific
period of time and/or that Offers be presented at or after a specified time:
(a)
(b)
(c)
(d)
the instructions must be provided on the Listing Agreement or on
OREA Form 244 or otherwise in writing signed by all of the sellers on
the Listing Agreement; and
these instructions must be reflected in the public remarks section of the
Listing; and
the Listing Salesperson must maintain a record of all requests by
Members for Appointments and Offer presentations; and
at such time as the Seller changes the instructions provided, as in
accordance with paragraph (a) on either Appointments or Offer
presentations, the Listing Salesperson must immediately notify all
Members who have requested Appointments and/or Offer presentations
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11-1
and update the information on the MLS® system immediately.
(iv)
** Unacceptable
Listings
Unacceptable Listings include:
1)
Listings that are in contravention of the Board’s MLS® Rules and
Regulations and CREA’s Rules and Regulations.
2)
Acceptance of Offers being conditional upon the Seller finding a suitable
place to live;
3)
Acceptance of Offers being conditional upon the Seller's relocation coming
through.
4)
Listings that are unavailable for showings or Offers for an indefinite period
of time.
Listing
(v)
Conditional Upon
Another Property
Not Being Sold
st
**(1 paragraph only)
1)
Where a Listing is “conditional upon another property not being sold” the specific
property address shall be recorded under the Conditions section of the Listing
Agreement.
2)
Where a Listing which is “conditional upon another property not being sold” is to be
cancelled because the specific property is no longer available, the Listing Office
shall notify the MLS® Department in writing using OREA Form 242 (Cancellation
of a Listing Agreement).
** First Refusal
If a Brokerage lists on the MLS® system a property on which the Seller has accepted a First
Right of Refusal or an option prior to the property being listed on MLS® or accepts a First
Right of Refusal during the currency of the Listing, this information shall be noted in the
appropriate field on the MLS® system or reported to the Board on Form 54 within twentyfour hours.
(vi)
Where the First Refusal contains another condition without a provision for notice to the first
Buyer, the Listing Salesperson if broker loading must note this in the Salesperson remarks, or
must report to the Board using Form 54, within 24 hours of acceptance. The notice must be
worded as follows: “There is a first refusal on this property which requires
hours notice by the Seller to the first Buyer and additional conditions which expire at
a.m./p.m. on the
day of
, 20
or
.
When a First Refusal results in a sale, a Record of MLS® Sale shall be completed in full
detail and either broker loaded or forwarded to the Board within 24 hours by the Listing
Salesperson.
** Submission to
Board
(d)
The Listing Salesperson must either Broker Load the Listing or deliver to the Board the
appropriate data input form describing the property within twenty-four (24) hours from the
commencement date of such Listing Agreement.
** Expiry
(e)
Where an MLS® Listing has expired and the property is listed again on the MLS® system the
procedure set out in Section 4.A.(a) and 4.A.(c) shall be followed.
** Correcting
Errors
(f)
It is the Listing Broker’s and Listing Salesperson’s responsibility to correct any errors on the
Listing.
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11-1
** Mandatory
Fields
(g)
The said Listing shall contain an accurate description of the property together with all
mandatory data input fields completed. In the case of a listing of a business where there
is no fixed address, a zero (0) will be placed in the street number, the words BUSINESS
ONLY will appear in the street name, and the street type of Avenue (AV) shall be
entered on the listing.
** Reference to
Price or Offers
(h)
No reference to price or offers may be published on an MLS® Listing other than
that stipulated on the Listing Agreement signed by the Seller.
** MLS®
(i)
All MLS® Listings are required to have a photograph of the property provided to the
Board within forty-eight (48) hours of the Listing being entered on the MLS® system.
The only exceptions to this requirement are:
Photographs
-
Listings of “To Be Built” properties
Residential Lots listed under the Residential Lot Property Type
Further, the first image (i.e. Image Position #1) on a Listing must be that of the front
exterior view of the property. In the case where there is no residence associated with a
Farm Property Class Listing, the first image may be any other image which reflects the
farm/property. A photograph or map indicating the location of the property must be used
for commercial land Listings. In the case of a business Listing where the front exterior
may not be used for confidentiality reasons, an interior shot or Board issued clip art must
be used. In the case of a “to be built” or “under construction” property, if the images
are not that of the subject property (i.e. a model home), then the following statements
must appear in the first sentence of the public remarks. “This house/building is not built
or is under construction. Images of a similar model are provided.” Further, if a property
is sold within the forty-eight (48) hours, a photograph is still required for archival
purposes. The MLS® system may accommodate up to 10 individual images per property
(i.e. no combined images in one image slot).
** Branding of
(j)
MLS® Photographs
** Remarks Sections (k)
Only photographs of the listed property, without wording or other embellishments or
prominent personal or corporate promotion, will be permitted to be loaded onto the Ottawa
Real Estate Board’s MLS® system for the purpose of MLS® information shared amongst
Members. Photographs with wording, embellishments or prominent personal
or corporate promotion will be removed by the Board and the Member will be so notified and
advised of the requirement to comply with MLS® Rule 4.A.(j).
i)
The public remarks section of the Listing is to be used solely for the description
of the subject property on the MLS® system and for providing information on
listing conditions as required by the MLS® rules. If the subject property is also
listed in another property class, the cross reference field may be used to denote
the corresponding MLS® numbers. Self promotion of the Member and third
party information, including but not limited to e-mail addresses, website
addresses etc. is not permitted in this section with the exception that the phrase
“visit my website for further information about this Listing” is permissible.
(Alternative phrasing “visit the REALTOR® website for further information
about this Listing” is also permissible.) Reference to virtual tour information
and electronics links of any other kind, including URL’s if any, is not permitted
in this section as other fields are available for this information.
ii)
The salesperson remarks sections shall be used for information about the
subject property only and for confidential member to member information
about the listing and for providing other information on listing conditions as
required by the MLS® Rules.
- 12 –
11-1
Surveys
**
(l)
The reproduction of surveys is not permitted on the MLS® database.
Timeshares,
(m)
Life Leases and
Non-Registered
Condominiums
If a property is listed as a timeshare or life lease on the MLS® system, a notation
must be made in the public remarks field identifying this type of ownership. If a
property is listed as a non-registered condominium on the MLS® system, a notation
must be made in the public remarks field identifying the property as a non-registered
condominium.
Attachments
Members may add attachments to the MLS® system. Members are required to ensure
(n)
that
any attachment(s) are not sensitive in nature and do not cause any conflict with PIPEDA
guidelines. Members are reminded that they are not to post anything for which they do
not
have permission to use on the MLS® database such as floor plans and artist sketches.
Further, as per MLS® Rule 4.A.(m), surveys are not permitted on the MLS® database at
any time. Only attachments pertaining to the subject property without other
embellishments or prominent personal or corporate promotion may be added to the
MLS® database.
Attachments in the following three formats only may be added to the MLS® database:
Microsoft Word “.doc”
Text Format “.txt”
Adobe Acrobat “.pdf”
** Estate Conditions (o)
the
Exist
Common Elements (p)
Condominium Fees
B.
In the case of an estate sale, the statement “Estate Conditions Exist” must be placed in
salesperson remarks.
When listing a common elements condominium in the residential property class, the
common element fee and frequency must be recorded in the association/common area
fee and frequency fields respectively. The details of what the fee covers must be
included in the public remarks section on the Listing. The legal description must include
reference to the condominium portion of the property.
Additional Provisions of Listings
** Commission
Paid By Seller
(a)
If a Listing submitted to the Board by the Listing Salesperson shows the total commission to
be paid by the Seller, the Listing will be deleted from the MLS® system at the written request
of the Listing Broker and a new Listing shall be entered by the Listing Salesperson or
submitted to the Board.
** Listing Changes (b)
Any amendment(s) to any MLS® Listing must be entered by the Member or submitted to the
Board in writing within twenty-four (24) hours of such amendment(s).
** Board Loading
Fee
(c)
The Board shall charge a Board Loading Fee for each MLS® Listing filed with the Board.
The Board Loading Fee shall be in such amount as shall be determined by the Directors from
time to time.
** Partial Sale
(d)
When an MLS® Listing is partially sold, the portion thereof remaining for sale shall be relisted and the Listing Salesperson shall pay a further Listing fee, if applicable for such
remaining portion.
** Rental of
C.
Property for Sale
When a property listed only for sale on MLS® is rented, the Listing Salesperson is
responsible to notify the Board that it has been rented by completing OREB Form 19 - Record
of MLS® Sale/Rental/Lease, and to provide further instruction on the status of the Listing (i.e.
- 13 –
11-1
to be cancelled, or to remain active).
- 14 –
11-1
Assignments
Consent to List
by Buyer
** Extensions
5.
D.
E.
(a)
Any Listing or circulation of Listing information should clearly
indicate the status of being a Listing of an agreement of purchase and sale
- not the physical, tangible, real property.
(b)
Whether the agreement is formally listed or sold directly to a specific Buyer, the
utmost full disclosure must be made to the original Seller.
(c)
OREA Form 140 Assignment of Agreement of Purchase and Sale is to be completed
and signed by all parties and must be attached to the Listing.
Where the expiry date of a Listing is to be extended, OREA Form 240 – Amendment to
Listing Agreement duly signed by the Seller shall be filed with the Board at least fortyeight (48) hours prior to the expiry date or be broker-loaded prior to 11:59 p.m. on the
date of expiry. If the extension is received by the Board after the expiry date, and has
been signed by the Seller on or before the expiry date, the status of the Listing will be
amended from expired to active by the MLS® Department.
CANCELLATION OF LISTING
Only the Senior Member or Manager or Broker of Record of the Listing Brokerage is authorized to exercise a
cancellation of an MLS® Listing Agreement, which cancellation shall be implemented by OREA Form 242 –
Cancellation of Listing Agreement. After obtaining the required signatures the Listing Office will forward the
cancellation form to the Board within 24 hours. An important part of the inherent value of the MLS® System is
the transaction data accumulated for sales of listed properties. Therefore, it is the responsibility of all Board
members to ensure, regardless of their business model, that property sold information for properties listed on
MLS® Systems, including the reporting of conditionally sold properties and sale prices, be reported to the Board.
Members are not permitted to avoid these reporting responsibilities to the Board by, for example, cancelling a
listing between receipt (or anticipated receipt) and acceptance of an offer, or encouraging a seller to do so.
6.
NOTICE OF SALE, CONDITIONAL SALE, FALLTHROUGH OR WITHDRAWAL
** Notice of Sale A.
Conditional Sale
or Fallthrough
Notice of sales, conditional or unconditional, notice of First Refusal and any subsequent
amendments in selling price, shall be given in writing to the Board, or Broker Loaded,
within twenty-four (24) hours after such sales. When a change occurs on a conditional
sale, when an option has been exercised or when a sale has fallen through, notice in
writing shall be given immediately to the Board or Broker Loaded. The one line property
history related to any fall through sale or conditions not met reported to the Board will be
removed from the MLS® system’s property archive report upon written notification to
the Board by the Listing Office.
** Record of
Whenever a sale of a listed property takes place, Form 19 – Record of MLS® Sale shall
be completed in full detail and submitted to the Board Office if the sale is being
entered by the Board. Any sale occurring within fourteen (14) days of expiry of an
(B)
MLS® Sale
MLS®
Listing may be reported to the Board by completing Form 19 and sending it to the MLS®
department for processing.
In cases where a property has been entered in more than one property class on the MLS®
system, the sale/lease of that property shall only be reported on one MLS® number. All
other MLS® numbers which pertain to the same Listing Agreement must be marked as
cancelled, and must be identified to the Board using Form 19 – Record of MLS® Sale,
even in cases where the sale is Broker loaded.
** Selling Price
(C)
The sale price on all unconditional sales must be disclosed and recorded on the MLS® system.
- 15 –
Withdrawal
Agreement
7.
(D)
11-1
Only the Senior Member or Manager or Broker of Record of the Listing Brokerage is
authorized to exercise a Withdrawal of an MLS® Listing Agreement which shall be
implemented by OREB Form 5 – Withdrawal Agreement. After obtaining the required
signatures the Listing Office will forward the “Withdrawal Agreement” to the Board Office
within 24 hours completed in full detail and submitted unchanged by him to the Board Office.
In the event that the Listing Broker alters any portion of the Withdrawal Agreement, he shall
be responsible for any loss of commission sustained by any Co-operating Broker thereby, and
shall be in violation of this MLS® rule.
APPOINTMENTS
Appointments
(A)
(a)
All Appointments to show or inspect a property listed on the MLS® system must be
made through the Listing Office, unless otherwise directed by the Seller and noted
in the Salesperson remarks section of the Listing. The Listing Office must make
and confirm appointments for any Member without delay and in accordance with the
Seller’s instructions and the terms of the Listing Agreement. When making an
appointment request, the Co-operating Salesperson shall clearly disclose to the
Listing Office the nature of the appointment (i.e. preview, building inspection,
appraisal, etc.) if other than a showing.
To safeguard the Seller’s property, when a Member has made an appointment to
show or inspect the property, the Member must accompany the person(s) for whom
the appointment has been made, unless otherwise directed by the Seller.
Listing Offices must have a system in place to allow access to the property.
(b)
Notwithstanding the provisions of Rule 7.A.(a), an Appraiser may be
unaccompanied on an appointment, provided that such Appraiser has
requested an appointment through the Listing Office and the Listing
Office has received consent from the seller. In the context of this rule,
such Appraiser must have entered into a written agreement with the Board
for access to the MLS® system.
** Cancellation
(B)
If the Member is unable to keep an Appointment to show a property, the Member must
immediately advise the Listing Office or the person with whom the appointment was booked.
** Lockbox Codes
(C)
No lockbox codes will be published in any material (either electronic or hard copy)
that is produced by the Ottawa Real Estate Board. The Ottawa Real Estate Board assumes no
responsibility for the use of lockboxes.
Change in
Status
(D)
When an MLS® Listing expires and is subsequently listed exclusively with the same Listing
Salesperson, the onus is on the Listing Salesperson to make any Members requesting
Appointments aware of the change in status prior to confirmation of the appointment.
Lockboxes
(E)
a)
The use of iBoxes and Keys is a privilege extended to Members and others
authorized by the Board only and shall be governed by the terms of the
user agreement;
b)
Members must sign the Board user agreement before receiving a Key;
c)
Members agree to keep the PIN code of the Key confidential and any written
record of the code must not be attached to or kept with the Key;
complaint, a breach of this MLS® Rule may
- 16 be subject to the Fine Assessment Template (FAST)
11-1
d)
When a Member holding a Key ceases to be a member, is expelled or suspended
from membership or is on exempt status, he must return his Key and cradle to
the Board or be responsible for payment in accordance with the user agreement;
e)
If a Member misplaces or loses their Key, the Member shall be required to so
notify the Board in writing within 24 hours of discovering the loss;
f)
Keys and cradles that are damaged and not covered by the supplier’s warranty
or
lost shall be replaced at the cost of the product by the
8.
Agency
1
Member;
g)
Members must keep their keypad access code secure at all times and must not
disclose the access number to others. Keys shall never be made available to an
unregistered person or non-member registrants except that Senior Members and
Managers may make available their loaner Key to members of other Boards and
non-members in accordance with the loaner Key policy in order to facilitate
showings of properties;
h)
IBoxes are the property of the Member;
i)
When a Member trades, sells or provides iBoxes that are on record as being
owned by him in the Board’s database to another member, they are required to
report the iBox serial numbers and receiving Members’ names to the Board
immediately in writing;
j)
Lockboxes, whether mechanical or iBoxes, may not be placed on a property
without written authority from the Seller;
k)
The Member shall indicate there is an iBox on the property by checking “IB” in
the Lockbox field on the data entry form/screen;
l)
IBoxes which are damaged and not covered by the supplier’s warranty or lost
will be the responsibility of the Member and will not be replaced by the Board;
m)
Keys removed from lockboxes must be replaced immediately following
use;
n)
It is the responsibility of the Member to ensure that all security precautions are
taken prior to departing the property;
o)
Directions for the use of IBoxes and the MLS® rules for making appointments
must be strictly adhered to.
PRESENTATION OF OFFERS 1
(A)
OREA Form 320 - Confirmation of Co-operation and Representation shall accompany all
Note: Members must comply with Section 26, Competing Offers, of REBBA 2002 which reads as follows:
26. (1) If a brokerage that has a seller as a client receives a competing written offer, the brokerage shall disclose
the number of competing written offers to every person who is making one of the competing offers, but shall not
disclose the substance of the competing offers.
(2) Subsection (1) applies, with necessary modifications, to a brokerage that has a seller as a customer, if the
brokerage and the seller have an agreement that provides for the brokerage to receive written offers to buy.
11-1
Disclosure
Offers to purchase.
Listing Saleperson (B)
Requirements
Subject to the agreement between the Listing Brokerage and the Seller, the Co-operating
Salesperson shall immediately be notified by the Listing Salesperson in the event of
acceptance or rejection of any Offer.
9.
ADVERTISING
All advertising of MLS® Listings shall be in accordance with the requirements of the Real Estate Council of
Ontario and the terms of the Listing Agreement between the Listing Brokerage and the Seller.
10.
COMMISSION/DEPOSITS
Entitlement to (A)
Where a property which is the subject of a Listing has been shown or introduced to a Buyer
Commission to
by more than one Member, the Co-operating Brokerage entitled to a commission shall be the
Co-operating Brokerage one whose Member has obtained an accepted agreement of purchase and sale, provided such
Member is not in violation of the MLS® Rules and Regulations, the REALTOR® Code or the
Real Estate and Business Brokers Act.
Commission to
Co-operating
Brokerage
(B) (a) The Listing Brokerage may unilaterally alter the amount to be paid to the Co-operating
Brokerage in accordance with the Seller’s written instructions prior to an Offer being
procured provided such alteration has been filed at the Board by either Broker Loading the
change or submitting the information by fax to the Board office on Form 54. The Listing
Salesperson shall notify the Co-operating Salespersons if such alteration has not been changed
yet on the MLS® system. Further the Listing Salesperson shall notify all other Members who
have shown the property within the previous 30 days of the change in the amount to be paid to
the Co-operating Brokerage.
(b)
The amount of commission as stated on the Listing is payable on completed sales to
the Co-operating Brokerage unless such Co-operating Brokerage agrees to an alteration of the
commission. A Co-operating Brokerage shall not use the terms of an agreement of purchase
and sale to modify the Listing Brokerage’s commission rate or fee or amount that the Listing
Brokerage shall pay to the Co-operating Brokerage, nor make the submission of an executed
Offer contingent to the Listing Brokerage’s agreement to modify the Listing Brokerage’s
commission rate or fee or amount that the Listing Brokerage shall pay to the Co-operating
Brokerage.
(c)
Where a bonus is payable to the Co-operating Brokerage, the wording "Contact the Listing
Office re Bonus Payable" must be included in the salesperson remarks section on the Data
Input Form or on the computer. Any such bonuses must be in accordance with the Real Estate
and Business Brokers Act.
Deposits Payable (C)
to Listing Brokerage
All deposits shall be made payable to the Listing Brokerage except where the Seller and Buyer
have otherwise agreed.
Payment of
Commission
(D)
It shall be the responsibility of the Listing Brokerage through its Senior Member to collect the
commission owing on completed sales and pay the share to the Co-operating Brokerage
within seven days, excluding weekends and statutory holidays, of receipt.
Insufficient
Deposit
(E)
It shall be the responsibility of the Listing Brokerage through its Senior Member to make all
attempts to collect the balance of the commission owing where the original deposit is not
sufficient to cover the commission.
Balance of
Commission
Owing
(F)
11-1
Where the Listing Brokerage is experiencing difficulty or delay in collecting the balance of
the commission payable, the Co-operating Brokerage shall receive its share of the commission
on a pro rata basis, based on the following formula:Commission to Co-operating Brokerage
Total Commission Charged
x Amount Received
Should the Co-operating Brokerage so request, proof of the Listing Brokerage's attempt to
collect the balance of commission will be provided to the Co-operating Brokerage.
Consent to
(G)
Collect Commission
The Co-operating Brokerage’s Senior Member must be consulted and consent to share the
expense required to collect commission owing. Any costs incurred in collecting such an
outstanding balance will be divided between the Listing and Co-operating Brokerages based
on the formula noted in Rule 10(F).
Should the Co-operating Brokerage refuse to give consent, the Listing Brokerage has the right
to pursue collection of the balance of commission and the Co-operating Brokerage would
forfeit any right to its share of the unpaid balance.
Informed by
(H)
Listing Brokerage
After giving consent, the Co-operating Brokerage shall be kept completely informed (on a
monthly basis) by the Listing Brokerage of the negotiations.
Collection Costs (I)
The Co-operating Brokerage must share, on a pro-rata basis, any advance costs of collection
incurred by the Listing Brokerage, prior to the commencement of any action.
11.
FORMS
Use
(A)
** Agreement of
(B)
Purchase and Sale
Liability
12.
(C)
All Board forms are intended for the sole use of all Members of the Board and shall not be
given, sold or distributed to any registered real estate sales representative or Broker who is not
a member of the Ontario Real Estate Association or to any member of the public, with the
exception of co-operating non-member Brokers.
Offers on residential properties listed on MLS® shall be on the OREA’s Agreement of
Purchase and Sale form except for new construction where the builder requires that his own
form be used, for properties listed by Public Works Government Services Canada, or for
Timeshare or Life Leases which require that their own form be used.
The Board shall not, nor shall any Officer or Director of the Board, be liable for any loss or
damage sustained by any member of the Board arising out of the use of such forms.
COMMISSION TRUST
Definitions
(A)
In this Section and in the Commission Trust Agreement, the following words, unless
otherwise specifically defined in these Rules or in the Commission Trust Agreement, shall
have the following meanings:
Co-operating Brokerage (a)
"Co-operating Brokerage" for the purposes of this section as defined under
Definitions of the MLS® Rules who is entitled to the Commission Trust Amount
pursuant to a Commission Trust Agreement.
Commission Trust
(b)
"Commission Trust" has the meaning ascribed to it in sub-section (B) of this rule
hereof.
Commission Trust
Agreement
(c)
"Commission Trust Agreement" means the agreement as developed by the
Ontario Real Estate Association.
Commission Trust
(d)
"Commission Trust Amount" in any transaction shall be the Commission
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Trust Amount indicated on the Commission Trust Agreement for that Transaction,
provided that if no such amount is indicated on the Commission Trust Agreement,
the Commission Trust Amount shall be calculated in accordance with the
commission rate or fee or amount that the Listing Brokerage shall pay to the Cooperating Brokerage, as shown on the most recent information sheet filed with the
MLS® in accordance with Rule 4 – Listings and Rule 10 – Commissions/Deposits as
the case may be, of these Rules and Regulations, or as agreed to by the Listing
Brokerage and Co-operating Brokerage as provided for in Rule 10 –
Commissions/Deposits.
Amount
Transaction or Trade
(e)
"Transaction" or "Trade" includes a disposition or acquisition of or transaction in
real estate by sale, purchase, agreement for sale, exchange, option, lease, rental or
otherwise and any Offer or attempt to list real estate for the purpose of such a
disposition or transaction, and any act, advertisement, conduct or negotiation,
directly or indirectly, in furtherance of any disposition, acquisition, transaction,
Offer or attempt, and the verb "trade" has a corresponding meaning.
Trust Account
(f)
"Trust Account" means a trust account maintained at a Canadian Chartered Bank or
Trust Company and designated as a "Commission Trust Account". The Commission
Trust Account shall be used only for the receipt and disbursement of Commission
Trust funds, or any amounts the Brokerage has otherwise agreed to receive in trust
from a salesperson for remittance to a third party on behalf of a salesperson, and kept
separate and apart from the Statutory Trust Account that a Brokerage is required to
maintain for consumer funds.
HST
(g)
"H.S.T." means the tax commonly known as the Harmonized Sales Tax.
Offer
(h)
"Offer" means any Offer relating to a Transaction or Trade and "Seller"/Buyer" as
defined under Rule (e) Definitions.
Deposits or
Other Monies
(B)
All deposits and other monies received by or due to the Listing Brokerage directed
to satisfy commission payable or damages or other compensation in lieu of commission, plus
applicable taxes on any of the foregoing, in connection with the Transaction shall be
receivable by and held by the Listing Brokerage in trust and constitute a Commission Trust.
The beneficiaries of the Commission Trust shall be the Co-operating Brokerage to the extent
of the Commission Trust amount, and the Listing Brokerage as to the balance after payment of
the Commission Trust Amount.
Execution or
Delivery
(C)
At the same time as an Offer for a Transaction procured by a Co-operating Brokerage
is accepted, the Listing Brokerage shall execute and deliver to the Co-operating Brokerage a
Commission Trust agreement for the Transaction. For the purposes of this Subsection (C) of
this Rule Listing Brokerage and Co-operating Brokerage shall include a licensed salesperson
or Broker representing the Listing Brokerage or Co-operating Brokerage, as the case may be.
Disbursement
(D)
Following the completion of the Transaction no funds shall be transferred or paid from the
Listing Brokerage's Trust Account to or for the benefit of the Listing Brokerage or any third
party until the Commission Trust Amount has been disbursed to the Co-operating Brokerage.
All such disbursements shall be made directly from the Listing Brokerage's Trust Account.
Where the Listing Brokerage has more than one Trust account, funds impressed with the
Commission Trust may be transferred from one Trust Account maintained by the Listing
Brokerage to another Trust Account maintained by the Listing Brokerage, and such funds
shall at all times, notwithstanding any such transfer, continue to be impressed with the
Commission Trust.
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The Listing Brokerage and Co-operating Brokerage shall each retain a copy of any
Commission Trust Agreement for a period of 6 months following the completion of the
Transaction and shall provide the Board with a copy of any such Commission Trust
Agreement within fifteen (15) days of a request therefore (provided the Board has received a
written complaint necessitating the requisition of said Commission Trust Agreement).
Copies
(E)
Records
(F)
Subject to the provisions of the Act, the Listing Brokerage shall maintain proper books and
records with respect to all transactions concerning the Trust Account. Commission or other
compensation payable by Sellers or other clients shall be shown as a receivable due to the
Commission Trust and not as a receivable due to the Listing Brokerage. Amounts due to a
Co-operating Brokerage and the Listing Brokerage for a particular transaction shall be shown
as payables of the Commission Trust.
Inclusions
(G)
The following terms are deemed to be included in all Commission Trust Agreements:
All monies received by or due to the Listing Brokerage in connection with the Transaction
including, without limitation, any deposit(s), damages or amounts in lieu of damages received
or due from the Seller/landlord or other person, or other compensation received or due from
the Seller/landlord or other person, shall be held by the Listing Brokerage in trust for the
benefit of the Co-operating Brokerage and Listing Brokerage as herein provided for (the
"Commission Trust") and all funds received on account of the Commission Trust shall be
deposited directly to the Listing Brokerage's Trust Account. The obligation of the Listing
Brokerage as trustee under the Commission Trust shall be discharged by the Listing Brokerage
paying, following the completion of or other termination of the Transaction, the following
amounts in the following order:
Priority
13.
(H)
a)
first to the Co-operating Brokerage the Commission Trust Amount;
(b)
next to the Listing Brokerage the balance of the Commission Trust.
Nothing in this Section shall create rights in the Listing or Co-operating Brokerage to any
money received by a Listing or Co-operating Brokerage in priority to the interest of a Seller or
Buyer in said money.
GENERAL
The MLS® Rules and Regulations shall be read with all changes of gender or number as required by the context.
Revised December 2010

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Transcription

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