Section 1: Submission of Listings
Participant’s listings of real property of the types shown below which are located in the counties of Stellar ’s service area shall be submitted to the Stellar MLS within five business days excluding weekends and federally recognized holidays, upon the latter of a) the dated signatures of the owner(s) of record or b) the beginning date on the Listing Agreement or within one business day of public marketing, whichever is sooner.
Should any public marketing of a listing occur during the allowed five‐day submission period, the following requirement will adjust the mandatory entry period;
Within one business day of marketing a property to the public the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, all social media platforms public or private, brokerage website displays (including IDX and VOW), digital communications marketing (email or text blasts, or automated voice calls/messaging), multi‐brokerage listing sharing networks, and applications available to the general public. (Amended 3/2020)
A. Mandatory Listing Types
- Single family homes for sale or exchange
- Condominiums, co‐ops and townhouses for sale or exchange
- Vacant residential lots or parcels for sale or exchange
- Mobile homes with land for sale or exchange
- Duplexes, triplexes or quadruplexes for sale or exchange
B. Optional Listing Types
The following classifications of property may be placed with Stellar MLS at the option of the Participant, however listing, if entered, must be in compliance with the Rules and Regulations:
- Pre‐Construction and New Construction Properties
- Commercial Sale and Commercial Lease
- Business Opportunity Listings. If entered, Business Opportunity listings are not required to have a photo, driving directions or address.
- Properties personally owned by Participants or Subscribers where the owner is the listing agent are optional. This does not apply to properties owned by a business entity.
- Rental Properties (short or long term)
- Fractional Listings. A Fractional listing, wherein the buyer(s) will receive a recorded deed may be submitted to the MLS by the Participant. Several types of legal restrictions can apply to fractional ownership: state real estate law, local real estate law, private deed restrictions and federal/state and securities law. Rules upon Entry into MLS: If a Participant chooses to enter a Fractional Listing into the MLS:
- “Fractional” under the “Ownership” field must be selected
- “Public Remarks” must include the words “Fractional Ownership and the number of shares included/total shares in the first line of remarks.
- Fractional listings must be entered on the residential (RES) profile sheet.
- Joint Listings. When a Participant jointly lists a property with another Participant, the following rules apply:
- Only one Participant of the MLS may submit the listing to the MLS.
- The listing Participant is solely responsible for the terms and conditions of the listing, including but not limited to, the offer of compensation to cooperating Participants.
- The listing must be of a type permitted by the MLS and conform to all rules, regulations, and policies of the MLS.
- The agent who is listing the property in the MLS must have written authorization from the other listing broker permitting the listing to be placed in our MLS
- The agent who is listing the property in the MLS must have written authorization from the seller authorizing the joint listing of the property.
- Sold Data For Entry Only Listings. These entries are optional; however, Participants must adhere to the following guidelines.
- The listing cannot be uploaded until the transaction has closed.
- Sales must be loaded within 30 days of the closing date.
- Must upload one front exterior photo.
All new listings will be automatically placed in “Incomplete” status and will not show as active until one front exterior photo or rendering, aerial photo or water view from property (unit) is added in the 1st slot of the MLS system. Once a photo is present the listing may then be moved into “Active” status. Listings in an “Incomplete” status will be purged out after 30 days from the entry date. (Updated 6/2016)
C. Short Sale Listings. In instances where the listing broker becomes aware that the sale price may be insufficient to pay the total of all liens and costs of sale and the owner(s) of record may not be able to bring sufficient liquid assets to the closing to cure all deficiencies (the Potential Short Sale Circumstance), the listing broker shall :
- Written Consent. Obtain owner(s) of record informed written consent (in either the listing agreement or an addendum thereto) to disclose the potential short sale circumstance to cooperating brokers, buyers and the public.
- Disclosure Options. Clearly and promptly disclose the potential short sale circumstance to all cooperating brokers and, when and if appropriate, disclose that the sale of the listed property may be conditioned upon the approval of a court, a lender, or other third party. It is required that such disclosures occur at the time of MLS input, if known, or within one (1) day (excluding weekends and holidays) upon receipt of knowledge. Such disclosure must be included in the “Public Remarks” Sections of the listing. The penalty for non-compliance is outlined in the General Fine Schedule (See Article 11/Section 4B). (Updated 9/2010)
If after the initiation of negotiations the listing broker receives knowledge of the existence of a potential short sale circumstance, or that the sale of the listed property may be conditioned upon the approval of a court, a lender, or other third party, then such disclosures must be made in writing in the Public Remarks” Sections of the MLS listing. All confidential information related to short sales must be communicated through required dedicated field and Realtor Only Remarks, available only to Participants and subscribers. In making the permitted disclosures, ONE of the following provisions must be used: (Updated 9/2010)
- OPTION ONE: If the listing Broker DOES NOT want to bind the cooperating Broker to acceptance of a reduced commission amount as determined by owner(s) of record lender(s), then the following remarks must be placed as the first words in the Public Remarks section: “Short Sale"
- OPTION TWO: If the listing Broker DOES want to bind the cooperating Broker to be obligated to accept a reduced commission amount as determined by owner(s) of record lender(s), the following remarks must be placed as the first words in the public remarks: “Short Sale”And the following remarks must be placed as the first words in the Realtor Only Remarks:
Approval of the owner(s) of record lenders(s) may be conditioned upon the gross commission being reduced, any reduction of the gross compensation will be apportioned (insert apportionment or split) between listing and cooperating brokers.
Disclosure in Special Sale Provision Field is required and you must select “Short Sale” in the designated field.
D. Commission Apportionment Disclosure. If the listing broker elects not to disclose to a cooperating broker how any reduction in the gross commission will be apportioned between the brokers, then the listing broker will be obligated to pay the cooperating broker the compensation stated in the listing. Timely disclosure of the manner of apportionment of any commission reduction must be made by either placing the disclosure in the listing or providing the disclosure to the cooperating broker prior to the cooperating broker submitting an offer of purchase. (Updated 6/2011)
E. Where participants communicate to other participants how any reduction in the gross commission established in the listing contract required by the lender as a condition of approving the sale will be apportioned between the listing and cooperating participants, listing participants shall disclose to cooperating participants in writing the total reduction in the gross commission and the amount by which the compensation payable to the cooperating broker will be reduced within 24 hours of notification from the lender. (NAR 5/2010)