By Daniel B. Harris, NVAR staff attorney
Q. What am I able to do with the updated Listing Agreement Amendment form? Why was the Listing Withdrawal form removed from the Standard Forms library?
The NVAR Standard Forms Library has been updated (effective April 1, 2020) to provide Realtors® with new tools and to make necessary updates to outdated forms, particularly the Listing Agreement Amendment (K0004).
There are nine unique listing status options in Bright MLS (“Bright”): Active, Active under Contract, Cancelled, Closed, Coming Soon, Expired, Temporarily Off Market, Pending, and Withdrawn. The definition for each status can be found in the Bright Rules & Regulations. The Listing Agreement Amendment has been updated consistent with these definitions and to comply with the Off-MLS Policy. Relevant provisions of the Listing Withdrawal Form (K0005) are now incorporated into the Listing Agreement Amendment. The Listing Withdrawal form has been removed from the Standard Forms library as unnecessary and inconsistent with the current definition of Withdrawn in Bright. By consolidating these two forms, brokers can now amend key terms in the listing agreement such as Listing Price, Listing Period, and the various listing statuses with one document.
Q. As a listing agent, what options are available through Bright to safely and effectively represent my sellers during the COVID-19 pandemic?
Bright recently announced they are taking several steps in response to the COVID-19 pandemic, including relaxing showing requirements and providing additional guidance for virtual showings. Bright has also produced guidance materials for members regarding listing statuses in light of the pandemic.
Sellers wishing to temporarily suspend marketing have the option to update their listing status from Active to Temporarily Off-Market (“TOM”). Properties in TOM status are those which the seller has requested the listing broker to (i) temporarily suspend the marking of the property, and (ii) not set appointments for showings. The listing is off-market, but a listing contract still exists, and the listing is expected to come back on market. Days-on-Market (“DOM”) does not accrue while the property is in TOM status. However, the property will not be viewable on third-party websites.
Sellers wishing to completely exit the market may choose between Withdrawn or Cancelled. Withdrawn status means the listing has been withdrawn from the market, there is no intention to bring the property back on the market, but a listing contract still exists with the Seller. With Cancelled listings, the listing agreement has been prematurely terminated. For both statutes, DOM will not accrue and will reset after 61 days. Showings are not permitted, and the property will not appear on any third-party sites. Properties in either status could go Active again, but the DOM will only reset after 61 days. The Code of Ethics requires the MLS status to accurately reflect the seller’s instructions and the state of the listing agreement.
Finally, Expired listings are those in which the listing agreement has passed its contractually agreed upon expiration date, and the listing broker has not secured permission from the seller on or before that expiration date to extend the term of the listing for an additional period. In other words, the listing contract has expired as agreed with no extension.
As always, contact the Legal Hotline if you any additional questions. “We R Online for Business.”