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Section 12: Change of Terms and Status of a Listing.

A. Change in Terms: Any price change or change in the terms and conditions from the original listing agreement shall be made only when authorized in writing by the owner(s) of record and shall be filed with Stellar MLS within two days, excluding weekends and federally recognized holidays, after the signed authorization is received by the Listing Participant. The “Pending Status” on any listing overrides the expiration date. The penalty for non-compliance is outlined in the Automatic Fine Schedule, Level I (See Article 11/Section 4C).

B. Change in Status:

i.  Any change in status to “pending” shall be filed with Stellar MLS within two days, excluding weekends and federally recognized holidays, of effective date of contract. The penalty for non-compliance is outlined in the Automatic Fine Schedule, Level I (See Article 11/Section 4C).

ii. Any change in status to “sold” shall be filed with Stellar MLS within two days, excluding weekends and federally recognized holidays, of close date of contract. The penalty for non-compliance is outlined in the Automatic Fine Schedule, Level I (See Article 11/Section 4C).

iii.All other change in status shall be filed with Stellar MLS within two days, excluding weekends and federally recognized holidays, after the signed authorization is received by the Listing Participant. The penalty for non-compliance is outlined in the Automatic Fine Schedule, Level I (See Article 11/Section 4C).

C. Status Definitions:

i.  Pending:  A real estate transaction status where the buyer and seller have entered into a legally binding contract with an effective date, however the property has not yet transferred ownership.

ii. Sold: Property has been closed and transferred ownership.

iii. Active:  A current listing contract exists between a property owner and a broker.  The owner(s) have not entered into a legally binding contract with an effective date.  The property is available for showing and/or submission of offers to purchase or lease.

iv. Leased:  Property owner and tenant have agreed to lease terms and conditions.

v.  Lease Option:  Property owner and tenant have agreed to lease option terms and conditions.

vi. Expired:  The listing contract has passed its termination date.

vii.Temporarily Off Market: A current listing contract exists between a property owner and a broker. The property is not available for showing and/or submission of offers to purchase or lease. This status is to be used when the property cannot be shown.

viii. Withdrawn – Conditional: The listing has been withdrawn from the market. A listing agreement may still exist between the seller and the listing office; prior to relisting, be sure to review any outstanding obligations with previous listing office and the seller.

ix.  Cancelled: The listing has been withdrawn from the market with no outstanding obligations between the seller and the prior listing office.

D. Definition of Selling Office/Agent: For sold transactions, the selling office/agent are defined as the office/agent compensated as the buyer’s brokerage. Accurate reporting of the selling office/agent ID is required. The penalty for non-compliance is outlined in the General Fine Schedule (See Article 11/Section 4B). (Adopted 11/2016)

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