Research Triangle Real Estate

The Rules and Regulations of the Triangle MLS define limited service and MLS entry only listings as follows:



SECTION 1.2.1 LIMITED SERVICE LISTINGS (LS) are listing agreements

under which the listing broker will not provide one, or more, of the following services:

(a) arrange appointments for cooperating brokers to show listed property to

potential purchasers but instead gives cooperating brokers authority to make

such appointments directly with the seller(s);

(b) accept and present to the seller(s) offers to purchase procured by cooperating

brokers but instead gives cooperating brokers authority to present offers to

purchase directly to the seller(s);

(c) advise the seller(s) as to the merits of offers to purchase;

(d) assist the seller(s) in developing, communicating, or presenting counter-offers;

or

(e) participate on the sellers behalf in negotiations leading to the sale of the

listed property.

The listing will be identified with an appropriate code or symbol (“LS”) in

MLS compilations so potential cooperating brokers will be aware of the extent

of the services the listing broker will provide to the seller(s), and any potential

for cooperating brokers being asked to provide some of these services to

listing brokers’ clients, prior to initiating efforts to show or sell the property.

SECTION 1.2.2 MLS ENTRY ONLY LISTINGS (EO) are listing agreements

under which the listing broker will not provide any of the following services:

(a) arrange appointments for cooperating brokers to show listed property to

Revised October 2006 4

potential purchasers but instead gives cooperating brokers authority to make

such appointments directly with the sellers(s);

(b) accept and present to the seller(s) offers to purchase procured by cooperating

brokers but instead gives cooperating brokers authority to present offers to

purchase directly to the seller(s);

(c) advise the seller(s) as to the merits of offers to purchase;

(d) assist the seller(s) in developing, communicating, or presenting counter-offers;

or

(e) participate on the sellers(s) behalf in negotiations leading to the sale of the

listed property.

The listing will be identified with an appropriate code or symbol (“EO”) in

MLS compilations so potential cooperating brokers will be aware of the extent

of the services the listing broker will provide to the seller(s), and any potential

for cooperating brokers being asked to provide some of these services to

listing brokers’ clients, prior to initiating efforts to show or sell the property

These are the two types of listings commonly offered by flat fee listing
companies. Depending on the property being sold and the knowledge, experience
and available time of the seller, these can be appropriate listing types to use,
and can save the seller considerable money in listing commissions. It is very
important that all parties involved (seller, listing agent, buyer, buyer's
agent, etc.) understand what services are being provided and what should be
expected of the other parties involved in the transaction. As with many things
in life, effective communication and reasonable expectations will go a long way
toward avoiding problems. Many buyers and sellers enter into agreements with
agents without fully understanding what is being offered, how and how much the
agent expects to be paid, and what is expected of them as customers or clients
and what they should expect from the agent involved. Read anything you sign. Ask
questions about things you don't understand. Time spent doing these things on
the front end of your deal can save you considerable time, money and stress down
the road.

# posted by John Goddin @ 11:18 AM