The MLS Board of Directors approved the following request: request to accept only exclusive contracts of sale by a broker, as provided for in the applicable rules and regulations of the service. Without a state definition, we have no clear basis for accepting or denying co-exclusive entries into the MLS service in Massachusetts. It has been suggested by legal counsel that, in order to allow co-exclusivities in MLS, we must first make a decision on a listing basis – the terms contained in the listing agreement, so that we can preemptively classify the list as “open” or “exclusive” and hope that the courts will agree in the event of a problem. A consensus has emerged that the three co-exclusive listings in the service can remain there today for the duration of the initial contract without renewal. Any listing broker can continue to use the co-exclusive listing concept and extend these individual listings with sellers, but all references to the MLS submission must be removed, as the listing ends when the contract term expires. It is unrealistic, problematic and places a great responsibility on the MLS board to make decisions on other benchmark agreements in this way. The rules currently state that MLS must accept the exclusive right to sell listing contracts and exclusive agency listing contracts and can accept other forms of agreement. In addition, the MLS Board of Directors has closely reviewed our current rules and the service rules still apply to “the” listing broker. It is clear that only a broker can enter an entry into the multiple listing service database. Yes, both! Rest assured, there is absolutely nothing in national law or in our code of ethics that prevents an agency from entering into this type of co-listing agreement.
It`s just an alternative business deal. Also keep in mind that open offers are also valid under state law, ethics, and an acceptable business method for working as a trustee of a real estate seller in Massachusetts. And as you know, every business model has its pros and cons, some are displayed in MLS, others are not. If two brokers are involved, isn`t that an open list? The MLS Board of Directors has conducted extensive research on co-exclusive listings and their legality in Massachusetts, as well as their inclusion in our multiple listing service database. Here are the results: Although many argue that the notion is contradictory in nature, a co-listing is if two independent licensed brokers act together as fiduciary listing brokers. Maybe, but maybe not.. .