Understanding the different ways to describe commissions on the MLS often can be misunderstood. Selling Office Compensation is a required field and must be entered as a percentage or fixed dollar Amount. In addition, any specific conditions related to estate sales, probate listings, auctions, sales dependent on lender approval or other special circumstances must be entered in Agent Remarks. Below are some typical questions and answers that should help clear the obstacles when placing your listing on the MRMLS Matrix system.
Questions and Answers:
Q. What is a Dual Variable Rate Commission?
A. The CARETS Rules and Regulations section 7.22 provides that a dual or variable commission is one in which the seller agrees to pay a different commission if:
- The Listing Broker represents both the Seller and Buyer (dual agent) or
- The Seller finds the buyer themselves: or
- The Listing Broker is not the Selling Broker.
In situations like these, you must disclose this information by using the Dual Variable Rate field when you add a listing in MRMLS Matrix.
Q. Is Selling Office Compensation based on Gross or Net Sales Price?
A. Selling Office Compensation is calculated on the Gross Sales Price. If applicable, listing brokers can invite a cooperating broker to “contact the listing broker for terms of additional compensation” in Agent Remarks.
Q. Are Conditional Offers of Compensation allowed on the MLS?
A. No. Conditional or discriminatory language regarding the payment of compensation is not allowed in public or agent remarks. Examples of discriminatory language include: “If the listing agent shows the property first to a buyer, total selling office compensation will be reduced to ’x‘%”, or, ’y’% compensation is given for full price offers, or ‘z‘% compensation if offers are less than full price.”
Q. How can I protect myself if the cooperating broker insists on the originally offered commission when the commission is reduced by the lender?
A. The CARETS MLS Rules and Regulations Section 7.15.2, which mirror the C.A.R. Model Rule, allows the listing broker to reduce a commission offered in the MLS to the cooperating broker if the lender reduces the overall gross commission it pays to the listing broker. In order to receive protection of this rule, a listing broker or agent is required to publish in the Agent Remarks field (a) the fact the sale and gross commission of the listing are subject to lender approval, (b) the amount or method by which the compensation offered through the MLS will be reduced if the lender reduces the gross commission and (c) to disclose the listing is a Short Sale.
Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.’s member legal hotline at 213-739-8282, Monday through Friday, 9:00am to 6:00pm. Broker-owners, office managers, or designated REALTORS® may contact the member legal hotline at 213-739-8350. Or you may email your questions to legal_hotline@car.org or fax to 213-480-7724.
Posted by Daniel Brincat on February 5, 2010 at 8:08 am under IMRMLS, MLS, iDate.
Comment on this post.
Total number of votes – 403
YES on Proposal to amend Bylaws – 312 (77.42%)
NO on Proposal to amend Bylaws – 48 (11.91%)
ABSTAIN – Vote counts towards quorum only – 43 (10.67%)
With the votes in, counted, and verified, the ballot has passed and the Association Bylaws will be amended.
Posted by Daniel Brincat on February 1, 2010 at 9:01 am under Announcements.
Comment on this post.
- No more reciprocal key programming needed,
- No need to travel to a neighboring association or MLS to have your key programmed.
- No additional cost to you!
All agents who are members of an Association in Riverside, San Bernardino, LA, Orange and Ventura, Counties that are part of CARETS are now on a new “Cooperative Server” and that means your key will open any box within the CARETS area.
The Coop server is set up to operate on a real-time basis. Therefore, when a key is added or changed it is immediately sent to the Coop server.
There are no extra steps.
Your MLS and CARETS have been working to accomplish this enhanced keyservice for more than a year and the task is now complete.
This is one more step in CARETS goals of giving our members the access they need to list and show properties within the CARETS areas, without having extra expense or extra work for either members or association staffs.
To view the areas that your key is set up to work in simply log into SupraWEB and click on the link for “Update Code”.
Posted by Daniel Brincat on January 28, 2010 at 3:20 pm under Announcements, Supra.
Comment on this post.
MRMLS Matrix is now pulling Open House information from the participating MLSs of CARETS–they include CLAW, CristNet, iTech and SoCalMLS.
MRMLS Matrix now provides YOU AND YOUR CLIENTS information on all Open Houses entered into the MLSs throughout Southern California from the San Fernando Valley to Temecula and from the Inland Empire & Foothills to the Pacific Ocean.
Continue reading ‘CARETS Open Houses on MRMLS Matrix!’ »
Posted by Daniel Brincat on January 28, 2010 at 11:40 am under Announcements, IMRMLS, iDate.
Comment on this post.
Written by: Gene Wunderlich, SRCAR GAD
Seems like everywhere you look there’s more bad news on the housing front. Make that everywhere you look but here. I’m chockfull of tidings of good cheer right now and hoping I won’t be proven chockfull o’nuts before mid-year. It could go either way.
Let’s start with good news for homebuyers. The FHA has been very busy lately doing some good things for the market. Since they are currently backing about 30%+ of housing loans in this country (80% of first time buyers), whatever they do has a significant impact. Back in November we had a chance to chat with FHA Commissioner Dave Stevens, a Realtor® himself, and we were much encouraged by his take on the market.
Since then they have made a couple serious moves to further benefit home buyers including increasing the number of properties an investor can hold and, as of February 1, waiving their 90 day anti-flipping rule for one year. Why are these good moves? Well, 18 – 24 months ago many of the REO (bank-owned) properties on the market were in pretty good condition. You could buy one and move right in. Today, many of the homes are pretty thrashed making it impossible for somebody to move in without some degree of re-hab – new appliances, flooring, windows, electrical wiring, plumbing, etc. 1st time homebuyers usually can’t afford to do that nor can they get financing on a house like that anyway.
Continue reading ‘Good news for housing’ »
Posted by Gene on January 27, 2010 at 4:27 pm under News, srcar.
Comment on this post.
Brunswick Cal Oaks Bowl
40440 California Oaks Rd, Murrieta, CA 92562
Wednesday, February 3, 2010
3:30pm – 5:30pm
Cost is $25/bowler
Your Donation includes:
- Unlimited Bowling
- Shoe Rental
Each Lane can have up to
6 players so bring your
friends and colleagues and
help us reach our goal of
$10,000 for Haiti Relief!!
For More Information, Please Contact:
Rick Barrera @ 951.541.4600 or
Jeannette Grismer @ 951.634.4265
Jeannette.Grismer@wellsfargo.com
Corporate Sponsorship also
available and Raffle Items Needed
PLEASE CLICK HERE FOR THE EVENT FLYER
Posted by Daniel Brincat on January 26, 2010 at 12:37 pm under Announcements, Events.
Tags: bowling, fundraiser, haiti, srcar
Comment on this post.
Posted by Daniel Brincat on January 11, 2010 at 12:57 pm under Uncategorized.
Comment on this post.
What is a better way to start your year than getting trained? You could take FREE classes through your Association that will:
- Help you better understand how to use the MRMLS Matrix system
- Improve your ability to service your clients
The best part is… THE CLASSES ARE FREE!!!
Continue reading ‘Jump Start Your New Year with MRMLS Training!’ »
Posted by Daniel Brincat on December 23, 2009 at 3:52 pm under IMRMLS, iDate.
2 Comments.
Common Short Sale Challenges
The dynamics of short sales present challenges to REALTORS® in regards to making status changes or offers of compensation for these properties in the MLS. Below are some typical questions and answers that should help clear the obstacles when placing these listings on the MRMLS Matrix system.
Continue reading ‘Common Short Sale Challenges’ »
Posted by Daniel Brincat on December 22, 2009 at 1:15 pm under IMRMLS, iDate.
Comment on this post.
NAR Approved Amended Bylaws 18Nov09
Redlined Compare to Gov Doc 12June09
DETAILED SUMMARY OF AMENDMENTS TO BYLAWS OF SOUTHWEST RIVERSIDE COUNTY ASSOCIATION OF REALTORS® 2010 MEMBERSHIP VOTE
The amended Bylaws of the Southwest Riverside County Association of REALTORS® (SRCAR) incorporate the National Association of REALTORS® (“NAR”) mandated and discretionary changes using text from the California Association of REALTORS® (“CAR”) Model Bylaws. Additional changes approved by SRCVAR’s Board of Directors are also included.
The full text of the amended Bylaws is available on the SRCAR web site at www.srcar.org.
Questions may be directed to:
Connie Lynch, Chief Executive Officer
ceo@srcar.org
or
John V. Giardinelli or Sylvia J. Simmons, Association Counsel
The Giardinelli Law Group, APC
Telephone: 951/245-9163 Fax 951/245-9379
jvg@glawgroupapc.com or sylvia@glawgroupapc.com
The following is a summary of the amendments to the Bylaws:
Continue reading ‘Amended Bylaws of the Southwest Riverside County Association of REALTORS’ »
Posted by Daniel Brincat on December 16, 2009 at 4:20 pm under Uncategorized.
4 Comments.
