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Compliance Corner #65
January 5, 2023
BE SURE TO DOT YOUR “I”s and CROSS YOUR “T”s and GET THE SIGNATURES!!!
We have recently seen an uptick in properties listed in Matrix without properly executed listing agreements, specifically without all required signatures in place, BEFORE being loaded into the system and offered to the marketplace. If it’s not in writing, you do not have a listing agreement.
SMARTMLS Rules and Regulations state that you have 24 hours from activation to upload the executed Listing Agreement or Listing Agreement Compliance Certification. HOWEVER YOU MUST have a fully executed, signed listing agreement before entering a property as Active or Coming Soon. The 24 hours to get the form uploaded is simply a courtesy we afford the listing agent.
Connecticut Real Estate Licensing Law
Sec. 20-328-6a. Agreements. (a) (1) Before a licensee attempts to negotiate a sale, exchange, or lease of real estate, other than a commercial real estate transaction, on behalf of the owner or lessor of real estate, the licensee shall enter into a listing agreement with the party or parties for whom the licensee will act. All listing agreements shall be in writing, properly identifying the property and containing all of the terms and conditions of the sale, exchange or lease, including the commission to be paid, the date on which the listing agreement is entered into and its expiration date. The listing agreement shall be signed by the owner, seller or lessor or an agent authorized to act on behalf of the owner, seller or lessor only by a written document executed in the manner provided for conveyances in Connecticut General Statutes, Section 47-5, and by the broker or the broker's authorized agent…….
Signatures of all parties to a listing agreement must be obtained BEFORE any advertising/marketing of a property can happen. Placing a property on the MLS is advertising/marketing/promotion.
Sec. 20-328-1a. Definitions. (h) "Advertising" means all forms of identification, representation, promotion and solicitation disseminated in any manner and by any means of communication to the public for any purpose related to engaging in the real estate business.
If you have questions, please reach out to the Compliance Team before you enter your listing!!!
The Compliance Team values your opinions, comments and suggestions. Never hesitate to contact us at compliance@smartmls.com or 203-750-6000.
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