Section 9.14 of MRED’s Rules and Regulations was revised to state: REPORTING OF CLOSED TRANSACTIONS BY NON-LISTING BROKER. Only the Listing Broker Service Participant whose listing appears in the Service shall /may report a listed property in the Service as closed, however, a Service Participant may report any property as COMP if a Service Participant cooperated in the sale of a non-Participant’s listing or in an unrepresented seller transaction as long as another Service Participant did not have an Exclusive Right to Sell, Exclusive Right to Lease or Exclusive Agency agreement with the seller of the property. (Underlined text indicates changes to MRED’s rule) Any reporting of a closed transaction for a property in violation of this rule will result in an automatic fine of up to $1,000 per infraction, based on the number of offenses.
What does the new rule state? Print
Modified on: Tue, 13 Apr, 2021 at 9:48 PM
Did you find it helpful?Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.