procedures manual

Revised & Released April 5, 2013 Page 1 of 65 Procedures Manual

Real Estate Information Network, Inc.s

Policies & Procedures Manual

April 5, 2013


A. LISTINGS GENERAL PROCEDURES ........................................................................................................... 6 1 1. CHANGE FORMS: ....................................................................................................................................................... 6 2 2. COMPLIANCE CHECKING: ......................................................................................................................................... 6 3 3. DISPUTE OF ASSESSED ADMINISTRATIVE PROCESSING FEE: .................................................................................. 7 4 4. EXCLUDING LISTINGS ON IDX WEBSITES (WEB CATEGORY): .............................................................................. 7 5 5. EXPIRATION DATES ON LISTING FORMS: ................................................................................................................. 8 6 6. EXPIRED LISTINGS: ................................................................................................................................................... 8 7 7. EXTENSIONS OF LISTINGS / BACK ON MARKET: ...................................................................................................... 8 8 8. FAIR HOUSING CONSIDERATION & EDIT PROCEDURES: ......................................................................................... 8 9 9. INPUT DEADLINES: .................................................................................................................................................... 8 10 10. INPUT LISTING FEES: ................................................................................................................................................ 9 11 11. LISTING PROPERTY UNDER TWO DIFFERENT PROPERTY TYPES: .......................................................................... 9 12 12. MINIMUM CASH ON ASSUMPTION (MCOA): ........................................................................................................... 9 13 13. MOBILE HOME / BOAT / BOAT SLIP LISTING GUIDANCE: ....................................................................................... 9 14 14. MODULAR/DOUBLE WIDE IDENTIFICATION: ......................................................................................................... 10 15 15. NEW CONSTRUCTION LISTING REQUIREMENTS: ................................................................................................... 10 16

Master Marketing Agreement / Site Signage: ............................................................................................................. 10 17 Master Model Instructions: ......................................................................................................................................... 11 18

16. NON-QUALIFYING LOANS: ...................................................................................................................................... 12 19 17. OUT-DATED LISTING INFORMATION: ..................................................................................................................... 12 20 18. OUT-OF-AREA (VA), NORTH CAROLINA & OTHER STATES LISTING REQUIREMENTS: ..................................... 13 21 19. OWNER OF RECORD: ............................................................................................................................................... 13 22 20. OWNERSHIP: ............................................................................................................................................................ 14 23 21. PARTIAL ENTRIES:................................................................................................................................................... 14 24 22. PROPERTY ID NUMBER (PIN): ............................................................................................................................... 14 25 23. PRINCIPAL AND SUPERVISORY BROKERS SIGNING FOR CHANGES TO ACTIVE LISTING AGREEMENT 26 CONTRACTS IN LIEU OF OWNER(S) SIGNATURE: ............................................................................................................ 15 27 24. PROPERTY TYPES: ................................................................................................................................................... 15 28 25. PUBLIC REMARKS: .................................................................................................................................................. 16 29 26. RANGE MARKETING (RM): .................................................................................................................................... 17 30 27. RELEASE OF LIABILITY (ROL)/SUBSTITUTION OF ELIGIBILITY (SOE): .............................................................. 17 31 28. REMARKS SECTION OF LISTING AGREEMENTS AND ENTRIES IN THE SUPPLEMENT FORM: ................................ 17 32 29. RENTAL LISTINGS: .................................................................................................................................................. 17 33 30. REO (REAL ESTATE OWNED) LISTINGS: ............................................................................................................... 19 34 31. SELLER CONTRIBUTION (SLR CONT): .................................................................................................................. 19 35 32. SETTLED SALES & SETTLED PRICE REPORTING: .................................................................................................. 19 36 33. SELLING FIRM BROKERAGE FEE NOTICE: ............................................................................................................. 20 37 34. SHOWING INSTRUCTIONS: ....................................................................................................................................... 20 38 35. SIGNATURE/OWNER STATUS: .................................................................................................................................. 20 39 36. SIGNATURE REQUIREMENT ON WITHDRAWAL AGREEMENT AND FALL-THRU REPORTS: .................................. 21 40 37. SQUARE FEET: ......................................................................................................................................................... 21 41 38. SUBAGENCY NOT OFFERED: ................................................................................................................................... 21 42 39. SUBDIVISION (DIV) NUMBERS: ............................................................................................................................... 21 43 40. THIRD PARTY LISTINGS: ......................................................................................................................................... 22 44 41. TREAT AS CLEAR / CLEAR: ..................................................................................................................................... 22 45

B. LISTING DISCLOSURE REQUIREMENTS ................................................................................................ 23 46 1. AGENCY DISCLOSURE: ............................................................................................................................................ 23 47

a. Listings: ............................................................................................................................................................... 23 48 b. Dual Agency: ...................................................................................................................................................... 23 49


2. AGE RESTRICTED COMMUNITIES DISCLOSURE: .................................................................................................... 23 50 3. AICUZ DISCLOSURE:.............................................................................................................................................. 24 51 4. AUCTION LISTINGS DISCLOSURE: ........................................................................................................................... 25 52 5. COMP SALE DISCLOSURE:....................................................................................................................................... 26 53 6. CONTINGENCY LISTINGS DISCLOSURE: ................................................................................................................. 26 54 7. CONTRACT OWNER LISTINGS DISCLOSURE: .......................................................................................................... 27 55 8. ESTATE DISCLOSURE: ............................................................................................................................................. 27 56 9. EXCLUDED PARTIES ................................................................................................................................................ 27 57 10. LAND CONTRACT DISCLOSURE: ............................................................................................................................. 27 58 11. LEAD-BASED PAINT DISCLOSURE & UPLOAD REQUIREMENT: ............................................................................. 27 59 12. OCCUPANCY PERMIT ZONE DISCLOSURE: ............................................................................................................. 28 60

a. Norfolk: ............................................................................................................................................................... 28 61 b. Virginia Beach: ................................................................................................................................................... 29 62 c. Chesapeake: ........................................................................................................................................................ 29 63 d. Suffolk: ............................................................................................................................................................... 29 64 e. Portsmouth: ........................................................................................................................................................ 29 65 f. Hampton: ............................................................................................................................................................ 30 66 g. Newport News: .................................................................................................................................................... 30 67 h. Smithfield: ........................................................................................................................................................... 30 68 i. Isle of Wight: ...................................................................................................................................................... 30 69 j. Williamsburg: ..................................................................................................................................................... 30 70 k. York County: ....................................................................................................................................................... 31 71 l. Poquoson: ........................................................................................................................................................... 31 72 m. James City County: ............................................................................................................................................. 31 73 n. Gloucester: .......................................................................................................................................................... 31 74

13. OWNER AGENT DISCLOSURE: ................................................................................................................................. 31 75 14. OWNERSHIP TYPE DISCLOSURE: ............................................................................................................................ 31 76 15. PROPERTY OWNERS' ASSOCIATION DISCLOSURE (POA): .................................................................................... 32 77 16. REQUIRED UPLOAD OF DISCLOSURE FORMS: ........................................................................................................ 32 78 17. SALES CONTINGENCIES DISCLOSURE: ................................................................................................................... 32 79 18. SPECIAL COMMISSION ARRANGEMENT (SCA): ..................................................................................................... 33 80 19. UNREGISTERED CONDOMINIUM DISCLOSURE: .................................................................................................. 33 81

C. PHOTOGRAPHS .............................................................................................................................................. 33 82 1. PHOTO GUIDELINES: ............................................................................................................................................... 33 83 2. PHOTO INPUT CODES: ............................................................................................................................................. 34 84 3. PHOTO FORMATS: ................................................................................................................................................... 35 85 5. MISUSE OF A PRIOR LISTINGS PHOTOS: ................................................................................................................ 35 86 6. NEW CONSTRUCTION: ............................................................................................................................................. 35 87 7. RENTAL PHOTOS: .................................................................................................................................................... 35 88

D. TECHNICAL ..................................................................................................................................................... 35 89 1. TRAINING: ................................................................................................................................................................ 35 90 2. MLXCHANGE: ......................................................................................................................................................... 36 91

E. CONTRACT SOFTWARE .............................................................................................................................. 37 92 1. ZIPFORM 6 PROFESSIONAL: ....................................................................................................................................... 37 93 F. ZIPFORM MOBILE WEB EDITION: .............................................................................................................................. 38 94 4. ZIPFORM 6 STANDARD EDITION (DESKTOP): ............................................................................................................. 38 95 5. DIGITAL INK: ............................................................................................................................................................ 38 96


G. BILLING & PAYMENTS ................................................................................................................................ 38 97 1. DELINQUENT LICENSEES: ....................................................................................................................................... 38 98 2. RETURNED CHECKS: ............................................................................................................................................... 39 99 3. PAYMENTS ON INVOICES AND STATEMENTS VIA EMAIL NOTICE: ......................................................................... 39 100 4. BILLING OF EDIT LISTING FEE: .............................................................................................................................. 39 101 5. OUTSTANDING CHECK POLICY: .............................................................................................................................. 39 102

H. ADMINISTRATION ......................................................................................................................................... 39 103 1. BROKER MEMBER PROCEDURES: ........................................................................................................................... 39 104

a. New Principal Broker / Managing Broker Orientation: ................................................................................... 39 105 b. Broker Member Firm Name Changes: .............................................................................................................. 39 106 c. Broker Member Termination: ............................................................................................................................ 40 107 d. Delinquent Broker Members: ............................................................................................................................. 41 108 e. Expired License: ................................................................................................................................................. 42 109 f. Death: .................................................................................................................................................................. 42 110 g. Rejoining: ............................................................................................................................................................ 43 111

2. LICENSEES / AFFILIATES: ................................................................................................................................ 43 112 a. Verification of Licensees: ................................................................................................................................... 43 113 b. Access to REIN Services / I.D. Numbers and Passwords:................................................................................. 44 114

I. ACTIVEKEY, EKEY BASIC, EKEY PROFESSIONAL, IBOX KEYBOXES, AND THE KEYBOX 115 INFORMATION MANAGER COMPUTER SYSTEM (KIM) POLICIES AND PROCEDURES ............................. 45 116

1. DEFINITIONS ......................................................................................................................................................... 45 117 2. POLICIES ................................................................................................................................................................ 46 118

a. Receipt of Key, PIN and Keyboxes ...................................................................................................................... 46 119 b. Title / License to Use ........................................................................................................................................... 47 120 c. Purpose ................................................................................................................................................................ 47 121 d. Termination / Revocation of Service .................................................................................................................... 47 122 e. Quarterly System Fee / KEY Issuance Fee .......................................................................................................... 48 123 f. Refund Program .................................................................................................................................................. 48 124 g. Current Update Code .......................................................................................................................................... 48 125 h. Security of Key / Keyholder Responsibility .......................................................................................................... 48 126 j. Emergency Use of Principal's or managing broker's Key ................................................................................... 49 127 k. Audit or Inspection of Key ................................................................................................................................... 49 128 l. No Warranty / Maintenance ................................................................................................................................ 50 129 m. Risk of Loss / Return of Equipment ...................................................................................................................... 50 130 n. Maximum Number of Keyboxes / Authorization Letters ...................................................................................... 51 131 o. Transfer Rights .................................................................................................................................................... 51 132 p. Authorization ....................................................................................................................................................... 51 133 q. Termination / Revocation of Services .................................................................................................................. 52 134 r. Audit / Inspection of Keybox ................................................................................................................................ 52 135 s. Lost / Stolen Keyboxes ......................................................................................................................................... 52 136 t. Defective Keyboxes .............................................................................................................................................. 52 137 u. Keybox Access Hours / Call Before Showing Feature ......................................................................................... 53 138 v. Removal of Keyboxes from Properties................................................................................................................. 53 139 w. Advertisement of Keybox Presence ...................................................................................................................... 53 140

3. IN ADDITION TO THE FOREGOING POLICIES, KEYHOLDER MUST ACKNOWLEDGE AND OBSERVE 141 THE FOLLOWING: .......................................................................................................................................................... 53 142

a. Fee Schedule ........................................................................................................................................................ 53 143 b. Keyholder Representations .................................................................................................................................. 53 144


c. Keyholder Covenants .......................................................................................................................................... 54 145 d. Failure to Comply / Keyholders Default ............................................................................................................ 54 146 e. Rights and Remedies of REIN .............................................................................................................................. 55 147 f. Violations ............................................................................................................................................................. 55 148 g. Arbitration / Litigation ........................................................................................................................................ 56 149 h. Assignment by Keyholder .................................................................................................................................... 56 150 i. Governing Law and Venue .................................................................................................................................. 56 151 j. Miscellaneous ...................................................................................................................................................... 56 152 k. Amendments ......................................................................................................................................................... 56 153

J. VIRGINIA PENINSULA ASSOCIATION OF REALTORS POLICY AND PROCEDURES FOR 154 KEYBOXES AND ENTRY CARDS ................................................................................................................................... 56 155

1. DEFINITIONS: ...................................................................................................................................................... 57 156 2. POLICIES GOVERNING PARTICIPANT AND HOLDER: ............................................................................ 57 157

a. Right to Free Use ................................................................................................................................................ 58 158 b. Maximum Number of Keyboxes ......................................................................................................................... 58 159 c. Audit .................................................................................................................................................................... 58 160 d. Ownership ........................................................................................................................................................... 58 161 e. Authorization ...................................................................................................................................................... 58 162 f. Security ............................................................................................................................................................... 59 163 g. Termination/Revocation of Services .................................................................................................................. 59 164 h. Lost/Stolen Keyboxes .......................................................................................................................................... 59 165 i. Defective Keyboxes ............................................................................................................................................. 59 166 j. Keybox Access Hours ......................................................................................................................................... 59 167 k. Removal of Keyboxes from Properties ............................................................................................................... 59 168 l. Confidentiality of Shackle Codes and Affiliate Access Codes ........................................................................... 60 169

M. RECEIPT OF ENTRY CARD AND PIN........................................................................................................................ 60 170 N. LICENSE TO USE ...................................................................................................................................................... 60 171 O. PURPOSE .................................................................................................................................................................. 60 172 P. REVOCATION OF LICENSE ....................................................................................................................................... 60 173 Q. CURRENT UPDATE CODE ........................................................................................................................................ 61 174 R. SECURITY OF ENTRY CARD ..................................................................................................................................... 61 175 S. LOST OR STOLEN ENTRY CARD .............................................................................................................................. 62 176 T. AUDIT/INSPECTION .................................................................................................................................................. 62 177 U. FAILURE TO COMPLY AND VIOLATION .................................................................................................................. 62 178 V. PARTICIPANT AND HOLDER'S RESPONSIBILITIES .................................................................................................. 62 179 W. REQUIREMENT OF IDENTIFICATION ....................................................................................................................... 63 180 X. PARTICIPANT AS HOLDER ....................................................................................................................................... 63 181 Y. INDEMNITY .............................................................................................................................................................. 63 182 3. COSTS AND FEES ...................................................................................................................................................... 63 183

a. Monthly Usage Fee ............................................................................................................................................. 63 184 4. TERMINATION OF LEASE AGREEMENT ................................................................................................................... 64 185 5. AFFILIATE CARD ACCESS ............................................................................................................................... 64 186

a. Policies ................................................................................................................................................................ 64 187 b. Affiliate Card Fees .............................................................................................................................................. 65 188 c. Security Breach ................................................................................................................................................... 65 189 d. Termination of Service ....................................................................................................................................... 65 190

6. MISCELLANEOUS ............................................................................................................................................... 65 191 192 REIN PRODUCT & SERVICE, PRICE AND FINE SCHEDULE 193


A. Listings General Procedures 194 195

1. Change Forms: 196 REIN provides a Listing Change Form which may be used for price changes, extensions, back on 197 market, disclosure of a contingency sale and for miscellaneous changes. Most changes require the 198 signature of the seller. Only principal brokers or designated managing brokers will be allowed to 199 sign as "Agent for Seller" and must sign the "Broker Endorsement" paragraph. 200

201 2. Compliance Checking: 202 REIN performs both manual checks and automated checks of listings using the Data Checker 203 program for data accuracy and compliance of REINs Rules and Regulations. Any discrepancies 204 are typically reported to the listing agent with a copy to the managing broker outlining the violation 205 and the requested remedy. Failure to remedy the discrepancy in the timeframe allotted may result 206 in an administrative fine to either the listing agent or the listing firm. 207

208 Additionally, REIN Listings Department selects listings and supplements on a random basis 209 each week for review. REIN also has the right to review a listing if there is any compliance 210 related question related to the listing. When the listing office is notified that their listing is 211 selected, the listing office will submit a LEGIBLE copy of requested documents to REIN 212 within seven (7) business days of receipt of the request. The Board of Directors has determined 213 that if the required documents are not submitted by the listing firm, a final notice will be 214 directed to the broker for submission of the listing. After this final notice, failure to submit 215 these documents will then result in the member firm being assessed a fine for non-compliance, 216 as approved by the REIN Board of Directors, and the listing being withdrawn from REINs 217 MLS Computer System. 218

219 The following rules comprise those under which REIN conducts compliance checks and 220 in most cases, fines are assessed, including withdrawal of the listing in some cases. 221

222 i) Missing seller(s) signatures on the listing, data form or the supplement. 223

ii) Failure to input a listing (Pocket Listing) 224

iii) Failure to report the listing as pending within five (5) business days of the 225 ratification date, excluding weekends and Federal holidays, or upon removal of 226 contingency. Additional two (2) business days are allowed to report as pending. 227

iv) Inaccurate Reporting of Selling Firm by Listing Firm. 228

v) Failure to report the listing settled within 10 consecutive days of closing. 229

vi) If a listing firm wants the selling firm to deal directly with seller, i.e., showing, 230 submission of a contract and/or contract negotiations, the statement Deal Direct 231 with Seller must be in the AGENT REMARKS section. Failure to do so may 232 result in an administrative processing fee. This practice is often associated with 233 LR/IC Listings. 234


vii) Showing Violations, i.e., limited showing such as Do Not Show Until (future 235 date) 236

237 viii) If a firm withdraws a listing and re-lists it (listed as NEW) within 60 days of the 238

original listing date. 239 240

ix) Failure to report the correct sale price. 241 242 x) Failure to report a contingency contract on an Active listing using the CONT 243

field within five (5) business days of contract ratification, excluding weekends 244 and Federal holidays. 245

246 xi) Late input of a new listing. (Two (2) business days past the list date excluding 247

weekends and Federal holidays). 248 249 xii) Failure to upload required documents within five (5) business days (DPOR 250

Disclosure, Lead, AICUZ & Septic) 251 252 xiii) Reporting inaccurate subdivision 253 254 xiv) Failure to list the accurate owner of record 255 256 xv) Failure to report accurate Ownership type 257 258 xvi) Violation of Public Remarks Rules 259 260 xvii) Failure to remove FSBO sign from listed property 261 262 xviii) Failure to deliver copies of listings as requested for compliance review 263

264 3. Dispute of Assessed Administrative Processing Fee: 265 If the office or agent has a question regarding the assessment of the administrative processing fee, 266 they should first try to resolve the issue by calling the person whose name appears on the charge 267 slip. If the office or agent still feels dissatisfied, the broker or agent should submit a letter to REIN 268 referencing the listing, the date of the charge, the specific charge, and the REIN representatives 269 name shown on the charge slip as well as an explanation justifying why the administrative 270 processing fee should not be assessed. When REIN receives such letters, a review of the listing 271 and the administrative processing procedures will be made and a response to the letter will be sent. 272 273 4. Excluding Listings on IDX Websites (WEB Category): 274 All Listings (residential, duplex, commercial, apartments, land and rentals) are automatically 275 included in IDX feeds unless the listing firm excludes them. Brokers who do not want any of their 276 listings to be automatically included in IDX feeds must submit a letter to REIN expressing that 277 they desire to Opt Out. 278

279 Sellers who do not want their listing to be on the Internet or have their address displayed may 280 request the broker to opt out their individual listing or address from all IDX websites. During 281 listing input, the Web Exclude field is used to exclude either the entire listing or the address. 282


283 WEB EXCLUDE: 284 C= Exclude Listing 285 D= Exclude Address 286 287 Additionally, the buyer of a sold REIN listing may wish to exclude their property from IDX 288 displays that include sold listings. To do so, the buyer must submit a request to REIN to 289 exclude that property. REIN will code that listing using the WEB EXCLUDE = E (Exclude 290 Sold). 291 292

5. Expiration Dates on Listing Forms: 293 The ending date shown in Paragraph 2 (Term) of REINs Standard Listing Agreement is 294 considered the expiration date. This date should be indicated in the Expiration Date field on the 295 Property Data Input Form. This expiration date is visible only to the listing agent, the broker and 296 listing input staff for active and pending listings in the REIN MLS Computer System. 297

298 6. Expired Listings: 299 Expired Listings may be reinstated within 30 days of expiration date by utilizing Back-On-Market 300 forms supplied by REIN so long as all necessary data is retrievable within REINs on-line system. 301

302 7. Extensions of Listings / Back on Market: 303 The Extensions/Back on Market portion of the Listing Change Form allows for the extension of the 304 Listing Agreement to a new expiration date or for returning a previously withdrawn listing to back 305 on market. The Listing Firm may extend a Listing before it expires by utilizing forms supplied by 306 REIN and signed by all parties to the Standard Listing Agreement. Broker load offices may input 307 their own extensions and back on markets and REIN will central input all others. 308

309 8. Fair Housing Consideration & Edit Procedures: 310 REIN will search for certain words or phrases in listings to help assure compliance with Federal 311 and State guidelines on Fair Housing and Equal Opportunity. If a listing is found to contain an 312 unacceptable word or phrase, a letter and email notification will be sent to the principal/managing 313 broker informing them of the problem listing. They will be required to respond to REIN in writing 314 as to their actions taken in complying with the Fair Housing laws with regards to the problem 315 listing. Information for Fair Housing may be found at www.HUD.gov/fairhousing. Information on 316 advertising may be found on DPORs website at www.dpor.virginia.gov/fairhousing/advertising or 317 by visiting www.reinmls.com and logging into the Members Only section. Click on Useful Links, 318 look for the Real Estate Links category, and then click DPOR Fair Housing Advertising. A good 319 rule of thumb is to use remarks to describe the property 321

, not the potential buyer or tenant. 320

9. Input Deadlines: 322 New listings must be entered into the MLS within two (2) business days of the list date 323

excluding weekends and federal holidays. 324 325

All changes to listings and reporting of withdrawals are required to be processed within 326 two (2) business days (excluding weekends and federal holidays). Changes to listings, 327 i.e. price, extension of expiration date, etc., must be made within two (2) business days 328 of the occurrence. 329 330

http://www.hud.gov/fairhousinghttp://www.dpor.virginia.gov/fairhousing/advertisinghttp://www.reinmls.com/


All under contract or contingencies are required to be reported by selling firm and 331 processed by listing firm in MLXchange within five (5) business days of ratification 332 (excluding weekends and federal holidays). The Listing Agent may be fined for failure 333 to report on time. 334

335 All settled sales must be reported to REIN by either the Listing Firm or the Selling Firm 336

within ten (10) consecutive days of settlement. Failure to do so shall result in a fee 337 being assessed to both the Listing and Selling Firm. Failure by the Listing Firm to 338 process the settled sale will result in the Listing Firm being assessed both the Listing 339 and Selling Firm fee. 340

341 Withdrawals must be processed within two (2) business days (excluding weekends and 342

Federal holidays) of listing termination after obtaining the sellers and principal / 343 managing brokers authorization. Listing agents may not sign withdrawals. 344

345 10. Input Listing Fees: 346 A listing input fee will be assessed to the Agent for each listing submitted to REIN for input into 347 the REIN MLS Computer System. The fee rates and maximum assessments per listing are 348 published separately from time to time. 349

350 11. Listing Property Under Two Different Property Types: 351 Due to certain marketing conditions, it is sometimes necessary to market a property under two 352 different property types in order to obtain the best possible exposure. Some examples are: 353 converted residential properties used as an office where the listing agent wants it to be listed as 354 both residential and commercial. REIN will consider requests on a case by case basis. Any firm 355 who wishes to take advantage of this service must contact REINs Listing Department for approval 356 before entering the second listing. Listing agents must complete the appropriate Property Type 357 Data Input Form for the second property type approved for input. REIN will charge a fee of 358 $75.00 for a property to be listed under a second property type. Failure to obtain prior approval 359 from REIN may result in one of the listings being withdrawn. 360

361 12. Minimum Cash on Assumption (MCOA): 362 The MCOA block on the Property Data Input Forms represents the difference between the list price 363 and any assumable loans and/or owner financing. If there are no assumable loans or owner 364 financing involved, 99999999 is to be shown in this block. The computer search parameter 365 "Mortgage MCOA" from the Add More Search Criteria area may be used for searching on 366 "Minimum Cash on Assumption." (i.e., Mortgage MCOA equals 15000) 367

368 369 370

13. Mobile Home / Boat / Boat Slip Listing Guidance: 371 Exclusive listings of mobile homes, which include both the mobile home and the land/lot (real 372 property) on which it rests, are considered to be residential listings that fall within the scope and 373 sphere of REIN, Inc.'s Rules, Regulations and operations. Sales of mobile homes that do not 374 include the land/lot (real property) on which the mobile home rests are sold under the Department 375 of Motor Vehicle rules and regulations and may not be listed through the REIN MLS Computer 376 System. 377

378


Boats, including houseboats, also do not fall within the scope of REIN's Rules and Regulations 379 and, therefore, will not be allowed to be listed through REIN. 380

381 A boat slip that has its own deed may be listed through REIN if it is being sold by itself. It is 382

considered a Property Type 6 (land) and the agent should indicate in Remarks that it is only a 383 boat slip. If the slip does not convey by deed, it may not be listed through REIN. 384

385 14. Modular/Double Wide Identification: 386 Listing agents of modular or double wide homes will be required to indicate on REINs property 387 data forms in the STYLE category whether the property is modular or mobile/double wide. It is 388 permissible to also indicate another style selection, i.e., ranch since two STYLE choices are 389 allowed. Failure to accurately classify the STYLE may result in an administrative fee. 390

391 15. New Construction Listing Requirements: 392

As the new construction market changes, REIN reviews its new construction listing requirements 393 in order to adapt to new marketing methods. The following rules apply to new construction 394 projects. Failure to comply may result in a listing fee being assessed to the listing agent. 395

396 Master Marketing Agreement / Site Signage: 397

If there is a master marketing agreement and site marketing such as a sign or advertising with a 398 member firm name listed as the firm to call, the listing firm is REQUIRED to input the listing 399 into the REIN system. If the REIN listing agreement is not used, listing firm is required to use 400 the Non-REIN Listing Addendum (NRLA) signed by the builder and the listing firm. 401 402 A new List Type called BS has been created for Building Soon. This is used for new 403 construction projects / listings with no specific pricing and that may be only taking 404 reservations. Agents must disclose in Agent Remarks Reservations only being accepted if 405 applicable. 406 407 When reservations turn into sales, the listing firm will input a separate listing for that unit with 408 the specifics as is currently done under the Master Model procedures. 409

410 In the event the builder has not established definite pricing, but has a range, the RM (Range 411 Marketing) field, which is a Yes/No field, is used. The listing agent will input a price within 412 the range as the List Price and add to Agent Remarks what the price range will be (i.e., 413 RM=$400-$500K). 414 415 In the PIN (Property Identification Number) field, which is required, the listing agent is 416 requested to use the property address where this information is not yet available. 417 418 For SQF (Square Footage) the approximate amount for the model should be used. 419

420 For listings in which an agent has not yet been assigned, REIN will create a generic agent ID #. 421 Brokers will need to complete an ID Assignment/License Agreement for New Users form 422 (ACC-1a) to request this generic ID#, marking Other and designating New Homes 423


Generic. Once an agent has been assigned to the listing, the firm will update the agent ID# to 424 reflect this change. 425

426 Master Model listings will not be required to be removed after a phase is sold out if another 427 phase will be opening. The listing agent will update the Remarks to reflect when the next 428 phase is scheduled to open. 429

430 Failure to comply with these requirements will result in the assessment of a Pocket Listing fine 431 to the Broker/agent. 432

433 Master Model Instructions: 434 REIN Rules and Regulations require all new construction properties, including all residential 435 properties (townhouses, single family, condominiums, cooperatives and duplexes) as well as 436 builders' groups, site projects and individual units to be listed through REIN. This alternative 437 Master Model procedure may also be used for listing / selling multiple lots of subdivided 438 acreage. The listing firms may list the properties in one of two ways: 439 440

1) Either makes an individual listing agreement for each unit/lot, signed in each case 441 by the owner, 442

Or 443 444

2) Use Master Model listings; one for each model/lot in the site. 445 446 "MODEL" is defined as a representational structure/lot to be used for exhibition. Separate 447 Master Model Listings should not be used for every variation of a particular model. 448 Additionally, the list price should always accurately reflect the physical descriptions as detailed 449 in the listing, i.e., if the listing indicates a fourth bedroom, which is a finished room over the 450 garage, the list price should not be the price for a three bedroom with an unfinished room over 451 the garage. Extras should either be noted as extras or should be included in the list price. 452 Further, master model listings should not be submitted for every different elevation of a 453 particular model unless an actual model exists for that elevation. 454 455 For sites selling lots only (no models), firms will be limited to no more than five Master Model 456 Listings, using such criteria as price range, wooded, acreage, waterfront, etc. to differentiate 457 between listings. 458 459 If the listing firm chooses to list using the Master Model Listing concept, then all sales of the 460 builder's units in the cited subdivision, builder's group or new construction project must be 461 reported to REIN when sold, so long as one or more of the Master Model listings remains 462 active in REIN. 463 464 Any changes in the list price of a Master Model should be reported to REIN within two (2) 465 business days (excluding weekends and federal holidays) of this price change. The original list 466 price will not be changed. Agents will be billed an edit fee if the Master Model list price 467 increases and is not changed on the listing. 468

469 The following Master Model listing procedures apply: 470

471


1) The Property Data Input Forms for the "Master Model" listing(s) will be 472 prepared by the listing firm. Broker Load firms will input their Master 473 Model listings into the REIN MLS Computer System. A listing supplement 474 may accompany the basic listing form if additional descriptive information 475 and remarks are necessary or desirable. 476

477 If the listed unit is intended to be only a display unit, not for sale itself, but 478 providing a means of conveying general information about other units which 479 are for sale, the listing should be so identified and will be so processed. On 480 the Property Data Input Form, the "Master Model" (MSTMDL) block should 481 indicate Y for Yes. 482

483 2) As individual sales occur, the listing firm must, after the sale, prepare: 484 485

a) A Property Data Input Form with the specific address and legal 486 description as well as details pertinent to that specific property 487 (signatures are not required); and 488

489 b) The applicable Property Under Contract/Fall Thru Report. 490

491 3) Broker Load firms must input the "List and Sell" listing at time of sales 492

contract, receiving an MLS number. This number should also be used on the 493 Property Under Contract/Fall Thru Report. Broker Load firms should also 494 input the under contract information on this "List and Sell" listing into the 495 computer, using the PEND mode of the LIP function. This step must be 496 followed for each and every sale, as long as the "Master Model" is an active 497 REIN listing. 498

499 Non-broker load firms must submit both documents together as a package. 500

REIN will process simultaneously the two documents cited above as a 501 routine "list and sell" transaction, assigning an MLS number to the listing. A 502 listing input charge will be assessed for inputting the listing. 503

504 4) When the "Master Model" listing has served its purpose, the listing firm 505

should withdraw it or report it sold as other such sales are reported. 506 507

NOTE: While all of the above numbered procedures are important to this alternative 508 reporting method and must be followed, step #2 is most important and must 509 be followed precisely for every sale. 510

511 16. Non-Qualifying Loans: 512 Use NONQ (Non-qualifying) under the Seller Finance Options category as a searchable choice for 513 non-qualifying loans. This code may be used in addition to Item ASM (Assumption) making it 514 possible to search SLR FIN=ASM, NONQ. This item should ONLY be used for those listings that 515 do not require the release of liability and/or substitution of eligibility. 516

517 17. Out-Dated Listing Information: 518


Active listings in the REIN MLS Computer System often contain out-dated and/or invalid 519 information. Continued citation of such information may create doubt as to the validity of the 520 listing. Listing agents should make every effort to update their listing data on a continuing basis. 521 Failure to do so may result in an administrative processing fee. 522

523 18. Out-of-Area (VA), North Carolina & Other States Listing Requirements: 524 Out-of-area listings, when properly executed and meeting all other REIN listing criteria, may be 525 input into the REIN MLS Computer System by member firms for publication. The appropriate 526 out-of-area Area Number should be assigned for all out-of-area properties. Agents should use 527 the city table for the City field, using OTHR if the city is not listed. If the subdivision is not listed 528 in the Subdivision list, listing agents should use the appropriate All Others DIV subdivision 529 number for that area. The following procedures for out-of-area/state listings have been approved 530 by REINs Board of Directors: 531

532 The Out-of-Area numbers are as follows: 533

51 Out-of-Area Virginia 534 290 Out-of-Area North Carolina 535 59 Out-of-Area All Others 536

537 If a REIN member firm wishes to place a North Carolina listing (or other out-of-state property) 538

in REINs MLS Computer System, the broker and/or listing agent must be licensed in the state 539 in which the property is located. They are to include in Agent Remarks their license number 540 and the state in which they have their license. 541

542 If a REIN member/licensee wishes to sell a REIN listing that is located in North Carolina or 543

other out-of-state area, they, too, must be licensed to sell in that state. The reason for this rule 544 is due to the restrictions placed by other states on out-of-state licensees who try to sell real 545 estate in their state. REIN members who place such listings in REINs system may offer a 546 referral fee; however, this is not a requirement. The listing agent will be required to include in 547 Agent Remarks the disclosure that the selling agent must be licensed in North Carolina (or 548 other state as applicable). The listing agent may include a reference to a referral fee although it 549 is not required. 550

551 552 553

19. Owner of Record: 554 Many city property transfer recordation departments are behind in updating their property records 555 which makes it difficult for a selling agent to look up the current owner when writing a contract. 556 Therefore, correct owners names must be input on all listings with the only exception being those 557 listings that are Real Estate Owned (REO). Included in the category REO are listings that are 558 owned by or sold through a bank, mortgage company, or being handled by a corporate buyout. In 559 those cases, REO may be entered in the Owner field. 560

561 A non-compliance fine, as determined by the REIN Board of Directors, will be assessed for 562

listings that do not show an owners name. For new listings input into the REIN MLS 563 Computer System without the owners names, REINs listing department will immediately 564 assess a fine to the listing agent and send a listing non-compliance notice to the firm. A copy of 565 the non-compliance notice will go to the listing agent requesting that a correction be made to 566


the owners name and a copy of the corrected listing be submitted to REIN for compliance. 567 Failure to comply with the non-compliance request will result in assessment of a standard non-568 compliance fine. 569

570 20. Ownership: 571 This tabled data field is used to indicate the ownership type and to disclose whether the property 572 falls under any of the State of Virginia property acts: 573

574 CONDO If the property falls under the Condo Act (the Condominium Addendum to 575

Purchase Agreement is required to be used), the agent MUST list the 576 ownership as CONDO. 577

578 COOP If the property falls under the Co-Op Act (the Cooperative Interest 579

Addendum to Purchase Agreement is required to be used), the agent MUST 580 list the ownership as COOP. 581

582 TIME (Timeshare) If the property falls under the Timeshare Act (there is no 583

special addendum), the agent MUST list the ownership as TIME. 584 585

SIMPLE (Fee Simple only) If the property does not fall under any of the above three 586 mentioned acts AND it will transfer as fee simple, the agent MUST list the 587 ownership as SIMPLE. 588

589 BIZ (Business Only) BIZ is reserved for sales of a business without the real 590

estate. 591 592

LSEHLD (Leasehold) Leasehold is the right to hold or use property for a fixed period 593 of time at a given price, without transfer of ownership and on the basis of a 594 lease contract. 595

596 Failure to correctly report the Ownership of the property may result in an administrative fee. 597

598 21. Partial Entries: 599 REIN requires listing forms to be completed in all respects for entry into the REIN MLS Computer 600 System. Any missing data must be obtained and provided promptly. Listings may be partially 601 saved so that the agent may provide this information as soon as possible. 602

603 It is most important to all concerned that listing forms be complete in all respects when 604

published in the REIN MLS Computer System. Every effort should be made by the listing 605 agent/firm at the time of executing a listing agreement to obtain all required data, particularly 606 vital data such as that relating to the financial aspects of the listed property. Listing agents are 607 required to independently verify all listing information used from a previous listing for a new 608 listing of a subject property.

610 609

22. Property ID Number (PIN): 611 REIN currently has property assessment records for 16 cities (Norfolk, Virginia Beach, 612 Chesapeake, Portsmouth, Suffolk, Franklin, Hampton, Newport News, York County, James City 613 County, Isle of Wight, Williamsburg Gloucester, Poquoson, Currituck, NC, and Dare County, NC). 614


Each property has their own city assigned Property ID Number (PIN). If available, the REIN MLS 615 Computer System will auto-populate the PIN and other pertinent property assessment information 616 at time of listing input. Listing Input personnel should input the address of the property and the 617 REIN MLS Computer System will pull the other information from the tax records for that 618 city/county. If the PIN is not auto-populated, the Listing Input personnel should obtain and input 619 the correct PIN. REIN staff will monitor the PIN and listing agents and/or listing input personnel 620 repeatedly inputting an incorrect PIN may be required to attend listing input training. 621

622 For any property with an unknown Parcel Identification Number (PIN) being input into the 623

system, the house number and street name of the property should be used. Use of 99999 as a 624 PIN number is no longer allowed. 625

626 23. Principal and Supervisory Brokers Signing for Changes to Active Listing 627

Agreement Contracts in Lieu of Owner(s) Signature: 628 Many changes to active listing agreements require owner's approval, usually obtained in writing. 629 Examples of such changes are price changes, seller contributions, bonus to selling firm, personal 630 property items to be added or deleted from the listing, lockbox usage which differs from terms 631 previously approved, switching from an SAER to an LSEA listing, and vice versa, etc. 632

633 The Board of Directors of REIN has authorized member firms and the REIN staff to process 634

such changes routinely, without the owner's signature, provided that such changes are 635 approved/signed by the Principal Broker (or if authorized by the Principal Broker, the 636 Supervising Broker) acting as "Agent for the Owner" in the space on the Listing Change Form 637 provided for owners signature, and with the provision in the next paragraph. 638

639 When such changes are so signed and input into the REIN MLS Computer System by Broker 640

Load firms or forwarded to REIN for input into the REIN MLS Computer System, REIN will 641 accept/process such changes on that basis and with assurance that the Principal Broker/listing 642 firm has owner authorization for the change and is warranting the change and all of its 643 ramifications to the extent and as though the change has been approved and signed by the 644 owners. Should this processing basis not be acceptable to the Principal Broker/Listing Firm, 645 such changes should contain the owner's signature before the change is introduced into the 646 REIN MLS Computer System or is forwarded to REIN for processing. 647

648 REIN's Listing Change Form contains equivalent wording of the above as an endorsement 649

below the signature lines. In those instances, when the authorized Broker decides to sign such 650 changes as "Agent for the Owner," rather than obtaining the owner's signature thereon, the 651 change form, after being properly prepared, must be signed twice by the authorized Broker as 652 follows: 653

654 First, in the space reserved for owners signature adding the words Agent for the 655 Owner, and 656

657 Second, in the Broker Endorsement section, thus adopting and agreeing to abide by 658 the cited endorsement. 659

660 24. Property Types: 661


The correct Property Type should be indicated on the Listing Agreement and both pages of the 662 appropriate Property Data Input Form should be attached to the Agreement. The following criteria 663 determine which Property Data Input Forms to use: 664

665 Residential Detached & Residential Attached

669

is included on the same Property Data 666 Input form (PT1 & 2). Please mark the appropriate box at the top of the form using the 667 following criteria for making the Property Type determination: 668

Residential Detached (PT1) is to be used for residential single family properties 670 that are completely

674

detached on all sides from any structure that is not included 671 with the property. (Single Family detached condos are included in this Property 672 Type.) 673

Residential Attached (PT2

677

) is to be used for properties connected by a 675 breezeway, garage, shed or any other common structure. 676

Duplex (PT3) 679

: Use for undivided lot with 2 attached units (not for condo conversions) 678

Apartments (PT4) 681

: Use for 3 or more apartment units. 680

Commercial/Industrial (For Sale) (PT5CI)

686

: Property must be currently zoned for 682 office, commercial, business or industrial. If the property is zoned as residential, the 683 property may not be listed as commercial. If Business Only being sold, use the 684 Ownership Type BIZ. 685

Commercial (Lease) (PT 5L): 688

Used if commercial property is for lease only. 687

Land (PT6):

691

Use if the value is more in the land than in the improvements, however 689 some farms with structures are listed as land. 690

Rentals (PT 8): 693

Use for residential rental properties. 692

25. Public Remarks: 694 Public Remarks" are displayed on Consumer Handouts and may be displayed on Broker Member 695 and licensee websites. Licensees, with Sellers authorization, may use Public Remarks to provide 696 additional physical features or marketing information with the following exceptions: 697

698 a. It does not offer financial or other incentives dependent upon buyer not engaging a 699

broker, contrary to REINs organizational purpose of operating a means of cooperation 700 among Members. (REINs Articles of Incorporation; Article II) 701

b. It does not contain any branding related to the firm and/or agent. 702 c. It does not contain any URLs/websites. 703 d. It does not violate any local, state or federal laws. 704

705 For New Construction properties, it is permissible to include incentives tied to the use of the 706 builders mortgage or closing attorneys. 707 Failure to comply will result in deletion of any promotional or prohibited information and a 708 fine assessed to the listing agent. 709


710 711 712

26. Range Marketing (RM): 713 Some REIN members use Range Marketing in the marketing of their listings. The field RM is 714 used to indicate that the listing is using Range Marketing. If the listing firm is not using Range 715 Marketing, select N for no. Firms who select Y for yes should indicate in Agent Remarks the 716 range that is being used. The listing agent should use the highest price of the range as the List 717 Price. A full price offer is considered met if the list price and all other terms are met. 718

719 27. Release of Liability (ROL)/Substitution of Eligibility (SOE): 720 All listings submitted to REIN which have FHA or VA loans are required to indicate whether the 721 seller and/or mortgage company will require the release of liability AND whether the seller will 722 require substitution of eligibility on assumable VA loans. The Property Data Input Form provides 723 the fields ROL and SOE for the seller to indicate his/her release/substitution requirement. 724

725 28. Remarks Section of Listing Agreements and Entries in the Supplement 726

Form: 727 There are two sets of Remarks: five lines for Agent Remarks which should contain information not 728 for public distribution and five lines for Public Remarks that will be used for the internet and the 729 Public formats. REMARKS" may be searched on the REIN MLS Computer System by 730 selecting Public or Agent Remarks from the Add More Search Criteria area of the search screen. 731 Remarks may be searched in the REIN MLS Computer System by entering Public Remarks = 732 xxx" or Agent Remarks = xxx. Listing agents/firms are to ensure that descriptive remarks that 733 are inserted in the "Remarks" section of the Property Data Input Forms conform to the number of 734 data entry spaces shown to be available. The REIN MLS Computer System does not permit 735 deviations from this space limitation. For listings and supplements submitted to REIN for input, 736 the REIN staff will input these "Remarks" as submitted and will perform no local editing or 737 abbreviating even though the "Remarks" may be incomplete upon completion of the entry. 738

739 Agents who need more space than the five (5) lines of REMARKS may use the Supplemental 740

Form which has thirty (30) additional lines. All owner signatures must be obtained. Currently, 741 the supplement will print out using the Agent Full w/Supplement report in the REIN MLS 742 Computer System. 743

744 29. Rental Listings: 745 The following procedures apply for Rental listings input into the REIN MLS Computer System: 746

747 a. Inputting Rental Listings is optional. Rentals in all areas (including out-of-area) are 748

permitted. 749 750

b. Any rental listing to be input into the REIN MLS Computer System REQUIRES a 751 Broker Member to have a signed Property Management Agreement or an Exclusive 752 Right to Rent before it may be entered into the system. Owner/agents have an 753 "implied" Exclusive Right to Rent, but they must disclose in the Disclosure (RNDISCL) 754 category their owner/agent status. The Virginia state law also holds the broker 755 accountable for assuring that their agents are making proper agency disclosure with 756 landlords and tenants. 757


758 c. The "List Date" will be the date the rental is entered into the REIN MLS Computer 759

System. 760 761 d. The Expiration Date will be for no more than ninety (90) days from the Listing Input 762

Date. However, it may not exceed the terms as outlined in either the Property 763 Management Agreement or the Exclusive Right to Rent. 764

765 e. The owner's signature on the Property Type Form, extensions, changes and rent changes 766

will not be required if there is a Property Management Agreement since the 767 management agreement authorizes the management company to act on the owner's 768 behalf. If there is only an Exclusive Right to Rent, the owner's signature will be 769 required on all forms. 770

771 f. Master listings will be acceptable for apartment type rentals. Also, when re-listing a 772

rental, agents may save time by creating a new listing by copying the original to avoid 773 inputting original information again. 774

775 g. All status changes (pending, rented, withdrawn, etc.) must be input into the system 776

within two (2) business days of the status change (excluding weekends and Federal 777 holidays). The Pending status is used for properties with an approved applicant, but 778 no signed lease. When the lease is signed the property should be marked Rented. 779

780 Pending= approved applicant(s); lease not signed. 781

Rented= signed lease. 782 783 It is very important for history purposes to indicate when the property has been rented 784 including the final rent amount. 785

786 h. Agents may upload rental listing photos into REINs MLS Computer System. 787 788

Additionally, property managers are allowed to upload documents to attach to rental 789 listings as is permitted for listings for sale. One important document that is required to 790 be uploaded for any rental property built prior to 1978 is the Rental Property Disclosure 791 of Information on Lead-Based Paint (REIN document RPD) which may be found on 792 reinmls.com. 793

794 i. The Finder's Fee amount is to be determined by the Listing Firm and must be disclosed 795

on the rental listing. 796 797

j. The Listing Firm agrees to abide by the Fair Housing Act in the advertisement of the 798 rental and the leasing of the property. 799

800 k. The guidelines for showing, renting a listing and earning a finder's referral fee are as 801

follows: 802 803

1) Agents must contact the property manager or the Listing Firm to confirm 804 availability. 805

806


2) Agents must show the property and leave a business card. 807 808

3) An application and appropriate fees, as determined by the Listing Firm, must 809 be delivered to the Listing Firm. Showing Agents are to contact the Listing 810 Firm to verify the correct application and method of payment of fees that are 811 to be collected. 812

813 4) Acceptance or rejection of a rental application is solely at the discretion of 814

the property manager. 815 816

l. Fees: Non-broker load firms will be charged the current input fee for each rental listing 817 if they submit their listings for REIN staff to input. 818

819 NOTE: REIN spot checks listings on a random basis to verify that the above policies are being 820

followed by members. A letter will be sent to the broker member requesting a copy of either a 821 Exclusive Right to Rent lease or the Property Management Agreement as well as the REIN 822 Property Type 8 (Rental) Input Form. Member firms who do not abide by the above policies 823 may be subject to penalties and/or fines as prescribed by the Board of Directors. 824

825 30. REO (Real Estate Owned) Listings: 826 When acceptable to the Listing Firm, those persons whose employment agreement/contract with 827 their corporate employer provides for the purchase of the employees personal residence, by the 828 corporate employer or its designated agent, may during the term of their Standard Listing 829 Agreement sell their own residential property to their employer or its designated agent without 830 reporting the Listing as sold. The buy-in agent should be encouraged to keep the Listing active 831 with the listing firm or to relist it with another firm. REINs support documents which report this 832 type of buy-in/terminate transaction must be signed by an authorized broker of the Listing Firm. 833

834 31. Seller Contribution (SLR CONT): 835 The Seller Contribution field indicates the dollar amount the seller is willing to offer a buyer for 836 closing costs and/or discount points. This amount is not intended to be used to pay for repairs or 837 for other items. Agents may enter a dollar amount or NEGO if they want to indicate 838 negotiability. Any change to Seller Contribution, SLR CONTR, should be made on the Listing 839 Change Form, with the seller(s)' signature(s), or the broker's, or managing broker's signature, 840 signing as agent for the seller, if/when so authorized. 841

842 32. Settled Sales & Settled Price Reporting: 843 Settled sales must be reported within ten (10) days by either side of the transaction. If either firm 844 reports the settled sale, there will be no fine(s) assessed. If neither firm reports the settled sale, each 845 firm will be assessed a fee. When listings are reported as Sold and do not include the correct sales 846 price, the office voting volume is affected as volume statistics are created from the sold price 847 information. Firms do not have to send REIN any Property Under Contract or Sold/Settled reports 848 unless the office cannot process this change. The selling firm should check to make sure that their 849 sales are being properly reported. REIN will spot check listings to assure compliance with this 850 rule. Failure to comply with the reporting of accurate settled sales prices will result in an edit 851 charge to the listing firm. 852

853 Two additional fields of information will be required at time of input for solds: 854


855 Buyers Name entered last name first; i.e., Brown, William (for REIN use only in 856

assisting in verifying the accuracy of the tax data). 857 Zip Code of the Buyers current residence (for REINs statistical tracking only). 858

Buyers zip code may be found at the end of the purchase agreement where the Buyers 859 address is listed. 860

861 REIN has developed four additional Tracking Fields that can be completed by the Listing 862 Office on a listing once it has sold. These fields are: 863

864 Total Commission (TOTC) 865 Referral (REFERRAL): This is a percentage field 866

Buyer Source (BUYER_SOURCE): This is a two-space field that allows the Listing 867 Firm to create their own codes, i.e., A) Newspaper, B) Duty Call, etc. 868

Listing source (LISTING_SOURCE): This is also a two-space field that allows the 869 Listing Firm to create their own codes. 870

871 33. Selling Firm Brokerage Fee Notice: 872 Selling firms/ agents should always complete a SELLING FIRM BROKERAGE FEE NOTICE 873 (COM-1) prior to submission of a Purchase Agreement to the listing firm/agent indicating the offer 874 of compensation as disclosed in the "Selling Broker Fee" (SBC) data field for that listed property. 875 The buyer and seller need not be given a copy of this form since it is between the listing and selling 876 firms/agents. Upon ratification of the Purchase Agreement, the Listing Firm should complete the 877 box at the bottom "For Settlement Purposes Only" indicating the total commission to be paid. 878 Listing Firm should then submit this along with a copy of the Purchase Agreement, to the closing 879 attorney. If there is an agreed upon commission adjustment between the listing firm and the seller, 880 the SELLER / BROKERAGE FEE ADJUSTMENT AGREEMENT (COM-2) should be completed 881 and signed by the listing firm and the seller. 882

883 34. Showing Instructions: 884 All listings that are entered into REINs system must be available for showing by other REIN 885 members as soon as they are input into REINs system. Agents may not take a listing if the 886 property is not readily available to be shown. Taking a listing and holding it until it is ready to be 887 shown is against REIN Rules and will result in a Pocket Listing fine. Having such a listing or 888 placing excessive showing limitations on a listing could result in a Pocket Listing fine. 889

890 35. Signature/Owner Status: 891 REIN will require only those persons with a "deeded interest" to sign the listing. Spouses whose 892 names do not appear on a deed will no longer be required to sign the listing. Note, however, that 893 some title companies may require a spouse's signature if there is evidence that the transaction is not 894 a bona fide sale. Every person listed as a seller will be required to sign the Listing Agreement and 895 both pages of the Property Data Input Form. Due to space restrictions on the Property Data Input 896 Form and in the computer, "ET AL" should be used at the end of the "owners name" if there are 897 more than two names. 898

899 If the seller is a business, the title of the person signing the listing must be stated next to the 900

signature. If it is an Estate sale and the Executor has the power to sell real estate, his signature 901 and title is all that is necessary. If the Executor does not have the power to sell real estate, all 902


the heirs with an interest (as per the will) will be required to sign. In such cases, the estate's 903 name may be listed as the Seller's name. EST (Estate) in the Disclosure (DISCL) category must 904 be indicated. 905

906 36. Signature Requirement on Withdrawal Agreement and Fall-Thru Reports: 907 Administrative input personnel may not process Withdrawal Agreements and Fall-Thru Reports 908 which are signed only by the listing agent. Principal or supervising brokers will be required to sign 909 the Withdrawal Form and the Fall-Thru Report. Such signatures are required on Fall-Thru Reports 910 since Fall-Thrus affect the monthly Standings as well as Voting Volume. 911

912 37. Square Feet: 913 Square footage (SQFT) is a required field for listing input. Agents should use extreme caution in 914 calculating square footage. Agents should not rely on the square footage reported on prior listings 915 without verifying its accuracy. Appraisals, tax records or measurements should be used. REIN 916 recommends that agents disclose the source from which they obtained the square footage in the 917 Agent Remarks section of the Property Input sheet. 918

919 The SQFT value can never equal zero; however, the publishing of square feet in REINs MLS 920

Computer System should be interpreted as an approximate value only. Agents should always 921 inform buyers that square footage is just an approximation. This notification that square 922 footage is an approximation can also be found in the Consumer Disclosure Information Form 923 (CDIF). Agents may search by SQFT by using a Boolean (minimum, maximum, etc.) search 924 function in MLXchange. Additional information regarding square footage and calculation 925 methods can be found on a variety of websites including the National Association of Home 926 Builders Research site at www.nahbrc.org (from Home Page, search for Square Footage). 927 For a fee, you can download a report titled Square Footage Method for Calculating. 928 Information regarding properties in North Carolina can be found at 929 www.nrec.state.nc.us/consumers/sqft.asp. 930

931 38. Subagency Not Offered: 932 Listing firms may choose not to offer a Subagency relationship with selling firms. The field 933 SUBAGT on the Property Data Input Form is established as a Y/N field and it is required to be 934 completed. The Subagency status may be searched on the REIN MLS Computer System using 935 SubAgent YN equals Y or N. 936

937 39. Subdivision (DIV) Numbers: 938 Subdivision numbers (DIV code on Property Data Input forms) are used in searches in REINs 939 MLS Computer System. The codes may be found on REINs website, www.reinmls.com/resources. 940 If a subdivision number does not exist for a property about to be listed, the agent must assign the 941 appropriate "All Others" division number. To request a new subdivision number, the following 942 requirements apply: 943

944 a. Written requests must be submitted including the city, area number, and platted 945

subdivision name. The legally platted name determines the subdivision. 946 947

b. The number of units in the subdivision must be included. 948 949

http://www.nahbrc.org/http://www.nrec.state.nc.us/consumers/sqft.asphttp://www.reinmls.com/resources


c. Written evidence showing city approval of the platted subdivision. This can be a letter, 950 copy of the plat or other type of written information bearing city authorization. 951

952 Subdivision requests will be reviewed as soon as submitted. For Subdivision requests, it is 953 very important that the correct area number is indicated. The Neighborhood Field on the 954 Property Data Input forms and in the REIN MLS Computer System indicates the site name, 955 condo name or name other than the plat name. This is an alphanumeric field that allows any 956 form of entry. Avoid abbreviations as they make searching more difficult. 957

958 The Association Management Information on the Data Input Form for Residential Property 959 Types provides the name of condo or homeowners association information to be displayed. 960 The field allows for 60 characters to be used. 961 962 Alphabetical subdivision lists by city and area maps can be found on 963 www.reinmls.com/resources. 964 965 Wrong subdivision numbers on listings result in inaccurate CMAs and statistics and are 966 misleading when displayed on real estate resources on the internet. In an effort to provide more 967 accurate data to members, effective November 1, 2007, a fine will be assessed to those listings 968 input to the system that display an incorrect subdivision number. The listing input agent will 969 have 2 business days to bring the listing into compliance prior to being assessed a fine. 970

971 972 40. Third Party Listings: 973 REIN accepts Third Party Listings (i.e., relocation companies). For clarification, the following 974 procedures should be used for reporting Third Party Listings: 975

976 a. The REMARKS section of the Property Data Input Form should indicate, "Seller 977

reserves the right to sell to Third Party." 978 979

b. The actual agreement between the seller and the relocation firm need not be submitted 980 with the actual Listing Agreement and Property Data Input Form if requested by REIN 981 for review. 982

983 c. When the seller has turned the property over to the relocation firm, and if the property is 984

to be re-listed, the relocation company's name should appear as the seller. 985 986

The relocation company usually designates an agent within the listing firm to have the authority 987 to sign the Listing Agreement and Property Data Input Form. The words "as agent for" MUST 988 appear below the signatures of the agent as a title status. 989

990 41. Treat as Clear / Clear: 991 The following loan status words may be used in the "MLT" (LOAN TYPE) block on the Property 992 Data Input Form: 993

994 a. CLEAR: ONLY to be used when there are no loans against the property and the seller 995

owns the property outright. 996 997

http://www.reinmls.com/resources


b. TAC (TREAT AS CLEAR): To be used when the seller does not want to divulge the 998 loan info, when there are no Assumable loans or when the seller does not want their 999 FHA or VA loan to be assumed. 1000

1001 B. Listing Disclosure Requirements 1002

1. Agency Disclosure: 1003 1004

a. Listings: 1005 Every listing must indicate the type of agency the listing firm is providing the seller by 1006 indicating the code using the List Type on the Property Data Input Form. The 1007 Commonwealth of Virginia recognizes three types of agency: Standard Agent or SA (full 1008 service); Limited Service or LS (limited services); and Independent Contractor or IC 1009 (contractual services). Additionally, there are two forms of listings accepted into the REIN 1010 system: Exclusive Right to Sell (ER) and Exclusive Agency (EA). The difference 1011 between the ER and the EA is found in the Brokerage Fee paragraph of the REIN 1012 Brokerage Agreement. For ER listings, the seller owes the listing firm a commission 1013 regardless of whether the seller sells the property themselves. For EA listings, the seller 1014 owes the listing firm a commission only for sales to buyers shown the property by the 1015 listing firm or selling firm. Listings destined for REIN by owners who wish to continue to 1016 try to sell on their own while listed in REIN and not pay a commission should they sell their 1017 property on their own must disclose the listing as an EA listing. REIN provides six (6) 1018 different REIN Brokerage Agreements to the Listing Agreement for the type brokerage 1019 provided by the listing firm. 1020

1021 SAER (Standard Agent Exclusive Right to Sell) 1022 SAEA (Standard Agent Exclusive Agency) 1023 LSER (Limited Service Exclusive Right) 1024 LSEA (Limited Service Exclusive Agency) 1025 ICER (Independent Contractor Exclusive Right) 1026 ICEA (Independent Contractor Exclusive Agency) 1027

1028 b. Dual Agency: 1029 Dual agency occurs when a listing firm sells one of their own listings to a buyer with whom 1030 the listing firm has a buyer broker agreement. This results in both the buyer and the seller 1031 being "clients" of the listing firm. To conform to the state law regarding the disclosure of 1032 dual agency to buyers and sellers, REIN provides the Disclosure of Dual Agency or Dual 1033 Representation and Disclosure of Designated Agency or Representation Forms. Each firm 1034 has its own policy as to how to handle dual agency. Sales agents who find themselves in a 1035 potential dual agency situation should immediately consult their broker on how to complete 1036 this form. 1037

1038 2. Age Restricted Communities Disclosure: 1039

There are federal and state Fair Housing regulations that govern age-restricted real 1040 estate communities. More information is available on the HUD website or the Virginia 1041 Administrative Code 18VAC 135-50-210 Housing for older persons. 1042 1043


REIN brokers and licensees are required to disclose any age related restrictions in a 1044 listing under the Disclosure category on the Property Type data input. Currently, age 1045 restrictions are limited to 55+ and 62+. For communities that are for older persons 62+, 1046 the correct Disclosure is Senior Living 62+ Community. For communities that are 1047 for active adults 55+, the correct Disclosure is Active Adult 55+ Community. 1048

1049

3. Military Air Installati

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