Risking Your Money

Risking Your Money 8 Hour Mandatory Continuing Education 08-00-120-7539 By Peggy Santmyer

LEARNING OBJECTIVES ,[object Object],[object Object],[object Object]

Group Workshop ,[object Object],[object Object],[object Object]

Someone Else Wants the Commission ,[object Object],[object Object],[object Object],[object Object]

Black's Law Dictionary, Fifth Edition, defines procuring cause as follows: ,[object Object],[object Object]

OUR NAR MANUAL ,[object Object]

PROCURING CAUSE ,[object Object],[object Object]

There is no typical real estate transaction! ,[object Object],[object Object],[object Object],[object Object]

NAR Code of Ethics ,[object Object],[object Object],[object Object]

Specific Non-Contractual Disputes ,[object Object]

The request for arbitration ,[object Object],[object Object]

Grievance Committee ,[object Object],[object Object],[object Object]

Arbitration Cases Between Two Different Firms ,[object Object],[object Object],[object Object]

The Contractual Agreement Between the Brokers ,[object Object]

SAC/BAC forms a Contractual Relationship ,[object Object],[object Object]

Four Contracts that may be present in one Transaction page 11 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Boards and Associations of REALTORS  ,[object Object],[object Object]

Split awards are the exception ,[object Object],[object Object],[object Object]

Article 16 of the NAR Code of Ethics ,[object Object],[object Object]

The Code of Ethics Must Not Be Used as a Club or a Lever ,[object Object],[object Object],[object Object]

Factors for Consideration by Arbitration Hearing Panels ,[object Object],[object Object],[object Object],[object Object],[object Object]

Factor #2. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Factor #4. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

More about Abandonment and Estrangement ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object]

Continuity and breaks in continuity - abandonment and estrangement ,[object Object],[object Object]

[object Object],[object Object],[object Object]

Procuring Cause Workshop ,[object Object],[object Object]

Avoiding Disputes ,[object Object],[object Object],[object Object]

Avoiding Disputes ,[object Object],[object Object]

Other information ,[object Object],[object Object]

Mediation as a Board Service ,[object Object]

Differences between Arbitration and Mediation ,[object Object],[object Object],[object Object],[object Object]

[object Object],In your group discuss the true and false questions in the Pre-Assessment Evaluation on pages 22 and 23

MLS Providers: ,[object Object],[object Object],[object Object],Page 25

MLS Providers are Responsible for: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Enforcement of MLS Rules ,[object Object],[object Object],[object Object],[object Object]

The MLS Committee ,[object Object],[object Object],[object Object]

Maximum fines for MLS Violations ,[object Object],Page 25

Improper Advertising ,[object Object],[object Object],[object Object]

More Improper Advertising ,[object Object],[object Object],[object Object]

MULTIPLE LISTING SERVICE RULES AND REGULATIONS OF : ,[object Object]

SECTION 3 - PURPOSE ,[object Object],[object Object],Page 28

Entitlement to compensation ,[object Object],Page 29

Let’s Define…..who is: ,[object Object],Page 30

Let’s Define…..who is: ,[object Object],[object Object]

Let’s Define…..who is: ,[object Object]

PARTICIPATION POLICIES ,[object Object],[object Object]

PARTICIPATION POLICIES ,[object Object],[object Object],[object Object],[object Object]

LIABILITY ,[object Object],Page 32

REQUIRED TRAINING ,[object Object],[object Object],[object Object],Page 32

A Penalty ,[object Object],Page 33

MLS Subscription Waivers Available only to: ,[object Object],[object Object],[object Object],Page 33

More Waivers…. ,[object Object],[object Object],[object Object],Page 33

LISTING PROCEDURES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Page 34

The Participant Represents ,[object Object]

The Exclusive Right to Sell Listing ,[object Object],Page 35

The Exclusive Agency Listing ,[object Object],[object Object]

EA (exclusive Agency) or ER (exclusive Right to Sell) ,[object Object],[object Object]

TIMING…. ,[object Object],[object Object],[object Object],3 Days Page 36

The Rules, the rules, the rules ,[object Object],[object Object]

And Even More Rules ,[object Object]

FOR SALE/FOR LEASE ,[object Object],Page 37

Listing Participant to Verify ,[object Object],[object Object],[object Object],[object Object],Page 37

Do Not Fix, Control……. ,[object Object],[object Object]

Terminated from MLS ,[object Object],[object Object],[object Object]

Terminated from MLS ,[object Object],[object Object],[object Object],[object Object]

Listings may be withdrawn.. ,[object Object],Page 39

Not to Hide $$ ,[object Object],Page 39

Listing information submitted via computer ,[object Object]

When submitted via computer ,[object Object],Page 39

Participant/Subscriber who submits Media : ,[object Object],[object Object],[object Object]

NTREIS reserves the right to reject/remove from the MLS: ,[object Object]

Media from a Prior Listing ,[object Object],Page 40

NTREIS does not permit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Page 41

Let’s Keep It Real ,[object Object],[object Object],[object Object],[object Object],[object Object],Page 41

Appointments ,[object Object],[object Object],Page 42

When You Can’t Reach the Listing Agent ,[object Object],Page 42

Offers ,[object Object],[object Object],Page 42

Keep Those Offers Coming! ,[object Object],Back Up Offers Page 42

Brokerage Activity Only ,[object Object],Page 43 NO

Possible Fines ,[object Object],[object Object],[object Object]

True Sales Price Must Be Reported Unless….. ,[object Object],[object Object]

Can Parties Request Sales Price Not Be Disclosed? ,[object Object],[object Object],[object Object],[object Object]

Just Say “NO” ,[object Object],Pages 44

For each violation, a Participant shall be subject to a minimum fine of ,[object Object],[object Object],[object Object],Pages 44

No Sales Price= List Price ,[object Object],[object Object],Page 44 'Z' Flag

Real Estate Signs ,[object Object],[object Object],Page 45

Passwords/access codes = Secret ,[object Object],Page 45

COMPENSATION TO OTHER PARTICIPANTS ,[object Object],[object Object],[object Object],Page 45

COMPENSATION ,[object Object],[object Object]

Variable Rate Commission ,[object Object],[object Object],[object Object]

Disclose the Differential ,[object Object],[object Object]

ENFORCEMENT OF RULES OR DISPUTES ,[object Object],[object Object],[object Object],[object Object],Page 47

Who Do You Tell?? ,[object Object],Page 47

If a violation is found…. ,[object Object],[object Object],Page 47

[object Object],EXCEPTIONS Page 47

USE OF COPYRIGHTED MLS COMPILATIONS ,[object Object],[object Object],[object Object],[object Object]

Things We Can Do… ,[object Object],Page 48

NTREIS Reports ,[object Object],[object Object]

Required Notice ,[object Object],[object Object],Page 49

No Seller Info to Customer or Clients ,[object Object],[object Object],[object Object],[object Object],[object Object]

More Ways to Risk Your Money ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Risking Your Money

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