What NAR's new Virtual Office Web site policy means to you FAR has amended eight listing agreements to comply with NAR's Virtual Office Web site (VOW) policy. The policy was developed after a favorable settlement between NAR and the U.S. Department of Justice over the display of listings from an MLS on brokers' VOW sites.
Changes include a provision allowing a seller to opt-out if a seller of property does not wish to have his/her property advertised on the Internet or if a seller wishes to have property displayed on the Internet but does not want the property address displayed on the Internet. Check boxes have also been added so a seller may indicate if he/she doesn’t want automatic valuations and comments/reviews about the property displayed on a VOW. Modifications unrelated to the VOW policy have also been made. These include language that clarifies who pays the expenses for litigation to enforce an arbitration provision (if arbitration applies). There's also new boilerplate language regarding the effect of prior agreements between the parties.
Frequently Asked Questions Forms affected Exclusive Right of Sale Listing Agreement for Commercial Property (ERS-5cp)
A listing agreement for commercial property which the seller grants to the listing broker the sole right to sell the commercial property.
Exclusive Brokerage Listing Agreement (EBLA-5)
This is a listing agreement in which the seller authorizes the listing broker to sell the property and to offer cooperation to other agents and/or transaction brokers but also reserves the right to sell the property himself/herself.
Exclusive Right of Sale Listing Agreement - nonrepresentation (ERS-10nr)
This form is a listing agreement in which the seller grants to the listing broker the sole right to sell the property, including the right to cooperate with buyer’s agents and transaction brokers.
Exclusive Right of Sale Listing Agreement - single agent (ERS-12sa)
This form is a listing agreement in which the seller grants to the listing broker the sole right to sell the property, including the right to cooperate with subagents, buyer’s agents, transactions brokers and nonrepresentatives. The form also includes the statutory required single agency duties.
Exclusive Right of Sale Listing Agreement - transaction broker (ERS-13tb)
This form is a listing agreement in which the seller grants to the listing broker the sole right to sell the property, including the right to offer compensation to subagents, buyer’s agents, transactions brokers and nonrepresentatives. It also contains the statutory required transaction broker duties.
Exclusive Right of Sale Listing Agreement - transition from single agent to transaction broker (ERS-13tn)
This form is a listing agreement in which the seller grants to the listing broker the sole right to sell the property, including the right to offer compensation to subagents, buyer’s agents, transaction brokers and nonrepresentatives. It also contains single and transaction broker duties as well as the consent to transition to transaction broker.
Exclusive Right to Lease Agreement (ERL-7)
A listing in which the seller gives the listing broker the sole right to lease a particular property.
Limited Service Agreement (LSLA-2)
This form provides a listing agreement in which seller gives the listing broker the right to put the property in the MLS and to offer compensation to cooperating brokers.
Questions? Contact FAR’s Legal Hotline at
407.438.1409.
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