Rules, Regulation and Compliance
Showings and Property Access Violations
Violations of the Showing Service and Property Access Solution can be more serious in nature as these services help increase the safety and security of real property listed in the BLC Listing Service. These violations are subject to a graduated ...
BLC Compliance Violation Levels
Level One Violation Examples: - Legible Real Estate Signage in Property Photos - Private Watermarking on Property Photos - Sharing Realtor Contact Information in Public Remarks Level Two Violation Examples: - Status Change Entered Outside Two ...
Broker Compensation in Light of NAR Lawsuits/Settlements-Legal Q&A
Many members have been asking questions regarding the NAR (National Association of REALTORS) lawsuits/settlement. We have included a Q&A that was created by the National Association of REALTORS (NAR) that will act as a guide to ensure brokers are ...
BROKER LISTING COOPERATIVE® SUBSCRIBER AGREEMENT
BROKER LISTING COOPERATIVE® SUBSCRIBER AGREEMENT July 2024 This Broker Listing Cooperative (hereafter referred to as the “BLC”) Subscriber Agreement (this “Agreement”) is entered into by and between MIBOR Service Corporation (“MSC”), an Indiana ...
BROKER LISTING COOPERATIVE® PARTICIPATION AGREEMENT
BROKER LISTING COOPERATIVE® PARTICIPATION AGREEMENT July 2024 This Broker Listing Cooperative® (hereafter referred to as the “BLC”) Participation Agreement (this “Agreement”) is entered into by and between MIBOR Service Corporation (“MSC”), a Indiana ...
We’ve Updated Our Participant & Subscriber Agreements
On or after July 1, 2024, when you log into the BLC® you will see a pop up with our revised Participant Agreement or Subscriber Agreement, depending on your membership type. Due to the practice changes going into effect on July 1, 2024, and other ...
Can we negotiate offers of compensation as we are negotiating purchase agreements and counteroffers?
In other words, can they be flexible in the future? Yes. Brokers, with authorization from their respective clients, may mutually negotiate compensation at any time.
Can someone explain how the broker compensation offer on the BLC® protects consumers?
NAR has long maintained—and we continue to believe—that cooperative compensation and NAR’s current policies are good things that benefit buyers and sellers. They promote access to real property ownership, particularly for lower- and middle-income ...
On the MLS, the supplements are NOT seen by anyone but agents – why can’t the compensation be put in that section in the MLS?
The BLC® is required to eliminate all broker compensation fields and compensation information in the MLS. That includes any means of making any offer through the BLC® in any way. In addition, the settlement requires the BLC® to not create, ...
If we are providing information about BAC’s on our IDX or another source, can we add a document directing agents where to receive that information in our Supplements or in the Private Remarks?
No, there can be no communication about any offer of compensation made through the MLS in any way or in any field. The BLC® is required to eliminate all broker compensation fields and compensation information in the BLC®. That includes any means of ...
Can a broker offer different offers of compensation to different brokerages or for those who are REALTORS® or not REALTORS®?
If the seller has agreed, varied offers will be allowed. Under the proposed settlement, the requirement that offers of compensation be "blanket and unilateral" is going away. However, brokers should consult with their attorney or the IAR Legal ...
Can we refuse to show a house to a buyer when the seller is not offering compensation? Would that negate our buyer’s agreement?
No. Neither the Proposed Settlement nor any BLC® rule change will reduce your ethical and legal duties to your clients. REALTORS® are obligated under the Code of Ethics to promote and protect the interests of their client over their own. When you are ...
Will we record what Buyer’s Agent Compensation (BAC) was paid, just as we do seller concessions currently?
Will we record what Buyer’s Agent Compensation (BAC) was paid, just as we do seller concessions currently, so that appraisers can properly evaluate comparable sales (and agents can conduct appropriate research for CMAs)? We will not record the ...
Can a buyer ask the seller to pay the buyer’s broker in further conditions on the PA? Is it OK if, as soon as we get a showing notification, we e-mail/text/call the buyer’s agent and let that person know we will co-op a commission?
Yes. E-mailing, texting, or calling are acceptable means for you to communicate individually with the agents you need to communicate with. The conversation just can’t be facilitated through the BLC. As far as the purchase agreement, IAR currently ...
How do we split commission between buyer and sellers?
All of the ways a buyer broker can be compensated prior to July 1st will exist after July 1st. This includes, without limitation, scenarios where (a) the buyer broker being paid directly by the buyer, (b) the seller agrees to pay the buyer’s ...
Can we use a rider on our sign to communicate an offer of compensation?
Yes. Signs are independent of information provided through the BLC®. No mention of compensation is allowed in the BLC®. The communication of any compensation offers in the BLC® is prohibited by rule and the settlement agreement.
Since compensation is being removed, can we put in remarks the URL to visit our website for further info where the compensation will be listed?
No. The BLC® is required to eliminate all broker compensation fields and compensation information in the MLS. That includes any means of making any offer through the BLC® in any way. In addition, the settlement requires the BLC® to not create, ...
Legal Support Hotline
Members, or REALTORS®, can use the IAR website to get legal support, access statewide transactional forms, find broker and managing broker CE classes plus other professional development opportunities, track pending legislation and regulations at the ...
Why Can't I Search or Filter By BAC?
Searching, filtering, and sorting by compensation (BAC) violates the policy prescribed in our BLC Rules & Regulations. Section 12.3 Non-filtering of Listings BLC participants and subscribers must not, and the BLC must not enable the ability to, ...
MIBOR's Commitment to Antitrust Compliance
MIBOR REALTOR® Association is a not-for-profit trade association committed to empowering our members, strengthening the marketplace, and improving the business conditions of the local real estate industry. Whenever competing (or potentially ...
Public Remarks (Property Description)
Members can utilize Public Remarks remarks in the following ways: To provide a description of the listed property. Provide characteristics and features of the property Include amenities within the community Present allowances that the seller is ...
Direct Soliciting - Contact Seller Directly
Direct Soliciting Definition There is a “For Sale by Owner” or other sign or notice on the property or listing record indicating that the seller is soliciting direct contact from buyers. Direct Soliciting Application If there is direct solicitation, ...
Days on Market (DOM) and Cumulative Days on Market (CDOM)
Days On Market (DOM) Days on Market count for every day a listing is in Active status, beginning with the listing contract date. Listings in Pre-market status do not accumulate DOM. A listing which expires and is entered as a new listing, regardless ...
Media and Photos on Sold Listings
Listing data from the BLC has a lifecycle that lives on past the transaction time. Sold, expired, and other off-market activity is used for historical purposes. Data best practices ensure historic records remain a snapshot of the information that was ...
Office Exclusive Listings
Office Exclusive Listing Definition a. Seller(s) requires privacy and therefore requires their property to be submitted to the service as an Office Exclusive Listing with full understanding of the prohibition of public marketing, of any kind. How to ...
Released Listing Application
A listing may be Released from the service when a Mutual Release from Listing Contract has been executed between the sellers and the listing broker, as noted in the IAR form (Option A). "Seller and Broker and its agents release each other from all ...
Withdrawn Listing Application
A listing may be Withdrawn from the service when a Mutual Release from Listing Contract has been executed between the sellers and the listing broker, as noted in the IAR form (Option B). "Seller and Broker agree to withdraw the Property from the ...
Legal Guidance for Seller's Disclosure
For details regarding this case, please refer to the IAR Legal Hotline resources found here: https://indianarealtors.com/legal/legal-library/. You will need to login for access. A. The document titled "Sellers Disclosure Summary" can be found under ...
Can the List Price increase on a Pended property?
The action of increasing the List Price when a property has Pended is not expressly prohibited. However, it does pose a risk to the quality of the listing data. As the success of our industry and community rely on the quality of data captured within ...
Can a Seller accept a Sight Unseen offer on a listing that is in Temp Off Market status?
A Seller can accept an offer on a listing that is currently in ToM status and not be in violation of any compliance rules or regulations. The house is the property of the Seller, so if they want to receive and accept an offer at any point in their ...
Can I increase the List Price when the listing has Pended?
Though this action is not expressly prohibited, it does pose a risk to the quality of the listing data. As the success of our industry and community rely on the quality of data captured within the BLC®, it is important to understand the potential ...
Questions about IAR Continuing Education (CE)
Members of the Indiana Association of REALTORS® receive a 12-hour online Continuing Education package each year at no additional cost. The package is from IAR’s school, the Real Estate Certification Program, and will fulfill both Broker and Managing ...
Types of Status Disclosures
Status Disclosure Definition a. First Right of Refusal: Parties have completed the “Addendum to Purchase Agreement - First Right Contingency” form, which allows the property to remain on the market. The listing is set to include the Status Disclosure ...
How do I log into PATH LMS for my Education Waiver?
1. Click on the pathlms.com link included in your invite email. 2. Select Sign In in the top right corner. 3. Input your MIBOR e-mail as your username; your MLS number will be the password if this is the first time you are logging in. If this is not ...
How do I log in to the Compliance course?
Please click here to access the learning management system: https://www.pathlms.com/mibor/courses/40873# . Click Sign In to the top right of the page. If this is the first time logging in to the system, your username will be the email account you ...
Showing a non-BLC Property or as a non-BLC Subscriber
If you are showing property in another MLS, or if you have a listing that a non-BLC subscriber would like to show, property access and compensation must be negotiated prior to the showing or any purchase offer submission. Cooperation and Offers of ...
Flood Plains
In a transaction, all ascertainable information must be disclosed. Flood plains can affect the need for additional insurance and therefore the cost of purchase, and perhaps the lending on, a property. Flood plain information can be seen in the Flood ...
How can I correctly advertise someone else's listing?
Section 4.3 - Solicitation of Listing Filed with the Service: Participants shall not solicit a listing on property filed with the Service unless such solicitation is consistent with Article 16 of the REALTORS®' Code of Ethics, its Standards of ...
Multiple Properties
Multiple Properties Listing Definition a. A listing contract for more than one property and has one list price. Multiple Properties Listing Application Each property shall be entered as a separate listing in the service with the aggregated list price ...
Released and Withdrawn Dates
Released Date Definition Seller(s) and Participant and Listing Agent complete a Mutual Release contract to release each other from all rights, duties and liabilities in respect to the Listing Contract and agree that the Listing Contract shall be ...
Next page