Rules, Regulation and Compliance
Listing Price Specified
Section 1.7 of the BLC Rules state that the full gross listing price stated in the listing contract will be included in the information published in the Broker Listing Cooperative® listing service compilation of current listings, unless the property ...
Showing Rules
The BLC Rules state a listing must begin showings within 7 calendar days to remain in Active status.
Photo Rules
The BLC Rules require a minimum of 2 photos within 2 business days of the List Date or prior to changing to Pending, with the Primary Photo being the property exterior. Additionally, the BLC Rules do not permit photos containing legible real estate ...
Condo Rules
The BLC Rules state that a Condo must meet the following criteria: ii. Condo Lifestyle (meets one or more of the criteria below): • Some, or all, of the homeowner fee pays for exterior maintenance of the dwelling. • Unit is titled to ...
MIBOR BLC® CLEAR COOPERATION
In November 2019, the National Association of REALTORS created a new policy called the Clear Cooperation Policy. MIBOR began an education campaign and launched the policy in April 2020. The intent of the Clear Cooperation Policy is to solidify the ...
Updating a Listing to Sold with Multiple MLS IDs
To avoid issues when updating a listing that has multiple MLS IDs or property types, be sure to change only one of the listings to Sold. All remaining MLS IDs should be changed to a Released status. Changing multiple entries for the same property to ...
Changing an Auction Sale Price
Auction listings that are changed to Sold with a list price of $0 or $1 will negatively impact the Sold data within the BLC resulting in an excessive List Price to Sale Price ratio. To avoid this, be sure to update the List Price to match the ...
Reactivating a Listing after Pending Fallout
The BLC® Policy does not specifically address the allowance of placing a listing back on market after a pending contract termination and MIBOR cannot provide you with legal advice. Generally accepted business practice allows activation of a listing ...
Listing Display on Broker Websites
The Internet Data Exchange (IDX) policy defines the MIBOR BLC® Listing Service Participant’s (the principal broker’s) authorization of limited electronic display and delivery of their listings by other Participants and their licensees s via the ...
Architectural Style
Architectural Style Guide
Reporting Sale for Buyer Representation Only
Reporting Sales when One Party was a Non-Member Licensee. When a sale involves both a member and a non-member licensee, the member may only report him/herself for one side of the transaction. When reporting a closed transaction where the selling ...
Commission Disclosure in the BLC
Compensation Specified on Each Listing: The listing broker shall specify, on each listing filed with the Broker Listing Cooperative® listing service, the compensation offered to other Broker Listing Cooperative® listing service Participants for their ...
When Do I Need to Input a Listing
Section 1 - Listing Procedures: Listings of real or personal property of the following types, which are listed subject to a real estate broker's license, located within the State of Indiana and taken by Participants, shall be entered into the Broker ...
What Can an Unlicensed Admin Do within the Listing Service?
MIBOR staff receives numerous questions on what assistants can do whether licensed or unlicensed. Indiana license law, in 876 IAC 8-1-7, does list the prohibited activities of unlicensed assistants but leaves us all wondering what they CAN do as ...
What Can MIBOR Staff Change in the Listing Service?
BLC® Listing Service support staff may not revise listing data without written approval of the listing broker (Participant or authorized managing broker), and then, only in the specific circumstances provided below and upon receipt of any necessary ...
Area Definition
An Area Definition is the assigned number for county and township of a property’s physical location. To ensure compliance, listings must be entered in the area number in which they are physically located and are assessed taxes, regardless of the ...
Agent to Agent Remarks (Private Remarks)
Members can utilize Agent to Agent remarks in the following ways: To display comment that cannot be seen by the public and are only viewable to agents. Relay helpful information to the buyer’s agent. Include exclusions, commission and/or disclosures. ...