Listing Rules Notice

The Listing Rules apply only to properties with MLS listings through Iggyshouse.com.

MLS Listing Rules: Status Updates

Correct listing status updates are required by MLS regulations.

All MLS’s have regulations within which its members operate. IggysHouse.com listing brokers have the same responsibilities to operate within the MLS regulations as does any other traditional Real Estate brokerage member of an MLS. Therefore, any fines collected by an MLS for violation of those regulations due to seller negligence of listing rules shall be passed on and collected from the seller. MLS’s vary in their fine schedule. The fines below represent the highest amount of the specific fine listed.

Only your cooperation to provide correct information and timely updates to our system can keep violations from occurring. Please print and refer to the listing rules document.

Please realize, if a fine for violating an MLS regulation is to be collected from a seller, the seller shall be sent an email with a copy of the fine notification from the MLS.

Active: The property is actively marketed for sale. Seller agrees to make home available for showings requested by members of the public as well as individuals with a real estate license in your state.

Temporarily Off Market: The property is temporarily off the market. The seller does not want the home to be shown for a period of time, but will resume marketing the property. The Temporarily Off Market status is not available in all states.

Rules: Fines collected for violations

The Temporarily Off Market status may not be used instead of Cancelled. - $25

The Temporarily Off Market status may not be used instead of Under Contract - $100

The Temporarily Off Market status may not be used for more than 25 calendar days in a row. - $25

Under Contract: There is a written purchase agreement for the property signed by both buyer and seller.

Rules: Fines collected for violations

The Under Contract status update must be made within 24 hours following the effective date of the contract to comply with MLS regulations. Effective date is defined as the date the last party (buyer or seller) signs the agreement making it a valid contract. - $100

Providing false information such as incorrect Under Contract Date or Neglecting to provide Buyer’s Agent and Buyer’s Agent Brokerage Names where required. - $250

Sold: The closing or the settlement of the contract has occurred. Both buyer and seller have signed the settlement statement and the transaction is complete.

Rules: Fines collected for violations

The Sold status update must be made within 24 hours of the settlement to comply with MLS regulations. - $100

Providing false information such as incorrect Closing/Settlement Date, Sale Price, Seller Contribution to buyer closing costs, Financing Information, or Neglecting to provide Buyer’s Agent and Buyer’s Agent Brokerage Names where required. - $250

Cancelled: The seller wishes to terminate the MLS listing agreement with Broker.
Choosing this status will incur a $25 fee.

Rules: Fines collected for violations

The Cancelled status may not be used if a valid purchase contract has been signed by both buyer and seller. Do not use the cancelled status to avoid selecting the Under Contract status. - $250

Leased: The leased status is used when a seller signs an agreement for lease or lease/purchase of their property. Functionally, the "Leased" status has the same effect as the "Cancelled" status and will incur a $25 fee.

Rules: Fines collected for violations

The leased status may not be used if a valid purchase contract has been signed by both buyer and seller. Do not use the leased status to avoid selecting the Under Contract status. - $250

State Law Listing Rules: Document Retention

All states have Real Estate laws concerning retention of documents associated with all transactions including MLS Listings and Purchase transactions. All documents including offers, counter-offers, signed contracts, and closing statements are required to be submitted to IggysHouse.com.

IggysHouse.com provides an online document storage facility for the seller as well as the listing brokerage.

State licensing laws require all documents associated with transactions including MLS listings (Free or Monthly) be kept on file by a licensed brokerage for a number of years (depending on State). All documents must be submitted to the appropriate licensed brokerage through IggysHouse.com via email attachment or fax. The listing agreement and amendments will be generated and electronically signed through the website and therefore will already be on file for the brokerage.

Buyer’s agents/brokers will be requested to make all offers and counteroffers through the listing broker to help accomplish the document retention requirements. It is possible that the seller and the buyer’s agent/broker may pass documents between them without the assistance of an IggysHouse.com listing broker. The responsibility to satisfy the document retention rules shall fall upon the seller, not the buyer’s agent/broker.

In the MLS listing agreement, the seller has the responsibility to make sure the documents are sent to IggysHouse.com to satisfy the document retention requirements.

Mortgage/Loan application and supporting documents are not required in the document retention process.

Please realize, you will not be fined under the document retention rule unless the listing broker is investigated by the state and it is found that your transaction documents are missing.

Because the violation of the document retention rule would create a violation of state licensing law, it is enforceable past the expiration date of the listing agreement and carries a much heavier fine of - $2500

Miscellaneous Rules:

For Sale By Owner (FSBO):

Seller may not refer to property as a FSBO (For Sale By Owner) property

FSBO signs may not be placed on the property listed on the MLS.

Any print advertising for the property may not refer to FSBO in any way.

When speaking to individuals with a real estate license, the property may not be referred to as a FSBO property.

Fine: $100

Commission Changes:

The MLS offer of compensation (commission) may not be changed during offer negotiations or in anticipation of receiving an offer.

Fine: $100

Images:

Cloned/Copied images: Many MLS’s have copyrights to images used on the system. Any image that has previously been used for an MLS listing may not be uploaded to the website nor selected for use on the MLS listing or Realtor.com®. Previous listing agents who have either spent time or money obtaining the images can also have copyright to their images. Only original images may be uploaded to the website and provided for MLS listings or Realtor.com®.

Restricted Images: Sellers can add images at will to their IggysHouse.com property page however, images may not contain any contact information such as names, phone numbers, email addresses, or web URL’s.

Fine: $100/image and automatic cancellation of MLS listing in 3 days if not corrected

Third Party Approval of Contract:

MLS regulations require properties with Third Party Approval of the purchase and sale contract be noted as such on the MLS listing. This addition of this information to the MLS listing will not incur a marketing fee.

Short Sale of Property:

The recent Real Estate market is creating many "short sale" situations for sellers. A short sale is the result when the market value of the home is less than the loan amount owed on the property. Most lenders will accept less than the loan amount as a full payoff in this situation. However the lender will be granted the right of "third party approval" for the contract to be valid. Basically, the buyer and seller sign a purchase and sale agreement and the lender must approve the contract for it to go any further. A seller will work closely with their lender on a "Short Sale".

If a seller has a short sale agreement with their lender, the seller must make IggysHouse.com aware of the "Short Sale" situation via email: help@iggyshouse.com.

Pre-Foreclosure/Foreclosure:

A property that is in the pre-foreclosure process or a property that is facing imminent foreclosure will most likely require Third Party Approval of the contract by the lender.

If a seller is in the pre-foreclosure process with their lender, the seller must make Iggys House aware if Third Party Approval is required by the lender via email: help@iggyshouse.com.

Fine: $100

Licensed Sellers:

Sellers who are or have been licensed as a real estate agent must disclose this information on an MLS listing. It should be worded in the remarks section of the MLS listing with the following verbiage: "Seller (is)(was) a licensed real estate agent."

Fine: $100

*Rules and violation fees may change and rules may be added without notice