This is a blog post by RMLS™ Data Accuracy Liaison Vallerie Bush (at left). Vallerie is a 15-year veteran of RMLS™, including over a decade working with RMLS™ Rules and Data Accuracy.
Do you know the difference between ER and EA?
There are a number of terms used in RMLSweb listings that are rather technical and may seem confusing. The following is a list of some commonly used terminology and their meanings which will help you when entering or viewing a listing:
Exclusive Right to Sell (ER): This is one of the options in the “List Type” field. The seller gives the Listing Broker the exclusive right to sell their property for a specified period of time and authorizes the Listing Broker to cooperate with and compensate other RMLS™ brokers, with no exceptions.
Exclusive Agency (EA): The exclusive agency listing also authorizes the Listing Broker, as exclusive agent, to offer cooperation and compensation on blanket unilateral bases to other RMLS™ brokers, but the seller reserves the right to sell the property without paying a commission, if the buyer is not obtained by the listing agent or their advertising and marketing efforts. You must select EA in the “List Type” field if an Exclusive Agency agreement exists.
Dual or Variable Rate Commission Agreement: This is an arrangement in which the total commission paid by the seller is variable and dependent on who brings in the buyer. For example, the commission offered by the seller may be different should the property be sold by the listing broker, than if the listing is sold by a cooperating broker. You must enter a YES in the “Total Comm. Differs” field of your listing if an agreement exists.
Owner: The term “Owner” can represent: 1. the person or persons who have legal ownership of the property; 2. their authorized agent; or 3. someone with the legal right to sell the property. However, the RMLS™ definition of the term owner does not include a person or persons who merely has the right to purchase the property, but does not yet own it. The owner’s name is required to be entered in the listing under “Owner” field unless an Owner Name Omission Form or similar document is submitted to RMLS™.
If you have any questions, contact us at rules@rmls.com or at (503) 236-7657.
Great topic explaining especially EA and ER. Thanks.
Molly
Thanks for your blogging. Clare
This was great! Thanks!
Well done. You chose the key terms for every agent to know! Thank you for keeping it succinct. With limited time it is nice to read through this quickly and it have it referrer my memory!