Annual Forms Change: Listing Agreements to be Updated January 2020 (Updated January 8)

image_pdfimage_print

RMLS™ is preparing to release phase 2 of its annual forms change on RMLSweb. In late January subscribers will notice revisions to the Oregon and Washington listing contracts.

Forms changes happen regularly on RMLSweb. Each change has been approved by the RMLS™ Forms Committee based on the feedback provided through hundreds of subscriber comments. Recommendations were then reviewed and approved by the RMLS™ Board of Directors.

Implementation of these changes is quite a task, largely on the part of the RMLSweb development team. The first phase of this years annual forms change was released in an overnight outage that took place on the night of December 9th. Phase 1 of the forms change project included a new supplement (New Construction), a redesign of the input sheets and supplement forms, and other changes to enhance the information available about property listed in the MLS.

Here is an overview of the changes that will be made to the Oregon and Washington listing contracts later in January 2020:

Layout Change [Oregon and Washington]

To help with readability of the forms, blank rows have been added between paragraphs. Row numbers will not appear on blank rows. In addition, when a paragraph includes “…a)….b)….c)…”, each of these will be placed onto it’s own indented row.

Brokerage Fee [Oregon and Washington]
UPDATED (January 8, 2020): Redline below was updated to include “…of the selling price or option exercise price of the Property…”

The following sentence was added to the “Brokerage Fee” section:
From the brokerage fee an amount equal to _____% of the selling price or option exercise price of the Property or $ _____ will be offered to Cooperating Firm (BAC).

Right to Compensation [Oregon and Washington]

In the last paragraph of the “Right to Compensation” section, the first sentence is now bolded.

Seller’s Property Disclosure Statement [Oregon]

The first sentence was updated to better denote the Oregon Revised Statute: “As required by Oregon law, SELLER will complete the Seller’s Property Disclosure Statement accurately based upon SELLER’s personal knowledge and information as required under ORS 105.464.

Signature Section [Oregon]

In the signature section of the Oregon listing agreement, the dedicated fields for Participant Broker signature have been removed. In it’s place, fields were added to denote the address of the Broker’s Firm.

General Housekeeping [Oregon and Washington]

In both the Oregon and Washington contracts, some general housekeeping edits were made. One example is changing “…FIRM’S…” to “…FIRM’s…” and “…SELLER’S…” to “…SELLER’s…” to match formatting through out both contracts.

Looking for More Detail?

Dig into this phase 2 forms change:

Tags: ,

8 Responses to “Annual Forms Change: Listing Agreements to be Updated January 2020 (Updated January 8)”

  1. Brian Randolph December 28, 2019 at 7:14 am #

    The change made to the “Brokerage Fee” section, i.e. “From the brokerage fee an amount equal to __% or $__ will be offered to Cooperating Firm (BAC) risks confusing the issue in my opinion. A principle could infer that 2.25% of the Brokerage Fee, rather than 2.25% of the sales price, might be offered as compensation, and would rightly call into question whether a property is being marketed appropriately.

    • Christina Smestad December 30, 2019 at 9:00 am #

      Hello Brian, Thank you for sharing your concern and bringing this to our attention. I have passed your comments along to the Forms Committee and legal counsel for their consideration.

  2. Rolando January 5, 2020 at 7:16 pm #

    Brian makes great points and understanding about splitting commissions. It was perfectly fine and easy to understand. Now it sound little more confusing and is another think you need explain the seller. Seller could easily get confused as well..

  3. Randy Ancell January 7, 2020 at 6:25 pm #

    (b) the information on the attached Listing Data Input Form is correct and complete

    The Listing Data Input Form is usually filled out after there’s a valid listing contract not before. There would be tons of liability if that wasn’t the case.

  4. Sam Mikel January 13, 2020 at 7:55 am #

    I see that the Radon forum at Peace Health in Vancouver offers 2 credits. I was not aware of any 2 credit classes in WA. Has that changed?

    Thanks

    Sam

    • Christina Smestad January 13, 2020 at 9:09 am #

      Hello Sam, You are corrected that there are no CE credits offered in Washington. Only Oregon is offering 2 CE credits. We apologize for the confusion.

  5. Lisa A Anderson January 27, 2020 at 12:32 pm #

    When will these be uploaded into Zip Forms and RMLS to actually use? As of today January 27th – the only ones to use are the now outdated ones.

    • Christina Smestad January 27, 2020 at 12:41 pm #

      Hello Lisa, Good question. The forms on RMLSweb and ZipLogix will be updated tomorrow morning when the changes become effective.

Leave a Reply