When the market is hot and properties are moving fast, it can be hard to keep cool.
CREB® Member Practice has recently seen an increase in compliance issues and will be providing members with hot market real estate rules and reminders over the coming weeks to keep pace with these trends.
Today’s article provides an in-depth recap of last week’s Matrix™ reminders.
Know your relationship status
Knowing when a buyer’s agreement needs to be signed to outline the type of relationship each party is entering into is important. As soon as a REALTOR® begins giving advice instead of simply providing information, it’s time to talk about the client/REALTOR® relationship and go over the necessary paperwork that outlines your commitment to the client and what they should be expecting of you. Check brokerage policies for more information on selecting the appropriate buyer agreement.
Disclosing the sold details
Are you advertising a property that has been sold as well as some sold details? Remember, there are some rules around advertising sold listings:
- When a listing is sold by a member, the seller's brokerage and the buyer’s brokerage may advertise that fact, with the buyer’s representative exercising that right after the sale has completed, and if the written permission of the current property owner is obtained
- If a member wishes to advertise, publish or make a general distribution of both the address and the sale price of a specific property prior to possession or transfer of title, then the member must obtain the written consent of both the seller and the buyer. If the member wishes to advertise, publish or make a general distribution after the transfer of title, only the consent of the buyer is required.
Additionally, displaying the Pillar 9™ MLS® System in advertising, such as MLS® agent and clients views is not permitted as that content in the form of the Pillar 9™ MLS® System interface is the property of Pillar 9™ and is not permitted to be shared to non-members for public distribution or exposure.
If you have any additional questions, please email CREB® Member Practice at crebmp@creb.ca.
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