Changes to the Canadian Real Estate Association’s (CREA) Pillar’s and Interpretations are being brought forward to the annual general meeting on March 22nd, 2010.
The current three pillars of the Multiple Listing Service (MLS) System are as follows:
1. Membership – only realtors can place a listing on the MLS system
2. Agency – a listing realtor must act as the agent for the seller to sell the property; the realtor must assist the seller throughout the entire time of the listing contract.
3. Compensation to Co-operating broker – the listing realtor agrees to pay to the co-operator realtor compensation the selling of the property.
The Competition Bureau is focused on the Agency Pillar. CREA is proposing that the new verbiage for the Pillar.
The new verbiage is as follows:
“A listing REALTOR® must act as agent for the seller in order to post, amend or remove a property listing in a Board’s MLS® System. The nature of any additional services to be provided by the listing REALTOR® is determined by agreement between the listing REALTOR® and the seller, subject to applicable regulatory requirements and the Rules of CREA and Boards/Associations.”
This means that the seller must work with an agent in order to have their home placed on the MLS System. The agent can also provide only that service to the seller it that’s what is decided between the agent and the seller.
CREA also has 7 interpretations, which they have proposed to removing 2 completely and creating only 5 interpretations.
We will have to wait till March 22nd, 2010 to find out whether these changes will be adopted by CREA.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
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