List Price
Posted by PRO Fri, 09 Jun 2006 21:50:00 GMT
The price the Seller is asking for the property.
- The list price must be numeric.
- It must not contain commas or dollar signs.
- This field must contain a valid number—zero cannot be used.
- If price range is used, this field must contain the highest price.
A change in the list price must be documented on a Status Change Form that includes the Seller’s written authorization that must be obtained prior to entering the change in the system. When a list price is changed, the Agent Full Report shows the new price and the previous list price.
The change must be made in the system within two business days from the time the Seller signs the authorization.
Best Practice
All changes must be authorized in writing in advance of entering the change into the MLS. This can be accomplished several ways.
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If a change clause is contained in the listing contract, explain to the Seller at the time the listing contract is signed that by signing the contract the Seller is agreeing to a clause in the contract that permits the price or other changes to be made in the MLS after the Seller’s verbal authorization.
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If there is no change clause in the listing contract, the Seller must authorize changes in writing on a case-by-case basis.
Misunderstandings can easily arise when there is only a verbal agreement to do something; it is always best to commit it to writing. Article 9 of the Code of Ethics requires all agreements related to real estate transactions to be in writing in clear and understandable language, expressing the specific terms, conditions, obligations and commitments of the parties. A copy of any agreement must be furnished to all parties to the agreement.