Limited Service Listings!

From the WFRMLS Newsletter.

Limited Service Listings

The Board of Directors for the Wasatch Front Regional MLS recently approved the elimination of the designation for Limited Service. This action was taken to simplify and clarify the responsibility of both listing broker and participating broker in their services to their principals and each other. The WFRMLS listing input process has been revised to reflect this change.

This change is being made primarily in response to recent state regulation changes. The Division of Real Estate for the state of Utah has established minimum services that must be performed by principal real estate brokers. This requirement is identified as Utah Law and Exclusive Brokerage Agreements Utah Code Ann. Section 61.2.27, as amended, or any substitute or replacement section, and as amended (the “Exclusive Brokerage Agreement Statute”).

They establish the following requirements for real estate brokers:
1. Accept delivery of and present to the client offers and counteroffers to buy, lease, or exchange the client’s property.

Consistent with Standards of Practice 1-6 of the Code of Ethics and Standards of Practice of the NATIONAL ASSOCIATION OF REALTORS®, this must be done objectively and as quickly as possible. A listing broker, upon receipt of a written offer from a cooperating broker, shall submit the offer to the seller without delay or give the cooperating broker a satisfactory reason for not doing so.

2. Assist the client in developing, communicating, and presenting offers, counteroffers, and notices.

3. Answer any question the client has concerning (a) an offer, (b) a counteroffer, (c) a notice, and (d) a contingency.