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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (15186)	11/18/2003 5:47:25 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

Since you are not part of the brokerage business, it's not surprising that you don't know the real facts. 1.) Most real estate agents are not members of NAR or their local Board of Realtors. 2.) Every MLS I know is effectively owned by the Local Board of Realtors. (In many market areas the real capital for the MLS is provided by the major firms which control the majority of sales in that market, but their shares may not be sold without the approval of the Board of Realtors.) 3.) Very few MLS systems require their members to be members of either NAR or their Local Board of Realtors. (Actually none that I know of, although I have heard people say this is not true at their MLS.) 4.) The MLS system is the essential tool of home sales in most markets. The MLS is a creature of the NAR, the Local Board of Realtors, and the major brokerage firms in that marketplace. The MLS is used to establish rules for lock-box access, right to commissions for participating agents, arbitration, and access such as IDX links to websites. 5.) As an example the California Realtors "Residential Purchase Agreement", which is effectively the only form accepted by most brokerage firms in California, makes no reference to a commission for the agent representing the Buyer. The only right to a commission for the Buyer's agent is in their membership with the local MLS and the underlying contracts for MLS members. A non-member of the MLS may have a contract with their Buyer requiring compensation, but this contract is enforceable only against the Buyer. In no case does it establish a claim against the Seller or the Seller's Agent.