How do I get the bonus that was offered in the MLS?
Posted on February 11, 2013 by Texas Association of REALTORS®
In the agent-to-agent remarks for a property listed in our MLS, the listing broker offered a bonus to the cooperating broker. However, when I presented an offer on behalf of my client, the listing agent scratched through the bonus amount that had been offered in the MLS, indicating that it did not apply for that sales price.
The comments in the MLS did not include any information about a minimum sales price or other restrictions. Isn’t the bonus part of the unconditional offer of compensation?
Yes. Bonuses offered through the MLS are considered part of the listing broker’s blanket, unilateral offer of compensation to other MLS participants. NAR model MLS rules state that the listing broker may only modify the compensation by providing written notice to the other broker prior to a purchase offer being submitted.
If, as the cooperating broker, you feel the bonus offered through the MLS should have been paid to you and it was not, you can request to mediate your dispute or file an arbitration request.
Filed under: Legal, Members, Texas REALTOR(r) magazine Tagged: | legal, members, MLS
Code of Ethics and Standards of Practice
- Standard of Practice 3-2
Any change in compensation offered for cooperative services must be communicated to the other Realtor® prior to the time that Realtor® submits an offer to purchase/lease the property. After a Realtor® has submitted an offer to purchase or lease property, the listing broker may not attempt to unilaterally modify the offered compensation with respect to that cooperative transaction. (Amended 1/14)
- Standard of Practice 3-3
Standard of Practice 3-2 does not preclude the listing broker and cooperating broker from entering into an agreement to change cooperative compensation. (Adopted 1/94)