Effective Tuesday, July 15, Brokers, Managers and members/users with Broker Load privileges may broker load listing cancellations and suspensions.
All rules regarding cancellations and suspensions remain the same – the cancellation/suspension form must be signed and dated by the seller, signed by the Broker of Record/Manager and be in hand prior to processing the cancellation.
Brokers of Record may set their own office policies as to whether they will allow member/users with broker load privileges in their office to process their own cancellations and suspensions. RAHB will not monitor who in an office may or may not broker load cancellations and suspensions – it is up to the Broker of Record/Manager to enforce whatever policy they set for their office.
Broker loaded cancellations and suspensions will be audited by the MLS® department. Fines will be assessed if members are found to be processing these changes without the appropriate forms being properly completed prior to processing.
The Board of Directors recently approved the following new policy for broker loading cancellations and suspensions:
NEW – Miscellaneous
#24 UPON CHECKING 1 IN 5 CANCELLATIONS AND SUSPENSIONS, IF ANY AUDITED CANCELLATION OR SUSPENSION OF LISTING AGREEMENT IS FOUND TO BE IN CONTRAVENTION OF THE RAHB’S RULES AND REGULATIONS, SECTION 3, AND IS MISSING THE SELLER’S SIGNATURE AND DATE OF SIGNING OR MISSING THE LISTING BROKER OF RECORD’S SIGNATURE(S), THE LISTING WILL BE REACTIVATED AND A FINE WILL BE ASSESSED AS OUTLINED IN MLS® POLICY #23, AS FOLLOWS: $250 FOR FIRST OFFENSE, $500 FOR SECOND OFFENSE, $750 FOR THIRD OR SUBSEQUENT OFFENCES. FOLLOWING THE THIRD OFFENSE THE MEMBER’S BROKER LOAD PRIVILEGES MAY BE REVIEWED.
(Currently all broker loaded listings are subject to an audit of every one in 10 listings. For cancellations and suspensions, one in five listings will be audited.)