The new mortgage disclosure rules are now in effect. Watch this video as Margy Grant, Florida Realtors vice president and general counsel, reviews the changes and their direct impact on your role in the transaction.
Non-MLS listings, or pocket listings, are not illegal or unethical when directed by the seller, but they do carry additional complications. Before taking or encouraging a non-MLS listing, a Realtor should evaluate the property and make sure that leaving it out of the MLS is the right decision for the seller. Also, taking a listing and putting a “coming soon” sign on the property for a week or so before actively marketing it in the MLS is most likely a violation of your listing agreement and possibly a violation of the Code of Ethics.