(Excerpts from the MLS Rules & Regulations)

Branded Virtual Tour:  A virtual tour that contains agent and office promotion or identification. 

Dual or Variable Rate Commission Agreement:  One in which the seller agrees to pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale results through the efforts of a cooperating broker; or one in which the seller agrees to pay a specified commission if the property is sold by the listing broker with or without the assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller.

Exclusive Agency Listing:  Exclusive agency listing authorizes the listing broker, as exclusive agent, to offer cooperation and compensation on blanket unilateral bases, but  also reserves to the seller the general right to sell the property on an unlimited or restrictive basis.

 In-Law Apartment Definition:  In Law Apartment should contain at least one bedroom (or dedicated sleeping area), one full bath and a fully functional (plumbing and electric) kitchen.  The combination of these rooms provides for a fully functional living area independent of the remaining dwelling.

Internet Data Exchange ( IDX ):  IDX affords MLS Participants the option of authorizing display of their active listings on other Participants’ Internet web sites.

Limited Service Listing:  Where listing agents or brokers, pursuant to their exclusive listing agreement, will not provide one or more of the following services.

a.      Conduct marketing activities on behalf of the seller;

b.      Assist in the drafting and negotiation of offers and counteroffers, amendments and addenda to the purchase agreement and in the establishment of strategies for accomplishing the seller’s objectives;

c.      Receive and present in a timely manner written offers and counteroffers to and from the seller(s) and purchaser(s);

d.      Provide reasonable assistance to the seller to satisfy the seller’s contract obligations and to facilitate settlement of the purchase contract.

Manufactured Home Definition:  Formerly known as a mobile home, is built in the controlled environment of a manufacturing plant on a non-removable steel chassis or frame.  Each transportable unit (a double-wide has two units; a triple-wide has three units) of a manufactured home has a red certification label (a metal plate known as a HUD tag) on the exterior section and is built according to Manufactured Home Construction and Safety Standards (HUD Code).  Manufactured homes can be placed on a permanent foundation.

Modular Home Definition:  Modular homes are built in sections at a factory.  Modular homes must conform to relevant state, local and regional building codes at their destination and might have a state certification label attached to the exterior of the home. Sections are transported to the building site on truck beds, and then assembled together by local contractors.  Local building inspectors check to make sure a modular home’s structure meets requirements for the area and that all finish work is done properly.

Square Footage Definitions:

a.      Finished square footage must be heated by a permanently attached heating system.

b.      Finished square footage must be finished with walls, floors and ceilings of material generally accepted for interior construction.

c.      Unfinished square footage includes space that could be finished for occupancy either heated or unheated in the primary dwelling, excluding garage.

Unbranded Virtual Tour:  A virtual tour containing only photos and other forms of marketing pertaining to the property being offered for sale.  An Unbranded Virtual Tour may not contain any reference to the listing agent or office/company affiliation. No photos in the Unbranded Virtual Tour may show a readable yard sign or contain any other visual indication of an agent or office/company name.

Virtual Office Website (VOW) :  A Participant’s Internet website, or a feature of a Participant’s website, through which the Participant is capable of providing real estate brokerage services to consumers with whom the Participant has first established a broker-consumer relationship (as defined by state law) where the consumer has the opportunity to search MLS listing information, subject to the Participant’s oversight, supervision, and accountability.

Water Access Condo or Townhouse:  Water access condos or townhouses that do not have contiguous land and water contact between the specific condo or townhouse listed but do have access to water by slip, ramp (not a public ramp unless located within the boundary of the community), or community boat dock.  Community must have contact with the water at some point to be considered a water access community but “Water Access” need not be specified in the recorded property description.

Water Access Homes or Lots/Land:  “Water Access” homes or lots/land must have access to water by slip, ramp (not a public ramp unless located within the boundary of the community), or community boat dock.  Community must have contact with the water at some point to be considered a water access community by “Water Access” need not be specified in the recorded property description.

Waterfront Community without Water Access for off-water Homes or Lots/Land:

Non-waterfront and no water access property that is located within a community that touches the water.  The community may have waterfront property within but does not provide water access for off water property.

Waterfront Condo or Townhouse:  Waterfront Condos or townhouses must have contiguous land and water contact between the specific condo or townhouse listed.

Waterfront Homes or Lots/Land:  Waterfront Homes or Lots/Land must have contact with the water and the length of waterfront specified.  For Smith Mountain Lake properties waterfront is defined by the 800 ft. contour.

Rev. 12/2012