CONNECT: Facebook Twitter LinkedIn YouTube
MENU

 

Are you Complying with ‘Coming Soon’ Rules Everywhere You Market Your Listings?
Broker Blast - a brokers only e-newsletter publication of the Metropolitan Indianapolis Board of REALTORS



Share this e-mail: Facebook Twitter LinkedIn

Stat of the Week 
Who would have guessed the median age of the Indy-Carmel metro is lower than the San Francisco-Oakland metro?  The Stats House Database can confirm it:  39.1 vs. 39.9. See more at The Stats House Database.   
 
Mark Your Calendar  

ALL MONTH
For information on MIBOR Division meetings. More

ALL MONTH
Free BLC® Listing Service Training. More

JUNE 28
REALTOR® Foundation Feed the Fight. More

JUNE 30
Broker Transition Deadline. More

JULY 23
Will Planning Presentation. More

ONGOING
Online Calendar of Events. More









 


 

Hot Topic

 


Are you Complying with Indiana Real Estate Advertising Laws and BLC® Listing Service Rules Everywhere You Market Your Listings?

The recent warning from NAR and resulting Inman News article about Zillow’s new ‘Coming Soon’ feature has raised questions among MIBOR members about the BLC® Listing Service policy related to ‘Coming Soon’ practices. Since Zillow’s feature requires you to check a box stating that you are complying with the Indiana license law requirements and the listing services rules and regulations, your vigilance to the license law requirements and the services policies are important. 

NAR’s warning inferred that brokers who do not act in the best interests of their clients and fail to disclose the pros and cons of marketing strategies such as ‘Coming Soon’ advertising may be exposing themselves to legal and professional liability.
 
Last fall, the MIBOR Board of Directors refined the listing procedures policies recommend by the BLC® listing service Policy Committee related to the promotion of properties such as  ‘Coming Soon Signs’ or distribution or promotional advertising such as Facebook posts or emailing flyers, etc.  Remember Indiana License law requires a real estate brokerage to establish a written contractual relationship to advertise a property; this would include the placement of a sign, promotional advertising or entry into the BLC® listing service. Placement of a sign or promotion of a listing in any way prior to the written contractual relationship to advertise a property is a violation of Indiana Real Estate License Law. 

The refined BLC® listing service listing procedure policy includes:
  • Established an automatic fine of $100 for late entry of listings
  • Allows for listings that are not yet available for showing (coming soon) to be available in the active status for up to 7 days from the list date
  • Requires the use of a standard Exempt Listing Disclosure form and established a fine of $500 for failure to file an exemption.  
The Exempt Listing Disclosure form is required for any listing that will not be submitted or if there is a delay in entry to the listing to BLC® listings service of more than two business days. Additionally, listings that are not available to be shown beyond 7 days from the listing date may not remain in the active status.

The BLC® listing service listing procure policy adopted last fall did require several clarifications to be consistent with the National Association of REALTORS® policy requirements which were approved at the MIBOR Board of Directors meeting on June 17th. Please make sure your brokerage is referencing the updated policy. Click here for the updated policy. 

 

Technology Tip
Summer Tech Training…Don’t Miss It
The latest schedule of complimentary Fusion™ training has been posted. Please note that some classes require Basic as a pre-requisite. As a convenience, there are a few instances of Basic being offered in the mornin
g and CMA or Prospecting class offered in the afternoon of the same day.  More

Other News from MIBOR 
Final Days of Continuing Education Push and License Renewal 
Principal brokers in need of completing their 16 hours of continuing education have until June 30th to do so.  This includes completion of the additional 8 hours of continuing education which must include a 2 hour Indiana license law course.  

Salespersons must complete the broker transition by June 30th as well. The Indiana Professional Licensing Agency has made notification that they will not process renewals in person after Monday, June 23rd. Applications may be dropped off until the deadline, but will not be processed in person after Monday. Applications cannot be accepted via email. Applications may be mailed to: Indiana Professional Licensing Agency, 402 W. Washington St., Room W072, Indianapolis, IN, 46204. Once salespersons receive their new license number from IPLA via email, they are asked to forward the email to membership@mibor.com.

If you have any questions about the CE requirements or Broker Transition, click here

What’s In A Name?
On July 1, new terms will in place to refer to brokers and agents all as result of the license law change. In MIBOR communications – both print and electronic – and in documents such as BLC® rules and regs and bylaws, you’ll see new language. Managing Broker will be used to refer those formerly known as Principle Brokers. Broker will be used to all those formerly known as Salespersons. 

Annual Dues Mailed 
MIBOR has mailed your annual dues statement for collection of MIBOR, IAR and NAR dues. You should receive an invoice early this week. Please be aware that invoices are due July 1st. Click here to pay online. 

 



2014 MIBOR, 1912 N. Meridian St., Indianapolis, IN 46202 317-956-1912
www.mibor.com


Upcoming Events

Nov
29
November 29, 2017 @ 1:30 pm - 3:30 pm
Learn More
Dec
1
December 1, 2017 @ 9:00 am - 11:00 am
Learn More
Dec
6
December 6, 2017 @ 8:30 am - 12:00 pm
Learn More
SITE MAP