What are the key definitions I should know about?

MLS Listing Content

Buyer Agent: Also known as a buyer’s representative, represents the buyer in the purchase of real or personal property.

Clerical Users: Clerical Users (or Administrative Users) are affiliated licensed or unlicensed administrative and clerical staff or personal assistants who are under the direct supervision of a CCIMLS Participant or the Participant’s licensed designee. Administrative users do not have access to list and sell in CCIMLS and if unlicensed, are not required to hold REALTOR® membership.

Co-Listing Agent: A broker or agent within the same office that shares responsibility in representing the seller in the sale of real or personal property.

Comparative Market Analysis (CMA): An in-depth analysis of properties with similar criteria as a subject property. A CMA is usually used to assist a seller in determining a listing price but may also be used to assist a buyer in determining an appropriate offer price.

Concessions: The following should be considered a ‘Concession’ and must be noted when closing a sale.

• Amount paid by the seller towards buyers closing costs
  

• Amount paid by the seller towards finance-related costs
  

• Amount paid by the seller for home repairs/improvements

Please note: Buyer-broker compensation is not permitted and should not be included in concessions. Personal property is not considered a concession.

Cooperation: Cooperation (and its derivative forms including “cooperate”) means (a) or (b) or both: (a) sharing information on listed property and making property available to other brokers for showing to prospective purchasers and tenants when it is in the best interests of a listing broker’s clients; (b) attempting to find buyers or tenants for properties listed in the Service.

Co-Selling Agent: A buyer’s representative that shared responsibility in representing the buyer in the purchase of real or personal property.

Cumulative Days on Market (CDOM): CDOM is a collection of historical listing data that has occurred for an individual property not having been off the market for a total of ninety (90) days. If a property has been off the market for more than ninety (90) days and is put back on as new, the CDOM will begin at zero (0).

Days on Market (DOM)*: The total days for which an individual property has been marketed in the MLS. It reflects the current listing information. The DOM in CCIMLS starts at zero (0) if the date it is submitted matches the entered listing date. Various history events will affect the DOM, such as a property being marked as Pending and then falling through.
*Manipulation of listing information to purposely alter the DOM, such as changing a Tax ID or altering an address is against CCIMLS policy and could result in a fine.

Directions to Property: Directions to find a location of a property, not defined by use of GPS or MapQuest, etc.

Dual or Variable Rate Commission: One in which the seller agrees to pay a specified commission if the property is sold 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 either with or without the assistance of a cooperating broker and a different commission if the sale
results through the efforts of a seller.

Duplicate Sold Listing*: A listing that has been closed out within multiple property types.
*In cases where a property has been entered into multiple property-types, MLS staff will need to be notified to update the type(s) for which the property did not sell while the appropriate property type shall be closed.

Exclusive Agency: A contractual agreement between the seller(s) and the listing Participant that grants the Participant exclusive authorization to market the property to the public as the seller’s agent, but also reserves to the seller(s) the general right to sell the property on an unlimited or restrictive basis.

Exclusive Right-to-Sell Listing Agreement: A contractual agreement between the seller(s) and the listing Participant that grants the Participant exclusive authorization to market the property to the public as the seller’s agent.

Listing Agent: A broker or agent responsible for representing the seller of real or personal property that is to be listed in the MLS.

Listing Content: Includes, but is not limited to, photographs, images, graphics, audio and video recordings, virtual tours, drawings, descriptions, remarks, narratives, pricing information, and other details or information related to listed property.

MLS Tour: A scheduled date and time for which agents meet to view a certain group of properties.

Open House: A scheduled date and time for which all visitors are allowed into a property.

Participant: A Participant is the individual who hold an active real estate license in the Commonwealth of Massachusetts and have been designated the ‘Broker in Charge’ of their office (i.e. sole proprietors, partners, corporate officers, or branch office managers acting on behalf of the firm principal(s)). REALTOR® Member principal of a firm, partnership, corporation, or branch office manager designated by such as the responsible party for the MLS and shall have all rights, benefits, and privileges of the CCIMLS, and shall accept all obligations to the CCIMLS for compliance with the Bylaws and Rules and Regulations by all persons affiliated with the Participant.

Personal Property: Is generally considered as property that is movable.

Property Sub-type*: An additional subset in describing a type of building or piece of real or personal property.
* Agents may not market a property within multiple property sub-types.

Property Type: The type of building or piece of real or personal property.
*Agents may enter a listed property into multiple property types should it not be misleading or deceptive in any way.

Real Property: Is fixed property, usually land and buildings.

Sales Price: The sales price marked in the MLS should be the gross sales price, which is inclusive of any concessions or buyer gifts.

Subscriber: Subscribers (or users) of the CCIMLS include non-principal real estate brokers, sales associates, and licensed real estate appraisers affiliated with CCIMLS Participants.

Tax ID: Also known as the Parcel ID. This is a unique identifier assigned to parcels of real property within particular jurisdictions for identification and record-keeping purposes.

Team: Two or more CCIMLS Participants or Subscribers working or acting as one for all transactions.

Tour of Homes (Broker Open House): A scheduled date and time for which all agents are allowed into a property.

User ID: A unique identifier for all Participants, Subscribers, and those affiliated that will allow users to log into the Member Dashboard and other databases used for updating membership, paying bills, and registering for classes. CCIMLS members User ID’s will start with the letter U. Team ID’s will start with the letter T but are only used for listing purposes in the MLS listing software.

Mandatory Listing Area: The mandatory-listing area of the Cape Cod & Islands Multiple Listing Service, Inc. is the counties of Barnstable, Dukes, and Nantucket, and the town of Wareham in the state of Massachusetts.

MLS Service Area: The service area of the Cape Cod & Islands Multiple Listing Service, Inc. is the Commonwealth of Massachusetts.

Multiple Listing Service (MLS): A service by which cooperation among Participants is enhanced, by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers; by which Participants engaging in real estate appraisal contribute to common databases; and is a facility for the orderly correlation and dissemination of listing information so Participants may better serve their clients and the public.

MLS Status Definitions

Coming Soon-No Showings: Allows agents who will be publicly marketing a property to list the property in the MLS while it is being prepared for showing or sale. Properties must be entered as Coming Soon-No Showings or Active within forty-eight (48) hours or one (1) business day of public marketing, whichever is sooner. Properties may only remain in this status for a period of twenty-one (21) days. Listings in this status will automatically switch to Active once it has reached its Showing Start Date.

Active: Property is in the MLS, being marketed and usually shown*. All exclusive listing agreements taken in the mandatory listing area must be submitted to the MLS within 48 hours of all necessary signatures, even if the marketing in the MLS is delayed or declined altogether. *Properties may be considered Active even if they are not being shown. Listing brokers shall not misrepresent the availability of access to show or inspect a listed property. Remarks regarding the showing of a property must be disclosed in the Agent Remarks, including the availability to show. However, the availability to show a property is presumed unless otherwise disclosed.

Active with Kick-Out: Property has an accepted offer with a kick-out clause. This should be noted as either Home Sale, Probate, or Third Party Approval. This status is an Active status. Properties in this status have to be shown and will be distributed as Active with a disclosure that there is a kick-out and the kick-out reason. These listings will continue to calculate Days on Market and will Expire on the listed Expiration Date. Status change needs to be made within the MLS within twenty-four (24) hours of the accepted offer.

Pending/Continue to Show: Property has an accepted offer with no kick-out, but the seller and agent would like to continue to show the property. The status is pending; therefore, the Days on Market will no longer calculate and the property will not Expire on the listed Expiration Date. Status change needs to be made within the MLS within twentyfour (24) hours of the accepted offer.

Pending: Property has an accepted offer with no kick-out and the seller and agent have decided to no longer show the property. This status is Pending; therefore, the Days on Market will no longer calculate, and the property will not Expire on the listed Expiration Date. Status change needs to be made in the MLS within twenty-four (24) hours of the accepted offer.

Temp. Off Market: Property is being taken off the market temporarily, but a valid listing agreement still exists. Status Change in the MLS should be made within twenty-four (24) hours of signed withdrawal

Cancelled*: Property is being removed from the market due to the listing agreement ending prior to the original expiration date. Status Change in the MLS should be made within twenty-four (24) hours of signed authorization.
*This status will only be accessible by the Participant or their authorized representative and will require appropriate
documentation authorizing the mutual agreement to terminate.

Expired*: Property has reached its contract expiration. Listings will automatically Expire on their listed Expiration Date.
*Agents will have access to their Expired listings for a period of seven (7) days following its expiration. After the seven (7)
day period they should contact the MLS office for assistance.

Closed: Property has had its closing. Status change in MLS should be made within seventy-two (72) hours of property closing.

MLS Technical Terms

Application Program Interface (API): Describes a data transfer method that eliminates the need to copy listings between servers. API technology creates efficiencies in the collection and use of MLS data by Participants, vendors, and MLSs. APIs allow for faster updates/results, increased security, and ease of use in displaying property information.

Automated Valuation Model (AVM): A service that can provide real estate property valuations using mathematical modeling combined with a database. Most AVMs calculate a property's value at a specific point in time by analyzing values of comparable properties.

Application Program Interface (API): Describes a data transfer method that eliminates the need to copy listings between servers. API technology creates efficiencies in the collection and use of MLS data by Participants, vendors, and MLSs. APIs allow for faster updates/results, increased security, and ease of use in displaying property information.

Broker Distribution*: Term used for the supply of MLS listing data to a specific website or websites for display of authorized information. MLS publishers use the authorized listing information to market real estate on their website(s). CCIMLS publishers include Cape Cod Media Group, Boston.com, Realtor.com, Homes.com, and ListHub. Properties may be excluded from syndication on a listing-by-listing basis at the seller’s request. Participants of CCIMLS have the right to opt-out of any syndication publisher at their own discretion.
*The goal of the CCIMLS in regard to listing distribution is to put the broker in charge and give them the power, the tools, and the knowledge to make responsible choices as to where and how they send and share their listings online.
CCIMLS accomplishes this by:

• Maintaining a broker distribution tool within the CCIMLS that allows brokers - at the firm level and at the
  individual listing level – to choose where their data is shared
  

• Training brokers on how to manage distribution, which includes distribution tools and how to spot the source of
  a listing online
  

• Provide member assistance to help brokers and agents navigate issues with publisher sites and the display of
  data online

Broker Reciprocity: Terminology used when Participants share their listings online with other Participants.

Internet Data Exchange (IDX): Gives MLS Participants the ability to authorize the limited electronic display of their listings by other Participants.

Real Estate Standards Organization (RESO): Actively develops, adopts, and implements open and accepted data standards and processes across all real estate transactions. Its goal is to produce a common language spoken by systems that handle real estate information. The Data Dictionary was created to ensure that each system “speaks” the same language.

Real Estate Transaction Standard (RETS): The framework used to facilitate the exchange of data. An MLS will publish a dictionary of data available through the use of “metadata”. This helps the authorized user understand which fields will be available for their use. The RETS server provides real-time data to the receiving software, which then translates it into a formatted display.

Single Sign-On (SSO): Refers to the technology for the user authentication process that allows access to multiple
applications with one set of user credentials.

The Digital Millennium Copyright Act (DMCA)*: A federal copyright law that enhances the penalties for copyright infringement occurring on the Internet. The law provides exemptions or “safe harbors” from copyright infringement liability for online service providers (OSP) that satisfy certain criteria. Courts construe the definition of “online service provider” broadly, which would likely include MLSs as well as Participants and Subscribers hosting an IDX display.
*To qualify for this safe harbor, the OSP must:

• Designate on its website and register with the Copyright Office an agent to receive takedown requests. The agent could be the MLS, Participant, Subscriber, or other individual or entity.
  

• Develop and post a DMCA-compliant website policy that addresses repeat offenders.

• Comply with the DMCA takedown procedure. If a copyright owner submits a takedown notice to the OSP, which alleges infringement of its copyright at a certain location, then the OSP must promptly remove allegedly infringing material. The alleged infringer may submit a counter-notice that the OSP must share with the copyright owner. If the copyright owner fails to initiate a copyright lawsuit within ten (10) days, then the OSP may restore the removed material.
  

• Have no actual knowledge of any complained-of infringing activity.

• Not be aware of facts or circumstances from which complained-of infringing activity is apparent.

• Not receive a financial benefit attributable to complained-of infringing activity when the OSP is capable of
  controlling such activity.

Full compliance with these DMCA safe harbor criteria will mitigate an OSP’s copyright infringement liability. For more
information see 17 U.S.C. §512.

Virtual Office Website (VOW): A Participant’s 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 they have established a broker-consumer relationship.