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please help. the previous answer provided was incorrect. the scenerio is the 1st photo and the questions are the 2nd photo A pocket listing or
please help. the previous answer provided was incorrect.
A pocket listing or hip pocket listing is a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an "Exclusive Right to Sell" or "Exclusive Agency" agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS), or where advertising is limited for an agreed-upon period of time. Your broker's office is a member of the MLS and always uses exclusive right to sell listing agreement, but before you leave for a listing appointment your broker suggests that if you get the new listing, "we should keep this as a pocket listing." As a pocket listing our office will have the first opportunity to make the sale and that way we can "double-end" the commission. Bottom line this is a decision to hold the seller's listing off the MLS and allow the broker's office to make both sides of the commission. You mull over your conversation with your broker all the way over to your appointment, trying to decide if this is a legal and ethical practice. Does this respect the code of ethics and your fiduciary responsibility to the seller? Review the case examples in Chapter Two and the attached legal Q&A regarding Pocket Listings and answer the following questions. Please answer using a text submission or you may 1) As a member of the MLS, is your broker violating MLS rules and guidelines? 2) Is this an ethical practice? 3) Is a pocket listing legal? 4) What would you do if you were taking this listing the scenerio is the 1st photo and the questions are the 2nd photo
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