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Changes to the following five forms have been approved by the NC REALTORS® Executive Committee for release effective May 1, 2020. Changes include, but are not limited to, changes made to the Marketing section of Forms 101 and 103 in response to the adoption by the National Association of REALTORS® of a “Clear Cooperation Policy” that  requires REALTORS® who participate in MLS to make a listing available to other participants for cooperation no later than one business day after any “public marketing” of the listing. The updated forms are being released May 1 rather than July 1 because MLSs are required to implement the NAR Clear Cooperation Policy no later than May 1.

A summary of the significant changes to each form follows the list. A marked-up copy of each form showing the exact changes can be viewed by clicking on the name of the form.

(1)          Exclusive Right to Sell Listing Agreement (Form 101)

(2)          Guidelines for Completing Exclusive Right to Sell Listing Agreement (Form 101G)

(3)          Exclusive Right to Sell Listing Agreement (Vacant Lot/Land) (Form 103)

(4)          Guidelines for Completing Exclusive Right to Sell Listing Agreement (Vacant Lot/Land) (Form 103)

(5)          Internet Advertising Addendum (Form 105)

(1)  Exclusive Right to Sell Listing Agreement (form 101)

• Paragraph 1(c)—”midnight” changed to “11:59 p.m.” to clarify that the agreement terminates at the end of the day inserted in the blank
• Immediately prior to paragraph 3— new “Note” clarifies that paragraph 3 (“Fixtures and Exclusions”) and paragraph 4 (“Personal Property”) of the listing agreement are a part of the Offer to Purchase and Contract commonly used to put the property under contract, and to stress the importance to the seller and listing agent of discussing in detail and describing in writing in paragraphs 3 and 4 of the listing agreement what items seller is willing to convey as a part of any sale of the property, what items the seller would like to exclude from any sale, and what items located on the property that seller may not own.
• Paragraph 3—incorporates new wording and reformatting of “Fixtures and Exclusions” paragraph in Offer to Purchase and Contract (which will roll out July 1)
  • Warning–new “Warning” added to stress the importance of addressing in the contract what items will be included in or excluded from the sale
  • subparagraph (b)
    • “smart” devices will be included as a part of the sale unless excluded
    • new “Note” added under “Fuel tanks” at request of NC Propane Gas Association to make it clear that state law prohibits disconnecting, interrupting, or filling a propane tank without the supplier’s consent
    • thermostats added to list of items
  • subparagraph (c)–new wording obligates seller to “unpair” any devices that will convey from any personal property devices with which they are paired, delete personal data from any devices that will convey, and restore all devices to factory default settings unless otherwise agreed
• Paragraph 4–new sentence added to existing “Note” to stress the importance of identifying in the contract any personal property that will be included in the sale
• Paragraph 9–reformatted to put greater emphasis on Firm’s duties
  • existing wording has been broken down into separate subsections to assist in reading and comprehension of Firm’s duties
  • Firm’s ethical duties relating to the disclosure of offers has been inserted in a new “Note” box and moved to the beginning of the paragraph
  • Seller initial blanks added at end of paragraph to confirm that seller has been made aware of each duty listed in paragraph
• Paragraph 10
  • Subparagraph (a)—this wording has been taken from the old “menu” of marketing services since under this newly-reformatting and rewording Marketing paragraph, all listings must be submitted to MLS unless the seller and the firm agree that listing will be an “office exclusive.”
  • Subparagraph (b)
    • old subparagraph (a) has become new subparagraph (b)
    • bulleted language from the old “Note” below subparagraph (b) relating to delayed marketing has been removed from the Note and added to subparagraph (b)
    • new wording has been added to subparagraph (b) confirming the fact that under the Clear Cooperation Policy, public marketing during the delayed marketing period will be prohibited
      • “Coming soon” advertising will still be permitted in accordance with MLS rules. Note: any “coming soon” advertising that is considered to be “public marketing” will trigger the requirement that the listing be submitted to other participants for cooperation within one business day. However, the listing will still be subject to any coming soon rules (can’t be shown, etc.).
  • Subparagraph (c)
    • old subparagraph (b) has become new subparagraph (c)
    • the “coming soon” advertising authorization has been moved from its own subparagraph into subparagraph (c) as a part of the marketing services menu
  • Subparagraph (d)—the “Lock/Key Boxes” option has been moved out of the Marketing Authorization subparagraph and into its own subparagraph (d) since, in an office exclusive listing, this option may be still be checked even though none of the other marketing options in new subparagraph (c) will be applicable.
  • Subparagraph (f)—this new subparagraph may be used to create an office exclusive listing. The “Note” gives instructions not to use the delayed marketing date blank in subparagraph (b) and not to select any of marketing choices in subparagraph (c)

(2)  Guidelines for Completing Exclusive Right to Sell Listing Agreement (Form 101G)

• Changes made to correspond to changes to Form 101 listed above
• New paragraph 20 added to direct agents to use NCR Form 710 to memorialize any changes to a listing agreement

(3)  Exclusive Right to Sell Listing Agreement (Vacant Lot/Land) (Form 103)

• Paragraph 1(c)– change corresponds to change to paragraph 1(c) of form 101
• Paragraph 6– changes corresponds to changes to paragraph 9 of form 101
• Paragraph 7—changes correspond to changes to paragraph 10 of form 101

(4)  Guidelines for Completing Exclusive Right to Sell Listing Agreement (Vacant Lot/Land) (Form 103)

• Changes made to correspond to changes to Form 103 listed above
• New paragraph 16 added to direct agents to use NCR Form 710 to memorialize any changes to a listing agreement

(5) Internet Advertising Addendum (Form 105)

• Paragraph 1(b)–definition of “IDX Site” expanded to include mobile apps and audio devices
• Paragraph 2(b)–eliminated in light of new Clear Cooperation Policy since Firm will not be permitted to publicly advertise seller’s property without making it available to other MLS participants

Watch a video explaining these changes HERE.

The forms will be available in pdf format on the NCR web site by April 30.  They have been provided to NCAR’s approved forms software vendor. Questions regarding the availability of updated forms software should be addressed to the vendor.

Additional changes/additions to the NC REALTORS® forms library will be rolled out effective July 1st. Stay tuned!