When BICs and sellers agree the residential listing (e.g. SCR220, SCR210) is to be transferred from BIC#1 to BIC#2, REALTORS® have an ethical duty to ensure the forms match the real world listing practice.
SCR standard forms may be timely/property released, terminated, amended, renewed, transferred, or created by both "in person" wet blue ink on paper forms or electronically using appropriate electronic forms such as zipForms Digital Ink (included in your SCR membership).
To learn about zipForms and zipForms digital ink, set up your SCR account and view Youtube and zipForms online training and attend in person zipForms training.
SCR has several forms that can be used.
The listing agreements themselves (e.g. SCR210, SCR220).
SCR390 general addendum/amendment.
SCR313 notice of termination.
SCR518 release.
SCR250 conditional release from listing agreement.
https://screaltors.org/wp-content/uploads/Forms/250.pdf
On the buyer rep side, SCR255 conditional release from buyer rep agreement.
https://screaltors.org/wp-content/uploads/Forms/255.pdf
MLS systems may have administrative forms for the MLS but these forms do not usually have the vital sellers’ signatures/initials/dates that are required to change the listing agreements.
Brokers could have monetary risks by not properly using the forms.
If a seller reneges on paying the listing commission and the listing agreement has not properly been updated/changed/created, the listing brokerage might not be able to successfully sue the seller for the listing commission and the listing brokerage could be on the hook to pay the cooperating broker’s compensation out of the listing broker’s own pocket.
NAR ethics require REALTORS® to properly use forms.
Article 9
Realtors®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. (Amended 1/04)
• Standard of Practice 9-1
For the protection of all parties, Realtors® shall use reasonable care to ensure that documents pertaining to the purchase, sale, or lease of real estate are kept current through the use of written extensions or amendments. (Amended 1/93)
• Standard of Practice 9-2
When assisting or enabling a client or customer in establishing a contractual relationship (e.g., listing and representation agreements, purchase agreements, leases, etc.) electronically, Realtors® shall make reasonable efforts to explain the nature and disclose the specific terms of the contractual relationship being established prior to it being agreed to by a contracting party. (Adopted 1/07)
Posted by : Byron King on 8/3/18 (This information is only accurate as of 8/3/18. You must contact SCR for updates and changes to this information after 8/3/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)