MULTIPLE LISTING SERVICE GUIDELINES

1. AUTHORITY:
The Multiple Listing Service shall be governed by the Professional Code of Ethics and
Standards created under the Real Estate Service Act (RESA) Law or R.A. 9646 of 2009
in the Philippines and the applicable provisions on the Code of Ethics and Standards of
the National Association of Realtors on listing service outside the Philippines.

2. PURPOSE:

• to facilitate the orderly correlation and dissemination of listing information so
members may better serve their co-practitioners, clients, customers and the general
public
• to serve as a channel or means of enhancing cooperation by which authorized
members make blanket unilateral offers of compensation or fees to other member
participants (acting as salespersons or sub-agents, brokers (buyer agents) in any real
estate transactions (buying/selling, leasing, etc.), however, entitlement to such
compensation or fees is determined by the cooperating broker’s performance as
procuring cause of the sale (or lease).
• to provide means by which information is accumulated and disseminated to enable
authorized members to prepare appraisals, analyses, and other valuations of real
property for bona fide clients and customers thus contribute to common databases of
repository of information.

3. DEFINITIONS OF TERMS

Section 3.1 MULTIPLE LISTING SERVICE DEFINED:
“Multiple Listing Service” is a means by which authorized member
participants make blanket unilateral offers of compensation to other
member participants (acting as designated buyer, transaction facilitators,
transaction coordinators, or in other capacities) by which information is
accumulated and disseminated to enable authorized member participants
to prepare appraisals and other valuations of real property. It is also a tool
by which member participants engaging in real estate appraisal contribute
to a common database in such a facility for the orderly correlation and
dissemination of listing information among the member participants so
that they may better serve their clients and the public. Entitlement to any
compensation is determined internally between member participants
depending on and by the cooperating broker’s performance as procuring
cause of sale.

Section 3.2 OTHER TERMS DEFINED:
As used in these guidelines, the following terms shall have the meanings
given to them on this Section 3.2:

3.2.1 Concession/Net Sale – a change to selling price, the amount of which is
not ascertainable at the time of listing the property due to otherwise
negotiated items which reduce or increase the proceeds of the sale to the
seller, including, but not limited to the seller’s cost of repairing an
unforeseen deficiency in the property, a credit to the buyer for an
unforeseen deficiency in the property, payment of the buyer’s closing
costs by the seller, and design or construction upgrades which are selected
by a buyer for a new home.

3.2.2 Exclusive Right-to-Sell Listing:
A contractual agreement / or an Exclusive Right-to-Sell Agreement that
exists between a listing broker and a seller wherein the listing broker acts
as the agent or as the legally recognized non-agency representative of the
seller(s). As such, the seller(s) agrees to pay a commission or fees to the
listing broker regardless of whether the property is sold through the efforts
of the listing broker, the seller(s), or anyone else;

3.2.3 Exclusive Agency Listing:
A contractual agreement/ or an Exclusive Agency Agreement that exists
between a listing broker and a seller wherein the listing broker acts as the
agent or as the legally recognized non-agency representative of the
seller(s). However, the seller(s) agrees to pay a commission to the listing
broker if the property is sold through the efforts of any real estate broker.
If the property is sold solely through the efforts of the seller(s), the
seller(s) is not obligated to pay a commission or fees to the listing broker.

3.2.4 Open Listing:
A contractual agreement that exists between a listing broker and a seller
wherein the listing broker acts as the agent or as the legally recognized
non-agency representative of the seller(s), and the seller(s) agrees to pay a
commission to the listing broker only if the property is sold through the
efforts of the listing broker.

3.2.5 Participant. A Participant is any individual who is;

3.2.5a Qualified to apply and is accepted to become a member by the MLS
operator/provider,

3.2.5b Able to meet and continues to meet all of the following requirements
of either a broker participant or an appraiser participant as defined
below in the following Sub-Sections 3.2.6 and 3.2.7;

3.2.6 Broker Participant. A broker participant is a participant who meets and
continues to meet all of the following requirements:

(a) The individual who holds a valid PRC license of real estate broker's
for which the individual acts as broker and/or accepts compensation
in the capacity of a real estate broker;

(b) The individual is a principal, partner, corporate officer, or branch
office manager acting on behalf of a principal;

(c) The individual has signed a written agreement to abide by the
mechanics, policies and rules and regulations of the MLS service in
place and being enforced at that time and as from time to time being
amended.

(d) The individual pays all applicable MLS fees and dues and participated
and completed any required orientation programs within thirty (30)
days after payment and access has been provided.

3.2.7 Appraiser Participant. An appraiser participant is a participant who meets
the following requirements:
(a) The individual holds a valid PRC appraiser’s license;
(b) The individual is a principal, partner, corporate officer, or branch
office manager acting on behalf of a principal;
(c) The individual has signed a written agreement to abide by the
mechanics, policies and rules and regulations of the MLS service in
place and being enforced at that time and as from time to time being
amended.
(d) The individual pays all applicable MLS fees and dues and participated
and completed any required orientation programs within thirty (30)
days after payment and access has been provided.

3.2.8 Subscriber. A subscriber is an individual who:

3.2.8a Qualified to apply and is accepted to become a “subscriber” by the
MLS operator/provider;

3.2.8b Able to meet and continues to meet all of the following requirements
of either a real estate subscriber or appraiser subscriber as defined
below in the following Sub-Sections 3.2.1 and 3.2.2;

3.2.9 Real Estate Subscriber. A real estate subscriber is a subscriber who meets
all of the following requirements:
(a) The individual holds a valid PRC real estate salesperson's
accreditation ;
(b) The individual is employed by or affiliated as an independent
contractor with a broker participant;
(c) The individual has signed a written agreement to abide by the
mechanics, policies and rules and regulations of the MLS service in
place and being enforced at that time and as from time to time being
amended.
(d) The individual pays all applicable MLS fees and dues and
participated and completed any required orientation programs
within thirty (30) days after payment and access has been
provided.

3.210 Jurisdiction shall mean the Philippines

3.2.11 Limited Service Listing shall mean a form of listing submitted to the
Service under which the listing broker will provide at least any one of
following services: (a) present offers to purchase directly to the seller; (b)
advise the seller as to the merits of the offer; (c) the seller in developing,
communicating or presenting counter-offers; or (d) participate on the
seller’s behalf in negotiations leading to the sale of the listing property.

3.2.12 MLS Entry-Only Listing shall mean a form of listing submitted to the
Service under which the listing broker will provide none of the following
services: (a) present offers to purchase directly to the seller; (b) advise the
seller as to the merits of the offer; (c) assist the seller in developing,
communicating or presenting counteroffers; and (d) participate on the
seller’s behalf in negotiations leading to the sale of the listing property.

3.2.13 MLS or “Service” shall mean the Multiple Listing Service.PH Co. as
defined in Section 3.1, from which a Participant receives its participatory
rights.

3.2.14 MLS Compilation shall mean any format in which property listing data is
collected and disseminated to the member participants, including, but not
limited to bound book, loose-leaf binder, computer database, photographs,
card file, or any other format, for which MLS is deemed to hold copyright
protection.

3.2.15 Report shall refer to the act of inputting the listing, changes, or other
appropriate information into the computer or the mailing (verified by the
postmark date) or faxing of the listing to the MLS .

3.2.16 Sanction shall refer to service charges, late fees, fines, suspension,
expulsion, and such other penalties which may be imposed by the MLS

3.2.17 User shall mean an authorized employee of a member participant who is
not licensed as a real estate broker, salesperson, or appraiser but has access
to the data, including, but not limited to a secretary, office manager, or
unlicensed personal assistant.

4. PARTICIPANT’S ELIGIBILITY AND RIGHTS

4.1 Participant’s and Subscriber’s Duties:
Participant understands and agrees that the use of information developed by or
published by the MLS Service provider is strictly to the activities authorized
under a member participant’s license(s) which is non-transferable and any
unauthorized use are strictly prohibited. Further, none of the foregoing is intended
to convey participation of any right of access to information developed by or
published by the MLS Service provider where access to such information is
prohibited by law.

4.1.1 Participant’s Duties:

A Participant must comply with the following requirements and terms of
participation:
1. Complete and deliver the MLS application forms with initial
membership fee to the MLS Service Provider;
2. Accept invitation and register and agree on on-line orientation
tutorial or attend an orientation program before MLS service
commences and other educational programs which MLS may
require;
3. Provide MLS Service Provider the participant’s business address,
telephone number, email address, copy of license, and tax
identification number to the MLS Service Provider before service
commences and notify the MLS Service Provider of any changes
or update of any information as soon as practicable;
4. Provide and maintain a current list of the names, real estate license
numbers, business address, home address, and email address(es), if
they exist, of any and all individuals who are affiliated with
Participant and hold an active, valid, and current PRC license as a
real estate salesperson, broker, or appraiser.
5. Abide by the MLS Guidelines, Policies and Rules and Regulations.
6. Agree to arbitrate disputes with other Participants;
7. Pay MLS dues and fees, in accordance with payment schedule.

4.1.2 Subscribers Duties:
A Subscriber must comply with the following requirements and terms of
participation:
1. Complete and deliver the MLS application forms with initial
payment of membership fee to the MLS Service Provider;
2. Accept invitation and register and agree on on-line orientation
tutorial or attend an orientation program before MLS service
commences and other educational programs which MLS may
require;
3. Provide MLS Service Provider the participant’s business address,
telephone number, email address, copy of license, and tax
identification number to the MLS Service Provider before service
commences and notify the MLS Service Provider of any changes
or update of any information as soon as practicable;

4.1.3 Leave or Unsubscribe:
Any Participant may apply for leave or unsubscribe from active
participation by submitting a written letter of unsubscription giving thirty
days’ notice to the MLS. A Participant who unsubscribe shall not be
entitled to any refund of initial membership fee or any dues or charges. If
the Participant requests to be reinstated, the MLS may charge a
reinstatement fee and require that the Participant attend an MLS
orientation program for update prior to reinstatement.

5. MLS FEES AND CHARGES.

5.1 Applicability. Sections 5.2, 5.2.1 and 5.2.2 shall apply only to those
participants or subscribers who receive MLS services direct

5.2 Service Fees and Charges. The MLS Service Provider shall from time to
time establish a schedule of MLS fees applicable to the MLS subscriber,
which may include the following service fees and charges:

5.2.1 Initial Participation and/or Application Fee. An applicant for
participation as either a participant or a subscriber in the MLS shall pay an
application fee or processing fees.

5.2.2 Listing Fee. A broker participant may be required to pay a listing fee to
the service center for each listing submitted by the broker participant or
any real estate subscriber on behalf of the broker participant.

6. LISTING PROCEDURES

6.1 Listing Procedures: A Report shall be made of listings of real property by
classification whether for sale, exchange or lease but in conformity with
any one of the following categories :
(a) Single family homes including mobile homes
(b) Two-family, three-family or four-family residential buildings
(c) Condominiums
(d) Vacant, residential land

6.2 The following listings of real property may be voluntarily submitted to the
MLS Service provider:
(a) Commercial or industrial property for sale or exchange
(b) Residential properties
(c) Commercial land listings
(d) Business listings
(e) Commercial lease listings
(f) Any listing of any type described within this section, which is
located in the MLS’ under Philippine jurisdiction,

The MLS Service provider may provide the use of a Property Data Form
(PDF) for listing taken The PDF shall be in accordance with the Policies
and Rules and Regulations of the MLS Service and becomes valid upon
signature of the seller; However, in the event property so listed was sold
before filing with the MLS Service, the listing sold or pending sale must be
reported within the required time allowed.

The MLS Service shall not dictate the form nor the contents of the listing
agreement between the Participant and the seller except that any listing
agreement submitted to the MLS Service:
a) Shall protect adequately the interest of the general public and theParticipants / Subscribers;
b) Shall not establish, directly or indirectly at all times, any
contractual relationship between the MLS Service and the client
(buyer or seller);
c) Shall include a section or provision in the listing agreement
indicating whether the seller authorizes the listing broker to submit
his/her listing to the MLS Service;
d) Shall include a statement or provision indicating whether the
seller authorizes his/her listing:
1. To upload or appear in the Internet Display (various local
and international sites or linkages).
2. To appear on public websites for general viewing and
reference.
3. To appear with a photograph(s) or digital picture.
e) Shall disclose the compensation, fees or referral being offered to
a selling broker.
f) Shall meet the definition of an Exclusive Right to Sell Agreement
or an Exclusive Agency Agreement

If the listing broker is representing the seller as a designated
client representative, the listing agreement shall comply with the
following requirements to the provisions of Section 6.1. The
listing agreement shall:
(i) Include terms of compensation, fees or referral;
(ii) Describe all services and limitations on services to be performed
by the principal broker and his or her designated or nominated
affiliated licensees;
(iii) State that a principal broker may appoint one or more affiliated
licensees to act as the designated client representative(s) for a
seller or lessor and one or more affiliated licensees act as the
designated client representative(s) for a buyer or lessee in the same
transaction after a licensee has obtained consent from the client
being represented;
(iv) Be signed by all parties.
g) Shall include a statement or provision regarding the authorization
of the listing broker to disclose the existence of offers in response to
inquiries from cooperating brokers and buyers and to be considered as
Limited Service listings which shall be so noted by indicating “Y” in the
Limited Service field.
h) Shall also include a statement or provision regarding if such listing
is an Entry-Only listings that shall be also noted by indicating “Y” in the
“Entry-Only Listing” field and shall include such “EO” with the
compensation,fees or referral being offered to selling broker and buyer’s
broker.

6.3 Joint Listings:
In the event that a Participant jointly lists a property with another
Participant, only one data form shall be processed through the MLS
Service. The showing licensee field may be used to display the additional
listing licensee.

6.4 Detail on Listings Filed with the Service:
A listing agreement or Property Data Form when filed with the MLS
Service by the listing broker shall be complete in every detail with the
required information which is ascertainable as specified on the Property
Data Form. Listing agreements, Property Data Forms, change forms, and
any other forms used by the listing broker in conjunction with the MLS
Service shall be retained by the Participant and be made available to the
MLS Service upon request. Public remarks shall describe only the
physical traits of the property for sale and its vicinity and shall comply
with all applicable local laws and regulations, including, but not limited to,
Housing and Land Urban Regulatory Board (HLURB) laws.

6.5 Participant Responsible for Accuracy:
Each Participant is responsible for the accuracy of information in the
listing data. In case of error or omission, the Participant shall immediately
make the correction in the computer or submit a change form to the MLS
office so that the error can be corrected. A Participant, Subscriber or User
shall not make changes or introduce any correction or modification to
MLS listing data so that it will not be confusing and misleading to other
Participants. The MLS Service will not verify or validate such information
and disclaims any responsibility for its inaccuracies, however, the MLS
Service may correct the form of listing addresses to comply with
applicable standards. Each Participant agrees to hold the MLS Service free
and harmless against any liability arising from any inaccuracy, inadequacy
or inaccessibility of the information and infringement of intellectual
property rights such Participant / Subscriber or User provides.

6.6 Exempted/Non-Internet Data Exchange Listings:
If the seller refuses to permit the listing to be disseminated by the
Participant/ Subscriber in the Internet, the Participant/Subscriber shall
provide the MLS Service upon request, a copy of the listing agreement,
which shall not be disseminated to other Participants.

6.7 Change of Status of Listing:
Participants shall notify the MLS Service of any changes in the property
status, (i.e: pending sales contract, cancellation of pending sale, closed
sale, change in price or terms or withdrawal from the market). A Report of
any such change shall be made to the MLS Service within 48 hours,
excluding public and government declared holidays, after the change is
received by the Participant. The seller’s signature must be obtained to
Report any changes in price, withdrawal, extension, and back or reinstated
on market (after expiration). In the event of a dispute involving a status
change, the MLS Service reserves the right to contact the seller directly in
order to clarify any and all status changes.

6.8 Temporarily Not Available for Showing, Withdrawal or Cancellation
of Listing Prior to Expiration:
Listings of property which are temporarily not available for showing,
withdrawn or cancelled from the MLS Service by the listing broker
before the expiration date of the listing agreement shall be withdrawn,
provided that a Report is made to the MLS Service, including a copy of
the agreement between the seller and the Participant of the listing firm
which authorizes the withdrawal. If, at the seller’s request, a property can
only be shown on a limited basis, (ie – certain times or days of the week),
the times or dates must be noticed in the “showing instructions” field and
the property may remain in the active status. Also, Sellers do not have
the unilateral right to require an MLS to withdraw a listing without the
Participant’s/Subscriber’s concurrence. However, when a seller(s) can
show that his exclusive relationship with the listing broker has been
terminated or expired by providing documentation which has been signed
by the listing firm’s Participant/Subscriber, including, but not limited to,
a listing agreement or release, the MLS Service may elect to remove the
listing at the request of the seller if the listing broker fails to produce
satisfactory documentation to the contrary.

6.9 Contingencies Applicable to Listings:
Any contingency or condition of any term in a listing shall be specified
and notified by the Participants in the remarks section” of the listing.

6.10 Listing Price Specified:
The full gross listing price stated in the listing agreement shall be included
in the information published in the MLS compilation of current listings.

6.11 Seller Contact Listings:
Any form of listing in which both the seller and listing Broker jointly agree
to permit cooperating brokers permission to arrange showings or
inspections or conduct negotiations directly with the seller shall be
specified and noticed by the Participants/Subscribers and include
the seller’s contact information in the “showing instructions field.” All
such listings shall be reported to MLS Service as either MLS Entry-Only
Listings or Limited Service Listings as defined in Section 3.2.11 and 3.2.12

6.12 Listing Multiple Properties:
All properties which are to be sold or which may be sold separately must
be indicated individually in the listing and on the property data form.
When part of a listed property has been sold, proper notification shall be
given to the MLS Service.

6.13 No Control of Commission Rates or Fees Charged by Participants:
The MLS Service shall not fix, control, recommend, suggest, or maintain
commission rates or fees for services to be rendered by
Participants/Subscribers. The MLS Service also shall not fix,
control, recommend, suggest, or maintain the division or allocation of
commissions or fees between cooperating participants/Subscribers or
between Participants/Subscribers and non-participants /subscribers.

6.14 Expiration, Extension, and Renewal of Listings:
Listings filed with the MLS Service shall bear a definite and final
termination date, as negotiated between the listing broker and the seller.
Any listing filed with the Multiple Listing Service will automatically
expire on the date specified in the agreement, unless renewed by the
listing broker but signed by the seller, and a Report of renewal or
extension is filed with the MLS Service prior to expiration. If notice of
renewal or extension is dated after the expiration date of the original
listing, then a status change form must be filled in and submitted with the
new expiration date and the listing will be republished as reinstated or
back on market listing. However, any extension or renewal of a listing
must be signed by the seller(s) and a Report shall be made and filed with
the MLS Service.

6.15 Listings of Suspended Participants:
A Participant/Subscriber may be suspended from the MLS Service for
failing to abide by the membership duties and obligations (i.e., violation of
the RESA Law ,Code of Ethics & Ethical Standards, MLS policies and
rules and regulations, or other membership obligation except failure to pay
appropriate dues, fees, or charges). Therefore, all listings currently filed
with the MLS Service by the suspended Participant/Subscriber shall, at the
Participant's/Subscriber’s option, be retained in the MLS Service until
sold, withdrawn or expired, and shall not be renewed or extended by the
MLS Service beyond the termination date of the listing agreement when
suspension became effective. If a Participant/Subscriber has been
suspended from the MLS for failure to pay appropriate dues, fees, or
charges the MLS Service is not obligated to provide MLS services,
including continued inclusion of the suspended Participant's listings in the
MLS compilation of current listing information. Prior to any removal of a
suspended Participant's/Subscriber’s listings from the MLS Service, the
suspended Participant/Subscriber shall be advised or notified by the MLS
Service of the intended removal so that the suspended Participant may
advise his clients.

6.16 Listings of Expelled Participants:
A Participant of the MLS Service may be expelled from the MLS Service
for failing to abide by a membership duty (i.e., violation of the RESA
Law, Code of Ethics & Standards, MLS policies and rules and
regulations, or other membership obligations except failure to pay
appropriate dues, fees, or charges). Therefore, all listings currently filed
with the MLS shall, at the expelled Participant's/Subscriber’s option, be
retained in the Service until sold, withdrawn, or expired, and shall not be
renewed or extended by the MLS Service beyond the termination date of
the listing agreement when the expulsion became effective. If a
Participant/Subscriber has been expelled from the MLS Service for
failure to pay appropriate dues, fees, or charges, the MLS Service is not
obligated to provide MLS services, including continued inclusion of the
expelled Participant's/Subscriber’s listings in the MLS compilation of
current listing information. Prior to any removal of an expelled
Participant's/Subscriber’s listings from the MLS Service, the expelled
Participant/Subscriber shall be advised or notified by the MLS Service of
the intended removal so that the expelled Participant/Subscriber may
advise his clients.

6.17 Listings of Leave or Unsubscribe Participants/Subscribers:
A Participant/Subscriber may leave or unsubscribe from the MLS , the
MLS Service is not obligated to provide services, including continued
inclusion of the leave or unsubscribe Participant's/Subscriber’s listings in
the MLS compilation of current listing information. Prior to any removal
of a leave or unsubscribe Participant's/Subscriber’s listings from the
MLS Service, the leave or unsubscribed Participant/Subscriber shall be
advised or notified of the intended removal so that the leave or
unsubscribed Participant/Subscriber may advise his clients.

7. SELLING PROCEDURES

7.1 Showings and Negotiations:
Appointments for showings or inspections and negotiations with the
seller for the purchase of listed property filed with the MLS Service shall
be conducted through the listing broker, except when the listing broker
and seller have entered into the type of listing that is described in Section
3.2.11 or a Limited Service Listing Agreement which authorizes the
cooperating broker to negotiate with the seller directly. A listing broker
shall make alternative arrangements to show a listed property to any
cooperating broker.

7.2 With all listings other than those described in Section 3.2.11 on Limited
Service Listings (LSL), the listing broker shall respond to cooperating
brokers within (24) twenty-four hours after receipt of a written or verbal
inquiry or request from a cooperating broker.

7.3 Presentation of Offers:
The listing broker must make arrangements to present the offer within (24)
twenty four-hours, or give the cooperating broker a satisfactory reason in
writing for not doing so.

7.4 Submission of Written Offers:
The listing broker shall submit to the seller all written offers until closing
unless precluded by law, government rule, regulations, or agreed
otherwise in writing between the seller and the listing broker.
Unless the subsequent offer is contingent upon the termination of an
existing contract, the listing broker shall recommend that the seller obtain
the advice of legal counsel prior to acceptance of the subsequent offer.

7.5 Right of Cooperating Broker in Presentation of Offer:
The cooperating broker or his representative has the right to participate in
the presentation to the seller of any offer he secures to purchase. He does
not have the right to be present at any discussion or evaluation of that offer
by the seller and the listing broker. However, if the seller gives written
instructions to the listing broker that the cooperating broker not to be
present when an offer the cooperating broker secured is presented, the
cooperating broker has the right to a copy of the seller's written
instructions. None of the foregoing diminishes the listing broker's right to
control the establishment of appointments for such presentations.

7.6 Right of Listing Broker in Presentation of Counter-Offer:
The listing broker or his representative has the right to participate in the
presentation of any written counter-offer made by the seller. He does not
have the right to be present at any discussion or evaluation of a counteroffer
by the purchaser. However, if the purchaser gives written
instructions to the cooperating broker that the listing broker not be present
when a counter-offer is presented, the listing broker has the right to a copy
of the purchaser's written instructions. None of the foregoing diminishes
the listing broker's right to control the establishment of appointments for
such presentations.

7.7 Reporting Pending Sales:
When a purchase and sales agreement has been executed by all parties, a
Report of the pending sale shall be made to the MLS Service within (48)
forty-eight hours, and shall include pending date and responsible brokers
and their licenses.

7.8 Reporting Closed Sales:
When the sale of a listed property has closed or sales deemed consumated,
a Report shall be made to the MLS Service with closing sale price and
terms within (48) forty-eight hours.

7.9 Reporting Cancellation of Sale:
With the cancellation of any sale, the listing shall be reinstated and a
Report shall be made to the MLS Service within (48) forty-eight hours, if
the listing agreement has not expired.

7.10 Participant as Purchaser:
If a Participant or Subscriber wishes to acquire an interest in property
listed with another Participant, such contemplated interest shall be
disclosed, in writing, to the listing broker prior to the time that an offer to
purchase is submitted to the listing broker.

7.11 Participant as Principal:
If a Participant or Subscriber has any ownership interest in a property, the
listing of which is to be disseminated through the MLS Service, that
person shall disclose his interest in the appropriate field when the listing is
filed with the Multiple Listing Service and such information shall be
disseminated to all Multiple Listing Service Participants.

7.12 Refusal to Sell:
If the seller of any listed property filed with the MLS Service refuses to
accept a written offer satisfying the terms and conditions stated in the
listing, this shall be indicated or noted in the “Remarks” section of the
listing.

7.13 Reporting Resolutions of Contingencies:
A report shall be filed with the MLS Service within (48) forty-eight hours
that a contingency on file with the MLS Service has been fulfilled or
renewed or the agreement cancelled by indicating or noting in the
“Remarks” section of the listing.

8. ADVERTISING

8.1 Information for Participants Only:
Any listing filed with the MLS Service shall not be made available to any
broker or firm which is not a Participant or Subscriber of the Service
without the prior consent of the MLS Service provider. All MLS
Compilations are confidential, and the statistical and listing information
therein is not to be made available to anyone other than Participants or
Subscribers without the prior consent of the MLS Service provider. The
MLS Service reserves the exclusive right and authority for the releasing of
aggregated MLS statistics, listings, and physical depictions described in
Section 8.4 to the media and the general public.

8.2 "For Sale" Signs:
Only the "For Sale" sign of the listing broker may be placed on a
property.

8.3 "Sold" Signs:
Prior to closing, only the "Sold" sign of the listing broker may be Placed
on a property, unless the listing broker authorizes the cooperating (selling)
broker to post such a sign.

8.4 Physical Depictions Submitted to the MLS Service:
Physical depictions of listed property, including, but not limited to,
photographs, digital images, and sketches or vicinity map or location plan
which are submitted to the MLS Service shall depict only the property for
sale and its amenities and shall not include marketing or promotional
messages made on behalf of the listing broker or seller. Such depictions
shall become the intellectual property of the MLS Service pursuant to
Section 14.1. Any image(s), submitted to MLS Service, including virtual
tours shall not be of an inappropriate or indecent in nature.

8.5 Solicitation of Listing Filed with the MLS Service:
Participants shall not solicit a listing on property filed with the MLS
Service unless such solicitation is consistent with Article 16 of the
REALTORS®' Code of Ethics, its Standards of Practice, and R.A. 9646 or
RESA Law of 2009.

8.6 Advertising of Listing Filed with the MLS Service:
A listing shall not be advertised or distributed by any Participant or
Subscriber other than the listing broker without inclusion of the listing
company name and the prior consent of the listing broker.

9. DIVISION OR ALLOCATION OF COMMISSIONS, FEES OR REFERRALS:

9.1 Compensation Specified on Each Listing:
When reporting a listing to the MLS Service, the Participant is making
blanket unilateral offers of compensation, fees or referrals to the other
MLS Participants, and shall therefore specify on each listing filed with the
MLS Service, the compensation, fees or referrals being offered to the
other MLS Participants/Subscribers. MLS Service will not accept any
listing for which compensation, fees or referrals to cooperating brokers is
offered by a property owner or other non-Participant/Subscriber. The
listing broker retains the right to determine the amount of compensation,
fees or referrals offered to other Participants/Subscriber. The listing broker
shall specify, on each listing filed with the Multiple Listing Service, the
compensation, fees or referrals offered to other Multiple Listing Service
Participants for their services in the sale of such listing with sellers’
authorization. Specifying the compensation, fees or referrals on each
listing is necessary, because the cooperating broker has the right to know
what his compensation, fees or referrals shall be prior to his endeavor to
sell. The MLS Service shall not fix, control, recommend, suggest, or
maintain commission rates or fees for services to be rendered by
Participants/Subscribers. Further, the MLS Service shall not fix, control,
recommend, suggest, or maintain the division of commissions, fees or
referrals between cooperating Participants/Subscribers or between
Participants/Subscribers and non-Participants/Subscribers. Such offers are
unconditional except that entitlement to compensation, fees or referral is
determined by the cooperating broker's performance as the procuring
cause of the sale (or lease) or as otherwise provided for in this rule. The
listing broker's obligation to compensate any cooperating broker as the
procuring cause of the sale may be excused, if it is determined through
arbitration that, through no fault of the listing broker and in the exercise of
good faith and reasonable care, it was impossible or financially unfeasible
for the listing broker to collect commission, fees or referrals pursuant to
the listing agreement. In such instances, entitlement to cooperative
compensation, fees or referrals offered through MLS Service would be a
question to be determined by an arbitration hearing panel based on all
relevant facts and circumstances including, but not limited to, inquiry to
look for the following on:
(a) why it was impossible or financially unfeasible for the listing
broker to collect some or all of the commission, fees or referrals
established in the listing agreement;
(b) at what point in the transaction did the listing broker know (or
should have known) that some or all of the commission established in the
listing agreement might not be paid; and,
(c) how promptly had the listing broker communicated to cooperating
brokers that the commission established in the listing agreement might not
be paid.

9.2 Form of Compensation:
The compensation specified on listings filed with the MLS Service shall
appear based on the following premises :
(a) The information to be published shall clearly inform the
Participants/Subscribers as to the compensation they will receive in
cooperative transactions, unless advised otherwise by the listing broker,
in writing in advance of producing an offer to purchase, and;
(b) The compensation specified on listings published by the MLS shall
be shown in one of the following forms:
1. by showing a percentage of the gross selling price, and
2. by showing a definite absolute peso amount

9.3 Deductions:
If the listing broker intends to make any deductions, including, but not
limited to MLS fee, photo fee, or sharing of a fee from the compensation,
fees or referrals, it must be expressed clearly by denoting an absolute peso
amount or percentage in the compensation fields.

9.4 Concessions/Net Sales:
A listing broker who plans to compute a co-broker commission on the
sales price excluding seller concessions, shall input the listing with a Net
Sales (NS) designation in the compensation fields. If a gross commission
established in a listing contract is subject to court approval; and that
compensation payable to cooperating brokers may be reduced if the gross
commission established in the listing contract is reduced by a court. In
such instances, the fact that the gross commission is subject to court
approval and either the potential reduction in compensation payable to
cooperating brokers or the method by which the potential reduction in
compensation will be calculated, it must be clearly communicated to
potential cooperating brokers prior to the time they produce an offer that
ultimately results in a successful transaction. However, if concession costs
are to be deducted and a peso amount or percentage is impossible to
determine at the time of listing, then the listing broker must define the
term “concession” in regards to that particular listing, in the “showing
instructions” field and make it clear to the cooperating broker what their
compensation will be based on.

9.5 Alternative Compensation:
A listing broker may offer any Participant/Subscriber compensation other
than the compensation indicated on any listing published thru the MLS
Service provided that the listing broker informs the other broker in writing
and in advance of his producing an offer to purchase and provided that the
modification in the specified compensation is not the result of any
agreement among all or any other Participants or Subscribers in the MLS
Service. Any superseding offer of compensation must be expressed as
either a percentage of the gross sales price or as an absolute peso amount.

9.6 Nondisclosure:
The MLS Service shall not require the listing broker to disclose the
amount of total negotiated commission in his listing contract nor shall the
MLS Service publish the total negotiated commission on a listing which
has been submitted to the MLS Service by a Participant/Subscriber. The
MLS Service shall not disclose in any way the total commission
negotiated between the seller and the listing broker.

9.7 Changes in Compensation, fees or referrals:
The listing broker may, from time to time, adjust the compensation, fees
or referrals offered to other Multiple Listing Service Participants for their
services with respect to any listing by notice in accordance with Section9.2.

9.8 Compensation for Non-MLS Participants/Subscribers:
The compensation offered in the MLS Service is intended for
Participants/Subscribers only. Therefore, a listing broker has the sole
responsibility and ability to determine the amount of compensation, if any,
which he/she will offer to a non-Participant/Subscriber. MLS Service shall
make no rule on the division of commissions between
Participants/Subscribers and non-Participants/Subscribers.

9.9 Dual or Variable Rate Commission Arrangements:
The existence of a dual or variable rate commission arrangement (i.e., 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,
fees, or referrals if the sale results through the efforts of a cooperating
broker) shall be disclosed by the listing broker by including a “V” in the
compensation field with the compensation amount offered. The listing
broker shall, in response to inquiries from potential cooperating brokers,
disclose the differential that would result in either a cooperative
transaction or, alternatively, in a sale that results through the efforts of the
seller. The cooperating broker must disclose such information to his client
before the client makes an offer to purchase.

10. COMPLIANCE WITH RULES

10.1 Compliance with Rules:
The MLS may take the following action for non-compliance with the
rules:
(a) If a Participant/Subscriber fails to pay any service charge, late charge, fine
or fee under the terms established by the MLS Service, as of the date due,
the MLS Service may suspend its services until the Participant/Subscriber
pays his/her account in full. The MLS Service may also impose other
obligations on the Participant/Subscriber before the MLS will restore its
service.
(b) The provisions of Section 10 shall apply for failure to comply with any
other rule.

10.2 Applicability of Rules to Users and/or Participants/ Subscribers:
Participants/Subscribers and others authorized to have access to
information published by the MLS Service are subject to these rules and
regulations and may be disciplined or sanction imposed for violations
thereof by virtue of this access. Further, failure of any
Participants/Subscriber or User to abide by the rules and/or any sanction
imposed for violations thereof can subject the Participant/Subscriber to the
same or other discipline, regardless of whether such User or
Participants/Subscriber has signed an agreement with the MLS Service.

11. ENFORCEMENT OF RULES AND REGULATIONS

11.1 Consideration of Alleged Violations:
The MLS Service shall give consideration to all written complaints which
pertain to violations of the policies and rules and regulations.

11.2 Violations of Policies and Rules and Regulations:
If the alleged offense is a violation of the policies and rules and
regulations of the MLS Service and does not involve a charge of alleged
unethical conduct or request for arbitration, it may be administratively
considered and determined by the MLS Service, and if a violation is
determined, the MLS Service may direct the imposition of sanction,
provided the recipient of such sanction may request a hearing before the
Professional Standards Committee of the MLS Service through which the
MLS Participant obtained his MLS participatory rights within twenty (20)
days following receipt of the MLS Service decision. The Professional
Standards Committee may impose sanctions, including, but not limited to
suspension or expulsion from membership and such other remedies which
are authorized by the RESA Law Code of Ethics and Standards and
Arbitration Manual.
11.3 Complaints of Unethical Conduct:
All complaints of unethical conduct shall be referred by the MLS Service
to the local government regulatory Authority for appropriate action in
accordance with the Professional standards procedures established in the
RESA Law Code of Ethics and Standards and Arbitration Manual.

12. CONFIDENTIALITY OF MLS INFORMATION

12.1 Confidentiality of MLS Information:
Any information provided by the Multi-Listing Services to the
Participants/Subscriber shall be considered official information of the
MLS Service. Such information shall be considered confidential and
exclusively for the use of Participants, Subscribers, and Users with prior
consent of MLS Service or as provided in Section 14.3.

12.2 Access to Comparable and Statistical Information:
Members who are actively engaged in real estate brokerage, management,
mortgage financing, appraising, land development, or building, but who
do not participate in the MLS, are nonetheless entitled to receive by
purchase or lease all information other than current listing information that
is generated wholly or in part by the MLS Service, including
“comparable” information, “sold” information, and statistical reports. This
information is provided for the exclusive use of the MLS Service and
individuals or real estate professional organization officially affiliated with
the MLS Service who are also engaged in the real estate business or real
estate service practice and may not be transmitted, retransmitted, or
provided in any manner to any unauthorized individual, organization,
office, or firm, except as otherwise provided in these rules and regulations.

12.3 Prohibited Use of MLS Data:
Any data derived from the MLS Service that a Participant, Subscriber or
User accesses from a personal computer or other computer system or
manually assembles may not be reproduced or transmitted in any form to
any individual or entity for compensation or remuneration, regardless of
whether the intended purchase or entity is a Participant, Subscriber, or
User without written authorization of the MLS Service; provided,
however, such data may be used:
a. in a written appraisal report or Comparable Market Analysis (CMA)
which is prepared by a Participant, Subscriber or User or
b. if the data, including, but not limited to “sold” information is available
from a public or government source

13. OWNERSHIP OF MLS COMPILATIONS AND COPYRIGHTS

13.1 Physical Depiction Copyrighted. By the act of submitting any physical
depiction of a property as described in Section 6.4 to the MLS, the
Participant/Subscriber represents that he/she has been authorized to grant
and also thereby does grant authority for the MLS Service to include the
property listing data in its copyrighted MLS Service Compilation and also
in any statistical report on comparables.

13.2 Vested Rights. All right, title, and interest in each copy of every Multiple
Listing Compilation created and copyrighted by the MLS Service and in
the copyrights therein, shall at all times remain vested in MLS Service.

13.3 Lessee’s Right to Use MLS Compilation. Each Participant or Subscriber
shall be entitled to lease from the MLS Service a number of copies of each
MLS Compilation sufficient to provide the Participant or Subscriber and
each person affiliated as a licensee with one copy of such MLS
Compilation. The Participant or Subscriber shall pay for each such copy,
the rental fee set by the MLS. Participants or Subscribers shall acquire by
such lease only the right to use the MLS Compilations in accordance with
these rules.

14. USE OF COPYRIGHTED MLS COMPILATION

14.1 Distribution:
Participants/Subscriber shall, at all times, maintain control over and
responsibility for each copy of any MLS book leased to them by the MLS
Service, and shall not distribute any such copies or provide access or
authorization to the MLS Compilation, including, but not limited to
sharing passwords, forms, software and other products and services, to
third parties other than Participants, Subscribers or Users. Use of
information developed by or published by MLS Service is strictly limited
to the activities authorized under a Participant’s or Subscriber’s license(s)
certification, and unauthorized use are prohibited. Further, none of the
foregoing is intended to convey "Participation" or "Membership" or any
right of access to information developed or published by the MLS Service
where access to such information is prohibited by law.

14.2 Display:
Participants or Subscribers shall be permitted to display the MLS
compilation to prospective purchasers or sellers only in conjunction with
their ordinary business activities.

14.3 Limitations on Use of MLS Information:
Information from MLS Compilations of current listing information, from
statistical reports, or from any sold or comparable report of the MLS for
public mass-media advertising by Participants, Subscribers or User’s as
the basis for aggregated demonstrations of market share or comparisons of
firms in public mass media advertising or in other public representations
may not be prohibited. However, any print or non-print forms of
advertising or other forms of public representations based in whole or in
part on information supplied by the MLS Service must clearly demonstrate
the period of time over which such claims are based and must include the
following, or substantially similar, notice: “This representation is based in
whole or in part on data supplied by the MLS Service. The MLS Service
does not guarantee and is not in any way responsible for its accuracy. Data
maintained by the MLS Service may not reflect all real estate activity in
the market. Based on information from MLS Service for the period of
(date) through (date).” The publication of “sold information” from the
MLS Service of a property that was listed by another Participant,
Subscriber or User for public mass-media advertising (unsolicited) by
Participants/Subscribers may not be prohibited provided that the following
conditions are met: (however, nothing shall prevent a
Participant/Subscriber from advertising their own properties.)
(i) The information is available from a public or government source.
(ii) The advertising shall not display “days on market” or previous listing
prices of individual properties.
(iii) Any print or non-print forms of advertising or other forms of public
representations about another Participant’s/Subscriber’s listing supplied by
the MLS Service must include the following, or substantially similar,
statement of notice:
“This information is based in whole or in part on data supplied by the
MLS Service. The MLS Service does not guarantee and is not in any way
responsible for its accuracy. These properties may have been sold by other
individuals or real estate companies. Data maintained by the MLS Service
may not reflect all real estate activity in the market. Data is based on
information from Multiple Listing Service participants/subscribers, for the
period of (date) through (date).”

14.4 Web Sites That Display Listing Data:
Any web site that displays (International Data Exchange) IDX listings
must be under the control of the Participant/Subscriber; provided,
however, that Participants/Subscribers may display non-IDX listings on
their web sites.

14.5 MLS Service Not Responsible for Accuracy of Information:
The information published and disseminated by the MLS Service is
communicated verbatim, without change by the MLS Service, as filed
with the MLS Service by the Participant/Subscriber. The MLS Service
does not verify such information provided and disclaims any responsibility
for its accuracy. Each Participant agrees to hold the MLS Service free and
harmless against any liability arising from any inaccuracy or inadequacy
of the information such Participant/Subscriber provides.