26 April What is the definition of a variable rate commission to be used when filling out the MRIS (Bright) profile sheet for listing a property? April 26, 2017 By Cindy Sellers Commission 0 The definition of a variable rate commission according to the MRIS (Bright) Rules and Regulations is as follows:ARTICLE X – Compensation Sec. 5 Dual or Variable Rate Commission Arrangements: The existence of a dual or variable rate commission arrangement (i.e., one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale/lease results through the efforts of a cooperating broker; or one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker either with or without the assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller/landlord) shall be disclosed by the listing broker by a symbol required by MRIS (Bright). 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/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative may disclose such information to their client before the client makes an offer to purchase or lease. The MRIS (Bright)compliance department can be reached at (301) 838-7140, for information on how to fill out the profile sheet. Related Posts I am in discussions with a prospective client on a listing for a property that will be a “short sale.” I am in discussions with a prospective client on a listing for a property that will be a “short sale.” Do I have to disclose this fact to prospective buyers? Are there any other issues of which I should be aware? I am a listing agent involved in a short sale transaction. The lender has requested that I reduce my commission. The selling broker will not agree to accept less than what was advertised in MRIS. I included a comment in the remarks section that the commission was subject to lender approval. What happens if the selling broker refuses to take a commission that is less than what the listing broker offered in MRIS? Also, is it true that Fannie Mae servicers cannot condition the approval and closing of short sales on the willingness of the listing firm to alter its fee arrangement with the borrower as long as the total commission does not exceed 6%? Does this mean the mortgage company has to pay the fee if it’s less then 6%? Commission Commission My broker has informed me that under no circumstances may I contact the owners of property following my departure from the company and that any listing I have will remain with my current broker. My broker has informed me that under no circumstances may I contact the owners of property following my departure from the company and that any listing I have will remain with my current broker. Is my broker right? When a contract will not settle, how do I get the property back on the market? When a contract will not settle, how do I get the property back on the market? What is the difference between a latent defect and a material fact? Who must disclose what? What is the difference between a latent defect and a material fact? Who must disclose what? Comments are closed.