Offers of Cooperation and Compensation – They are not the Same
The Sentrilock lockbox system allows CVR MLS Sentrilock subscribers enhanced access to listed properties outside the CVR MLS jurisdiction. Here are some Associations providing reciprocal access for their SentriLock lockboxes:
- Dulles Area Association of REALTORS (DAAR)
- Fredericksburg Area Association of REALTORS (FAAR)
- Greater Piedmont Area Association of REALTORS(GPAAR)
- Northern Virginia Association of REALTORS (NVAR)
- REALTORS Association of Prince William (PWAR)
- South Central Association of REALTORS (SCAR)
It is important to note that this offer of cooperation does not include an offer of compensation. If you wish to submit a purchase offer for a property listed in an area where you are not a subscriber to the local MLS, and you wish to receive compensation from the listing broker, you must establish a separate agreement for that compensation. Offers of compensation made by the listing broker in the local MLS, only extend to licensees who subscribe to the local MLS.
The NAR Code of Ethics, Standard of Practice 3-1, states, “… Unless expressly indicated in offers to cooperate, cooperating brokers may not assume that the offer of cooperation includes an offer of compensation. Terms of compensation, if any, shall be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation.” In other words, you must negotiate and confirm offers of compensation with the listing firm, before you show the property. Without such agreement, the listing broker is under no obligation to compensate the cooperating firm.
Ask your Broker about cooperation and compensation. For more information, call Peggy Lynch at 804.422.5006.