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is there confusion about the definition of a pocket listing?I would define it as an exclusive listing where all the paperwork except the MLS listing is signed. Then its sold either through word of mouth, the website of that agency, a sign in front (which would be unusual but legal), the agents website, or whatever. Don't know about all states but it is perfectly legal to market a home that is exclusively listed and not in the MLS here in NJ and PA. and if the OP's firm is doing it, it must be perfectly legal in CT--thats a very reputable company (as far as RE agencies go that is).The slightly unethical definition of pocket listing, I believe, is a listing that is signed and will go in the mls but is held off for a few days so that perhaps the agent themselves, or their office, or whatever, has first crack at it. That would be a violation of most mls and realtors rules as technically you have to give every agency fair shake at a listing that is offered cooperatively. there's usually a 48 hour window in which you can upload the info but you're really not supposed to be showing it until it hits the mls. sometimes the listing agent or their close colleague has a buyer already so it can be almost unavoidable.A third pocket listing could be a fsbo or other interested but undeclared seller that the agent is in contact with who might sell but no formal paperwork has been filled out. that agent might infer to other agents or their clients about the house and then maybe do a one time showing agreement prior to disclosing which house it is.As for violations, MLS is the one place where agents do get in trouble if they make mistakes. The MLS is usually separate from the board of realtors (around here they are anyway) and they do a lot of checking to make sure rules are followed--its easy when everything is in database form. Much more diligent or annoying than NAR--depending on your take. not really ethics violations tho.
Thanks, Margaret. Janet, there is a big difference between a pocket listing and an owner who does not want to be bothered by the public mass and practicing and/or advocating this policy is potentially in violation of the NAR Code Of Ethics Articles 1, 2, 3, 4, 12 and is also a violation of Article 4 of the statewide mulitple listing service subscriber agreement.
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