It came to the attention of the MLS Board, that the ethical disclosure about agent interest was lacking (and confusing) in our MLS disclosure field. After speaking with MAR legal counsel, we have changed the MLS input to make this disclosure easy to understand and much more clear and consistent with state alw:
From Agent Owned to –> Agent has financial interest in the property
From Agent Related to –> Agent’s family member has financial interest in the property
Added a NEW option: –> Seller is a MA real estate licensee
ARTICLE 4: REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative.
Please note: MAR has a form in their library called ‘Disclosure of Conflicts of Interest’ if you would like to use that in the purchase process.