Top Five Changes to the RLS Universal Co-Brokerage Agreement Rules and Regulations for 2020

> DOWNLOAD THE NEW UNIVERSAL CO-BROKERAGE AGREEMENT

1.  Auction Listings: 

Exclusive Properties that are to be auctioned may be submitted to the RLS and must be subject to an exclusive listing. Auction Listings transmitted over the RLS must include all terms and conditions of the auction as well as a checklist of mandatory information required by the Exclusive Broker. (New Article I, Section 15).

2.  Residential Broker “A”s Eligible to Serve on RLS Panels: 

Residential Broker “A”s are now eligible to serve on RLS panels which hear and decide upon violations of the rules and regulations of the UCBA. Previously, only the Residential Board of Directors and the RLS Committee members were eligible to serve on such panels. This change allows the RLS to add firm diversity to these hearing panels, and also helps to decrease the likelihood of delays because potential panel members are ineligible to hear a matter because of a conflict of interest. If you are a Residential Broker “A” with at least three years’ of REBNY membership in good standing and interested in serving as a panelist, please contact Kris Panko at kpanko@rebny.com for more information.

3.  Co-Brokerage Terms for New Developments: 

Important new governance related to New Developments in Article I, Section 10 of the UCBA has been enacted. New Development Units that are co-brokered over the RLS will be governed by the terms and conditions set forth in the REBNY Universal New Development Brokerage Agreement (RUNDBA). All brokerage firms participating in the RLS will be bound by the terms of the RUNDBA. From now on, when inputting a New Development Unit into the RLS, you must check “New Development” in the listing field. Before a New Development Unit can be submitted, a copy of the RUNDBA executed by the sponsor must be submitted to RLS staff. Exhibit D of the UCBA includes a full copy of the RUNDBA for your reference.

4.  Revised Enforcement Structure:

Enforcement of the UCBA’s rules and regulations has been revised to consider complaints against either a participating real estate licensee or a RBD member firm, or both. Findings against an RBD member firm must be based on clear evidence that the brokerage has engaged in a “pattern or practice” that violates the UCBA or other REBNY rule. This may be shown, among other ways, by a policy or practice at an RBD Member Firm that is part of the standard operating procedure at the firm, or finding of a general and/or regular practice at the RBD Member/Exclusive Broker that amounts to an improper policy.

5.  RLS Suspension/Expulsion Appeals Process: 

New Exhibit F of the UCBA outlines the steps to appeal a determination of suspension or expulsion from the RLS. The Appeals Process provides for review of the determination by a committee composed of members of the Residential Board of Directors and the RLS Board of Directors. The determination of this committee may be subject to final review by a subcommittee of Board of Governors appointed by the REBNY Chairperson.

> DOWNLOAD THE NEW UNIVERSAL CO-BROKERAGE AGREEMENT

> DOWNLOAD THE TOP 5 CHANGES TO THE UCBA IN 2020