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Summary Agency Definitions

For more information, see Propertyshelf.com

Definition of Agency Types

Broker Agency

  • A Broker Agency is defined as an individual or a group of agents with a designated broker that broker real estate between buyers and sellers
  • Propertyshelf or a recognized professional realty association has certified that Broker Agencies possess the knowledge and capabilities necessary to conduct real estate transactions.
  • Broker Agencies must have a locally active real estate business.
  • Broker Agency listings appear in the central MLS database and all broker and referral agency MLS search portals.
  • Broker Agencies receive MLS search portal embedded within their company website.
  • Agent and Agency information are visible in all listings, in all portals.

Referral Agency

  • A Referral Agency is defined as an individual or group of individuals who direct buyers to broker agencies or Developers.
  • Referral Agencies receive the MLS search portal embedded within their company website.
  • Referral Agencies cannot enter listings.
  • Referral Agents receive CostaListings Contact Information for Independent Owner Listings who have not dedicated an agent.  Costa Listings will contact an agent in the area to manage the buyer.
  • Commissions paid to Referral Agencies are to be negotiated between Referral Agencies and Brokerage Agencies.

Owner Agencies

-Developer

  • A Developer is defined as an individual or group of individuals who are engaged in selling multiple properties, which are unified through being part of a single “master plan”.
  • A Developer must be the primary equity holder of listed properties, or must be the managing entity charged with performing those duties commonly associated with “development” by the primary equity holders of the listed properties.
  • Unique land and property developments, even if existing under a single ownership structure, require separate MLS memberships.  (e.g. a development organization engaged in the sale of units in 10 separate condominiums require 10 MLS memberships.
  • Approved “master plan” of a Developer must be submitted to Propertyshelf for review before MLS access is granted.
  • A Developer does not receive MLS search portal embedded within their website.
  • Developers must submit to a brief interview to gauge their sales and title transfer procedures, an their timeline for completion construction and availability of services provided.
  • Developers are required to pay a minimum buyer agent commission of 3%.


- Independent Owners

  • An Independent Owner is defined as an individual who is the primary equity holder of property who wishes to sell the property without employing the sales services of Brokerage Agency
  • Independent Owners pay Verification Fee of $69 to Propertyshelf
  • Independent Owners are required to present to Propertyshelf:
    • title to property or power of attorney to sell on behalf of the owner/entity holding title
    • passport or cedula proving their identity
    • in cases in which the property is owned by multiple parties and all parties are not in communication with Propertyshelf, a lawyer must be provided by owner to determine who has the right to sell the property and on what terms.
    • Independent Owners do not receive MLS search portal embedded within website
    • Independent Owner names, property addresses, and contact information are visible only to Brokerage Agencies
    • Independent Owner listings found in central MLS portal, Referral Agency searches, and Propertyshelf sales and information portals are accompanied with CostaListings contact information
    • Independent Owners are required to pay a minimum buyer agent commission of 3%