In a settlement between the National Association of Realtors and the Justice Department a new service has emerged. A VOW is a Virtual Office Website. MLS's are now required to provide the same information that a broker in a real estate office has access to. If the broker has information about expired, withdrawn or pending listings, compensation offered to buyer's agents, the type of agreement the seller signed with the real estate company selling their home and the seller's contact information, showing instructions and sold data then the consumer accessing the VOW will be required to have access to the same information.
A consumer, according to the settlement, may access a VOW, but is required to register, agree to terms of use and agree that they are entering a "lawful broker-consumer relationship" as defined by state law.
A consumer will be required to provide their name and e-mail address and receive a pass word that will expire on a specific date. The consumer will agree to the terms of use and agree not to use the data for "commercial uses" and state that they want to buy property, sell property or lease property that is offered by the VOW. The broker is required to keep the consumers information for 180 days after expiration of the broker-consumer relationship. Neither the broker or consumer may sell or distribute the VOW information.
Maya M. Thomas
REALTOR®
(305) 522-1398
MayaMarieThomas@Hotmail.com.com
www.ShowcasePortfolioProperties.com
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