MIBOR REALTOR ASSOCIATION Broker Listing Cooperative .
MIBOR REALTOR ASSOCIATIONBroker Listing Cooperative Listing ServiceRULES AND REGULATIONSMarch 20, 2020PurposeA Broker Listing Cooperative listing service (hereinafter referred to as “Broker Listing Cooperative listingservice”) is a means by which authorized Participants make blanket unilateral offers of compensation to otherParticipants (acting as buyer agents or in other agency or non-agency capacities defined by law), by which cooperationamong Participants is enhanced; by which information is accumulated and disseminated to enable authorizedParticipants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers; bywhich Participants engaging in real estate appraisal contribute to common databases; and is a facility for the orderlycorrelation and dissemination of listing information so Participants may better serve their clients and the public.Entitlement to compensation is determined by the cooperating broker’s performance as a procuring cause of the sale (orlease).Listing ProceduresSection 1 - Listing Procedures: Listings of real or personal property of the following types, which are listed subjectto a real estate broker's license, located within the State of Indiana and taken by Participants, shall be entered into theBroker Listing Cooperative listing service within two (2) full business days of the listing date:RESIDENTIALCOMMERCIAL1. Single family houses,2. Condominium,3. Multi-Family 2-9 Units,4. Vacant lots and land,5. Farms and Agricultural.6. Residential Rentals1. Industrial Buildings2. Office Buildings3. Retail4. Multi Family5. Commercial LandA listing must be available for showing within 7 days of the listing date to remain in the active status. A Listing thatis active, but not available for showing shall be specified and noticed to the Participants. When not immediatelyavailable, an “Available for Showing” condition of “No” shall be included in the information published in theBroker Listing Cooperative listing service compilation of listings with a specified showing date.Failure to enter a listing within the required time frame or failing to move the listing out of the active status within 7days of the listing date, if the listing is not available to be shown, will result in an automatic Level One fine per theMIBOR BLC Compliance Policy.Note:Indiana License law requires a real estate brokerage to establish a written contractual relationship toadvertise a property; this would include the placement of a sign, promotional advertising or entry into theservice. Placement of a sign or promotion of a listing in any way prior to the written contractualrelationship to advertise a property is a violation of Indiana Real Estate License Law.Listings in the Broker Listing Cooperative listing service that are not available for showing, will be notedas “Public Internet No” in the compilation of listings.See Section 1.3 regarding Office Exclusive Listing Disclosure Certification form if the seller refuses topermit the listing to be disseminated by the service.Personal property such as mobile homes without land may not be reported to the Broker Listing Cooperative listingservice.March 20, 2020Broker Listing Cooperative listing service Rules & RegulationsPage 1
In addition, non-listed property in which the Broker Listing Cooperative listing service Participant was the sellingbroker may be entered into the Broker Listing Cooperative listing service after closing. Upon entry by the sellingbroker and notification to the Broker Listing Cooperative listing service office, the Broker Listing Cooperative listingservice office will update the Listing office.Listings submitted to the Broker Listing Cooperative listing service for Broker Listing Cooperative Listing Servicestaff data entry must be submitted on current "profile sheets" approved by the Broker Listing Cooperative listing servicePolicy Committee. Listings will be entered at a cost established by the MSC Board of Directors.All Listings must include the date of the listing and the date of expiration exactly as shown on the listing contract. Thefirst day of a listing is the date the listing contract becomes effective (regardless of the hour of the day), and the listingexpires at midnight of the last day of the listing period agreed upon by the Participant and the seller.Note 1: The Broker Listing Cooperative listing service shall not require a Participant to list properties on a formother than the form the Participant individually chooses to utilize provided the listing is of a type acceptedby the Service. However, the Broker Listing Cooperative listing service, through its legal counsel:1.The Broker Listing Cooperative listing service may reserve the right to refuse to accept a listing formwhich fails to adequately protect the interests of the public and the Participants2.The Broker Listing Cooperative listing service assures that no listing filed with the Broker ListingCooperative listing service establishes, directly or indirectly, any contractual relationship betweenthe Broker Listing Cooperative listing service and the client (buyer or seller)The Broker Listing Cooperative listing service shall accept exclusive right to sell listings and exclusiveagency listings.The listing agreement must include the seller's written authorization to submit the agreement to the BrokerListing Cooperative listing service.The Service may not accept net listings because they are deemed unethical and, in most states, illegal. Openlistings are not accepted because the inherent nature of an open listing is such as to usually not include theauthority to cooperate and compensate other brokers and inherently provides a disincentive for cooperation.The exclusive right to sell listing is the conventional form of listing submitted to the Broker ListingCooperative listing service in that the seller authorizes the listing broker to cooperate with and tocompensate other brokers.The exclusive agency listing also authorizes the listing broker, as exclusive agent, to offer cooperation andcompensation on blanket unilateral bases, but also reserves to the seller the general right to sell the propertyon an unlimited or restrictive basis.Exclusive right to sell listings with named prospects exempted are designated with the listing type ofExclusive Right to Sell – Exclusion.Note 2: The Broker Listing Cooperative listing service accepts exclusively listed property that is subject toauction, however, any listing submitted is entered into within the scope of the Participant’s licensure.Section 1.01 – Clear Cooperation Policy: Within one (1) business day of marketing a property to the public, thelisting broker must submit the listing to the Broker Listing Cooperative listing service for cooperationwith other Broker Listing Cooperative listing service Participants. Public marketing includes, but is notlimited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokeragewebsite displays (including IDX and VOW), digital communications marketing (email blasts), multibrokerage listing sharing networks, and applications available to the general public. (Adopted 11/19)March 20, 2020Broker Listing Cooperative listing service Rules & RegulationsPage 2
Note 1: Exclusive listing information for required property types must be filed and distributed to other BrokerListing Cooperative listing service Participants for cooperation under the Clear Cooperation Policy. Thisapplies to listings filed under Section 1 and listings exempt from distribution under Section 1.3, and anyother situation where the listing broker is publicly marketing an exclusive listing that is required to be filedwith the service and is not currently available to other Broker Listing Cooperative listing serviceParticipants.Section 1.1 - Listings Subject to Rules and Regulations of the Service: Any listing taken on a contract to be filedwith the Broker Listing Cooperative listing service is subject to the rules and regulations of the Service uponsignature of the seller(s).Section 1.2 - Detail on Listings Filed with the Service: A listing agreement or property data form, when filed withthe Broker Listing Cooperative listing service by the listing broker, shall be complete in every detail which isascertainable as specified on the property data form.Section 1.3 – Office Exclusive Listings: If the seller refuses to permit the listing to be disseminated by the Service,the Participant may then take the listing ("office exclusive") and such listing shall be filed with the Service but notdisseminated to the Participants. Filing of the listing shall be accompanied by a copy of the Office Exclusive ListingDisclosure Certification form signed by the listing agent, managing broker and seller within two (2) full businessdays of the listing date. Failure to file the Office Exclusive Listing Disclosure Certification form within the requiredtime frame will result in an automatic Level Three fine per the MIBOR BLC Compliance Policy.Note 1: Broker Listing Cooperative listing service Participants must distribute Office Exclusive Listings within(1) one business day once the listing is publicly marketed. See Section 1.01, Clear Cooperation.Section 1.4 - Change of Status of Listing: Any change in listed price or other change in the original listingagreement shall be made only when authorized in writing by the seller and shall be filed with the Service within two(2) full business days after the authorized change is received by the listing broker. Failure to reflect changes to: thelist price; any change to the original listing agreement; or change in the status of the listing, in the Broker ListingCooperative listing service, within the required time frame will result in an automatic Level Two fine per theMIBOR BLC Compliance Policy.Section 1.5 - Withdrawal of Listing Prior to Expiration: Listings of property may be withdrawn from the BrokerListing Cooperative listing service by the listing broker before the expiration date of the listing agreement,provided there is a written agreement between the seller and the listing broker which authorizes the withdrawal.Sellers do not have the unilateral right to require the Broker Listing Cooperative listing service to withdraw alisting without the listing broker's concurrence. However, when a seller(s) can document that his exclusiverelationship with the listing broker has been terminated, the Broker Listing Cooperative listing service maywithdraw the listing at the request of the seller.Section 1.6 - Contingencies Applicable to Listings: Any contingency or conditions of any term in a listing shall bespecified and noticed to the Participants. A listing with the Status Disclosure of First Right Contingency, LimitedPurchase Contingency or Awaiting Corporate Signature may remain in the Active status only when the correspondingStatus Disclosure is set. Listings that are accepting back up offers or are pending contracts, financing, inspections andother conditions may not remain in the Active Status.Section 1.7 - Listing Price Specified: The full gross listing price stated in the listing contract will be included in theinformation published in the Broker Listing Cooperative listing service compilation of current listings, unless theproperty is subject to auction.Section 1.8 - Listing Multiple Unit Properties: All properties which are to be sold or which may be sold separatelymust be indicated individually in the listing and on the property data form. When part of a listed property has beensold, proper notification should be given to the Broker Listing Cooperative listing service.Section 1.9 - No Control of Commission Rates or Fees Charged by Participants: The Broker ListingCooperative listing service shall not fix, control, recommend, suggest, or maintain commission rates or fees forservices to be rendered by Participants. Further, the Broker Listing Cooperative listing service shall not fix,March 20, 2020Broker Listing Cooperative listing service Rules & RegulationsPage 3
control, recommend, suggest, or maintain the division of commissions or fees between cooperating Participants orbetween Participants and non-Participants.Section 1.10 - Expiration, Extension, and Renewal of Listings: Any listing filed with the Broker ListingCooperative listing service automatically expires on the dates specified in the agreement, unless renewed by thelisting broker and notice of renewal or extension is filed with the Service prior to expiration.If notice of renewal or extension is dated more than 60 days after the expiration date of the original listing, then anew listing must be secured for the listing to be filed with the Service. It may then be published as a new listing.Any extension or renewal of a listing must be signed by the seller(s) and be filed with the Service.Section 1.11 - Termination Date on Listings: Listings filed with the Service shall bear a definite and finaltermination date, as negotiated between the listing broker and the seller.Section 1.12 – Service Area: Only listings of the designated types of property located within the service area of theBroker Listing Cooperative listing service are required to be submitted to the Service. Listings of property locatedoutside the Broker Listing Cooperative listing service’s service area will be accepted if submitted voluntarily by aParticipant, but cannot be required by the Service without the Participants authorization.Section 1.13 - Listings of Suspended Participants: When a Participant of the Service is suspended from theBroker Listing Cooperative listing service for failing to abide by a membership duty (i.e., violation of the Code ofEthics, Association Bylaws, Broker Listing Cooperative listing service Bylaws, Broker Listing Cooperative listing service Rules and Regulations, or other membership obligation except failure to pay appropriate dues, fees, orcharges), all listings currently filed with the Broker Listing Cooperative listing service by the suspendedParticipant shall, at the Participant's option, be retained in the Service until sold, withdrawn or expired, and shall notbe renewed or extended by the Broker Listing Cooperative listing service beyond the termination date of thelisting agreement in effect when the suspension became effective. If a Participant has been suspended from theAssociation or Broker Listing Cooperative listing service (or both) for failure to pay appropriate dues, fees, orcharges, an Association Broker Listing Cooperative listing service is not obligated to provide Broker ListingCooperative listing service services, including continued inclusion of the suspended Participant's listings in theBroker Listing Cooperative listing service compilation of current listing information. Prior to any removal of asuspended Participant's listings from the Broker Listing Cooperative listing service, the suspended Participantshould be advised, in writing, of the intended removal so that the suspended Participant may advise his clients.Section 1.14 - Listings of Expelled Participants: When a Participant of the Service is expelled from the BrokerListing Cooperative listing service for failing to abide by a membership duty (i.e., violation of the Code of Ethics,Association Bylaws, Broker Listing Cooperative listing service Bylaws, Broker Listing Cooperative listingservice Rules and Regulations, or other membership obligations except failure to pay appropriate dues, fees, orcharges), all listings currently filed with the Broker Listing Cooperative listing service shall, at the expelledParticipant's option, be retained in the Service until sold, withdrawn, or expired, and shall not be renewed orextended by the Broker Listing Cooperative listing service beyond the termination date of the listing agreement ineffect when the expulsion became effective. If a Participant has been expelled from the Association or BrokerListing Cooperative listing service (or both) for failure to pay appropriate dues, fees, or charges, an AssociationBroker Listing Cooperative listing service is not obligated to provide Broker Listing Cooperative listing serviceservices, including continued inclusion of the expelled Participant's listings in the Broker Listing Cooperative listing service compilation of current listing information. Prior to any removal of an expelled Participant's listingsfrom the Broker Listing Cooperative listing service, the expelled Participant should be advised, in writing, of theintended removal so that the expelled Participant may advise his clients.Section 1.15 - Listings of Resigned Participants: When a Participant resigns from the Broker ListingCooperative listing service, the Broker Listing Cooperative listing service is not obligated to provide services,including continued inclusion of the resigned Participant's listings in the Broker Listing Cooperative listing servicecompilation of current listing information. Prior to any removal of a resigned Participant's listings from the BrokerListing Cooperative listing service, the resigned Participant should be advised, in writing, of the intended removalso that the resigned Participant may advise his clients.March 20, 2020Broker Listing Cooperative listing service Rules & RegulationsPage 4
Section 1.15.1 - Listings of Deceased Participants: Upon the death of a Managing Broker, a Branch ManagingBroker or Associate Broker in the office may continue to carry on business for the Branch Managing Broker orAssociate Broker’s listings that were contracted for before the death of the Managing broker for a period of ninety(90) days in accordance with I.C. 25-34-.1-4-6 and its requirements. No new listings may be entered into the BrokerListing Cooperative listing service under the deceased Managing Broker’s licensure during this ninety-day period.At the end of the ninety-day period, any remaining listings will be considered to have expired and the Broker ListingCooperative listing service will reflect the change of status.Section 1.16 – Missing or incorrect data: Missing, incorrect data or policy violations: (i.e., Broker ListingCooperative listing service Room Sizes, tax id/parcel etc., also Pending and Sold Status including Who Sold, anyrequired field, etc. or statements in property description or remarks that are contrary to established policy) must becorrected within two (2) full business days upon notification by the Broker Listing Cooperative listing service staff.Not correcting the missing or incorrect data within the required timeframe will result in a Level One fine per theMIBOR BLC Compliance Policy.Section 1.17 – Deletion and Modification of Listings: No listing or its history file may be deleted from the BrokerListing Cooperative listing service System. No modifications to sold listings, other than typographical errors, may bemade to sold listings.Section 1.18 – Reporting Square Footage: In reporting closed transactions, listing broker may enter square footage, ifavailable. The total square footage would include above grade finished square footage.Section 1.19 Contact Information: Contact information may only appear in the Agent Remarks and Office InformationSection of the listing profile sheet.Selling ProceduresSection 2 –Showings and Negotiations: Appointments for showings and negotiations with the seller for thepurchase of listed property filed with the listing service shall be conducted through the listing broker, except underthe following circumstances:a. the listing broker gives the cooperating broker specific authority to show and/or negotiate directly, orb. after reasonable effort, the cooperating broker cannot contact the listing broker or his representative;however, the listing broker, at his option, may preclude such direct negotiations by cooperating brokers.(Amended 4/92)Section 2.1 - Presentation of Offers: The listing broker must make arrangements to present the offer as soon aspossible, or give the cooperating broker a satisfactory reason for not doing so. (Amended 4/92)Section 2.2 - Submission of Written Offers and Counter-offers: The listing broker shall submit to the seller allwritten offers until closing unless precluded by law, government rule, regulation, or agreed otherwise in writingbetween the seller and the listing broker. Unless the subsequent offer is contingent upon the termination of anexisting contract, the listing broker shall recommend that the seller obtain the advice of legal counsel prior toacceptance of the subsequent offer. (Amended 06/2015)Participants representing buyers or tenants shall submit to the buyer or tenant all offers and counter-offers untilacceptance and shall recommend that buyers and tenants obtain legal advice where there is a question aboutwhether a pre-existing contract has been terminated. (Amended 07/2011)Section 2.3 - Right of Cooperating Broker in Presentation of Offer: The cooperating broker or his representativehas the right to participate in the presentation to the seller or lessor of any offer he secures to purchase or lease. Hedoes not have the right to be present at any discussion or evaluation of that offer by the seller or lessor and the listingbroker. However, if the seller or lessor gives written instructions to the listing broker that the cooperating broker notbe present when an offer the cooperating broker secured is presented, the cooperating broker has the right to a copyof the seller's written instructions. None of the foregoing diminishes the listing broker's right to control theestablishment of appointments for such presentations.March 20, 2020Broker Listing Cooperative listing service Rules & RegulationsPage 5
Where the cooperating broker is not present during the presentation of the offer, the cooperating broker can requestin writing, and the listing broker must provide, as soon as practical, written affirmation stating that the offer hasbeen submitted to the seller, or written notification that the seller has waived the obligation to have the offerpresented. (Amended 11/18)Section 2.4 - Right of Listing Broker in Presentation of Counter-Offer: The listing broker or his representativehas the right to participate in the presentation of any counter-offer made by the seller or lessor. He does not have theright to be present at any discussion or evaluation of a counter-offer by the purchaser or lessee. However, if thepurchaser or lessee gives written instructions to the cooperating broker that the listing broker not be present when acounter-offer is presented, the listing broker has the right to a copy of the purchaser's or lessee's written instructions.Section 2.5 - Reporting Sales to the Service: Status changes, including final closing of sales and sales prices, shallbe reported to the listing service by the listing broker within two (2) full business days after they have occurred. Ifnegotiations were carried on under Section 2 a. or b. hereof, the cooperating broker shall report accepted offers andprices to the listing broker within two (2) full business days after occurrence and the listing broker shall report themto the listing service within two (2) full business days after receiving notice from the cooperating broker. (Amended06/2015)Note 1: The listing agreement of a property filed with the listing service by the listing broker should include aprovision expressly granting the listing broker authority to advertise; to file the listing with the listingservice; to provide timely notice of status changes of the listing to the listing service; and to provide salesinformation including selling price to the listing service upon sale of the property.Note 2: The reporting of the sale price is required by the listing service.Note 3: The listing service may provide sale price information to governmental bodies only to be used for statisticalpurposes (including use of aggregated data for purposes of valuing property) and to confirm the accuracy ofinformation submitted by property owners or their representatives in connection with property valuation challenges;and to third-party entities only to be used for academic research, statistical analysis, or for providing services toParticipants and Subscribers. In any instance where a governmental body or third-party entity makes sale priceinformation provided by the listing service available other than as provided for in this provision, a listing Participantmay request the sale price information for a specific property be withheld from dissemination for these purposeswith written authorization from the seller, and withholding of sale price information from those entities shall not beconstrued as a violation of the requirement to report sale prices.Section 2.5.1 – Reporting of Sales Price: Entry of the Total Sales Price amount, as disclosed on the SalesDisclosure Form (Ind. State Form 46021), is required for the reporting of all sales to the Broker ListingCooperative listing service by the listing broker.Section 2.6 - Reporting Resolutions of Contingencies: The listing broker shall report to the Broker ListingCooperative listing service within two (2) full business days that a contingency on file with the Broker ListingCooperative listing service has been fulfilled or renewed, or the agreement canceled.Section 2.7 - Advertising of Listing Filed with the Service: A listing shall not be advertised by any Participantother than the listing broker without the prior consent of the listing broker.Section 2.8 - Reporting Cancellation of Pending Sale: The listing broker shall report immediately to the BrokerListing Cooperative listing service the cancellation of any pending sale, and the listing shall be reinstatedimmediately.Refusal to SellSection 3 - Refusal to Sell: If the seller of any listed property filed with the Broker Listing Cooperative listingservice refuses to accept a written offer satisfying the terms and conditions stated in the listing, such fact may betransmitted immediately to the Service.March 20, 2020Broker Listing Cooperative listing service Rules & RegulationsPage 6
ProhibitionsSection 4 - Information for Participants Only: Any listing filed with the Service shall not be made available toany broker or firm not a Member of the Broker Listing Cooperative listing service without the prior consent of thelisting broker.Section 4.1 - "For Sale" Signs: Only the "For Sale" sign of the listing broker may be placed on a property.Section 4.2 - "Sold" Signs: Prior to closing, only the "Sold" sign of the listing broker may be placed on a property,unless the listing broker authorizes the cooperating (selling) broker to post such a sign.Section 4.3 - Solicitation of Listing Filed with the Service: Participants shall not solicit a listing on property filedwith the Service unless such solicitation is consistent with Article 16 of the REALTORS ' Code of Ethics, itsStandards of Practice, and its Case Interpretations.Section 4.4 – Use of Broker Listing Cooperative listing service Trademark - No Broker Listing Cooperative listing service Participant, Subscriber, or licensee affiliated with any Participant shall, through the name of their firm,their URLs, their e-mail addresses, their website addresses, or in any other way represent, suggest, or imply that theindividual or firm is a Broker Listing Cooperative listing service, or that they operate a Broker Listing Cooperative listing service. Participants, Subscribers and licensees affiliated with Participants shall not represent, suggest, or implythat consumers or others have direct access to the Broker Listing Cooperative listing service databases, or thatconsumers or others are able to search the Broker Listing Cooperative listing service databases available only toParticipants and Subscribers. This does not prohibit Participants and Subscribers from representing that anyinformation they are authorized under the Broker Listing Cooperative listing service rules to provide to clients orcustomers is available on their websites or otherwise.Division of CommissionsSection 5 - Compensation Specified on Each Listing: The listing broker shall specify, on each listing filed withthe Broker Listing Cooperative listing service, the compensation offered to other Broker Listing Cooperative listing service Participants for their services in the sale of such listing. Such offers are unconditional except thatentitlement to compensation is determined by the cooperating broker's performance as the procuring cause of thesale (or lease) or as otherwise provided for in this rule. The listing broker's obligation to compensate anycooperating broker as the procuring cause of the sale (or lease) may be excused if it is determined througharbitration that, through no fault of the listing broker and in the exercise of good faith and reasonable care, it wasimpossible or financially unfeasible for the listing broker to collect a commission pursuant to the listing agreement.In such instances, entitlement to cooperative compensation offered through Broker Listing Cooperative listingservice would be a question to be determined by an arbitration hearing panel based on all relevant facts andcircumstances including, but not limited to, why it was impossible or financially unfeasible for the listing broker tocollect some or all of the commission established in the listing agreement; at what point in the transaction did thelisting broker know (or should have known) that some or all of the commission established in the listing agreementmight not be paid; and how promptly had the listing broker communicated to cooperating brokers that thecommission established in the listing agreement might not be paid.Note 1: In filing a property with the Broker Listing Cooperative listing service of a Realtor Association, theParticipant of the Service is making blanket unilateral offers of compensation to the other Broker ListingCooperat
6. Residential Rentals . Listings will be entered at a cost established by the MSC Board of Directors. All Listings must include the date of the listing and the date of expiration exactly as shown on the listing contract. The first day of a listing is the date the listing contract becomes e
A broker-dealer that acts as a prime broker must maintain net capital of not less than 1,500,000. A broker-dealer acting as an executing broker in a prime broker relationship who self clears or a broker-dealer clearing prime broker transactions on behalf of an introducing executing broker must have minimum net capital of at least 1,000,000.
Indiana AOR MLS Indiana Regional MLS MIBOR REALTOR . David Bennett –Pinellas REALTOR Organization dbennett@tampabayrealtor.com Kevin McQueen –T3 MLS (949) 771-0303 kevin@t3sixty.com. Title: AEI Embracing MLS Consolidation - Kevin McQueen v1 Author: Kevin McQueen - T3 MLS
Broker must promptly give written notice to MetLife if the Broker's license is canceled, suspended, or revoked, or if Broker or a MetLife‐contracted Broker is otherwise placed under a legal . suitability forms and any legally‐required shoppers' or buyers' guide. Section 2.6. Replacement. Broker shall not engage in the systematic .
maintenance of the trust account to another broker. ARM 24.210.426( 1) states, "A broker is responsible at all times for the proper handling of earnest money, security deposits, or other funds received by a broker, a broker's salesperson, or funds received by a broker as a designated broker pursuant to (3)(c) on behalf of customers or clients.
ADD LISTING GUIDE Contents Resources Add Listing Rules Status Definitions How to Add A Listing into Flexmls . change is received by the Listing Broker. b) Within two (2) business days of acceptance of a purchase contract for a property entered in the MLS, the MLS listing must be reported as defined on the MLS's Status Change Form. .
ADD LISTING GUIDE Contents Resources Add Listing Rules Status Definitions How to Add A Listing into Flexmls . change is received by the Listing Broker. b) Within two (2) business days of acceptance of a purchase contract for a property entered in the MLS, the MLS listing must be reported as defined on the MLS's Status Change Form. .
The REALTOR Code of The Canadian Real Estate Association (CREA) is universally recognized by real estate professionals and consumers alike as the measure of professionalism in real estate. The REALTOR Code is intended to define the high standard of performance the public has a right to expect
This standard employs the principles of API 650; however, storage tank owner/operators, based on consideration of specific construction and operating details, may apply this standard to any steel tank constructed in accordance with a tank specification. This standard is intended for use by organizations that maintain or have access to engineering and inspection personnel technically trained .
