Rules and Regulations

Exchange Rules and Regulations
Updated: 4/12/11

 
PARTICIPATION IN THE MINNESOTA COMMERCIAL Association of Real Estate EXCHANGE (Exchange) REALTOR® or Licensed Member: Any REALTOR® (principal) member of any firm who holds membership in the National Association of REALTORS®, and any firm with a licensed real estate broker and / or agents, are eligible to participate. Brokers and salespeople other than principals are not “members” or “participants” of the Exchange but have access to and use the EXCHANGE through the Participant with whom they are affiliated. Licensed membership is offered also to individuals who are licensed or certified by a state regulatory agency to engage in the appraisal of real property.

COMMUNITY AND ECONOMIC DEVELOPMENT AFFILIATE MEMBERS: Any individuals who, while not engaged in the real estate profession as defined in Article 2 of the Minnesota Commercial Association of Real Estate Bylaws, are recognized as being community and/or economic development professionals who are engaged in the attraction, retention, or expansion of the economic base of the region and have interests requiring information concerning commercial real estate data. These individuals are not engaged in the sale, lease, exchange or brokerage of real property. They shall be able to receive and use data from the EXCHANGE solely for community and/or economic development purposes.

Every participant must initially agree in writing to conform to these EXCHANGE Rules and Regulations and to pay the fees and charges of the EXCHANGE.

RESPONSIBILITY FOR CONFORMANCE WITH RULES AND REGULATIONS: The Exchange Participant (REALTOR®, Licensed, and Community and Economic Development Affiliate member) is responsible to The Exchange for compliance with these Rules and Regulations by all of the firm’s users who have access to and use of the EXCHANGE.

ACCESS TO CURRENT PROPERTY INFORMATION: Only Participants and their affiliated licensees/staff may have access to and use of the current property information generated by the EXCHANGE.

SUBMITTERS OF DATA TO THE EXCHANGE:
Any participant is encouraged, although not required, to submit commercial real estate property data into the system. In view of the fact that the EXCHANGE is not a Multiple Listing Service or a Commercial Listing Service, and no offers of cooperation or compensation can be extended through the EXCHANGE, it is not essential that a Participant retained by a property owner to market the property have an exclusive right to sell, exclusive agency, or open listing. Other forms of agreement through which the participant agrees to provide certain marketing services may be the basis for authorizing the submission of property information to the EXCHANGE. When the participant is acting on behalf of the seller or, it is essential that there be an agreement between the participant and the seller or lessor authorizing the participant to submit information on the property to the EXCHANGE.

Since it is the goal of The Exchange to have a comprehensive database of commercial real estate in its market, managers, developers, and owners of commercial property are eligible to submit data into the EXCHANGE.

Any submitters of data into the EXCHANGE, including site details and any photographic images, represent that they have the right to submit the data and that neither they nor EXCHANGE infringe upon any third party rights in any of the posted information. Submitters agree to indemnify and hold harmless The EXCHANGE from any claim arising out of failure to comply with this representation.

EXCHANGE does not verify the accuracy of the data provided and disclaims any liability or responsibility for the accuracy of the data. All Submitters are encouraged to submit and maintain data comprehensiveness and accuracy. Any submitters and participant accessing the data in the EXCHANGE agrees to indemnify, defend and hold EXCHANGE harmless against any claim, loss or liability arising from any inaccuracy or inadequacy of the data, including attorney fees and costs.


Section 1. FILING PROCEDURES:
A property information exchange is not a Multiple Listing Service and no offers of cooperation or compensation can be extended through the Exchange. Submission of any property information to the EXCHANGE is voluntary on the part of the submitter. Information on property for sale, lease or exchange of the following types may be entered by submitters to the EXCHANGE:
 
  1. Sale - Office, Industrial, Retail
  2. Lease - Office, Industrial, Retail
  3. Commercial/Residential Investment
  4. Land
While the EXCHANGE does not require a Submitter acting on behalf of a seller or lessor to utilize a particular listing contract or other form of agreement, the EXCHANGE shall require use of a standardized property information form, as determined by EXCHANGE, to submit information on properties for sale, lease or exchange to the EXCHANGE.

The EXCHANGE accepts information on properties which are currently listed on an exclusive right to sell or lease basis, exclusive agency or open listing basis as well as other forms of agreements that make it possible for the submitter to market the property

Information submitted on properties for sale, lease, or exchange in the EXCHANGE by a submitter is an acknowledgment that the Submitter has authorization from the seller/lessor.

The EXCHANGE accepts information on properties which may be currently available for sale, lease or exchange and which may be marketed by the submitter only if written permission is obtained from the seller, lessor or agent for the seller or lessor.

The EXCHANGE also contains data on commercial properties that have no current activity. These properties are identified with the status of "off market".

Section 1.1. FILINGS SUBJECT TO RULES AND REGULATIONS OF THE EXCHANGE:
Any property information to be filed with the EXCHANGE is subject to the Rules and Regulations upon filing.

Section 1.2. DETAIL OF INFORMATION FILED WITH THE EXCHANGE:
Any property information form submitted to the EXCHANGE should include a description of the type of property and the price, or a description of the property sought, or any pertinent information as determined by the EXCHANGE.

Section 1.3. CHANGE OF STATUS:
Any change in price or other change in the terms of the information originally filed shall be submitted to the EXCHANGE on a timely basis.

Section 1.4.WITHDRAWAL OF FILING PRIOR TO TERMINATION:
Filings may be withdrawn from the EXCHANGE by the submitter through the submission of a written withdrawal notice signed by the submitter or by removing the property from the system online.

Section 1.5. SPECIFICATION OF PRICE:
The Submitter, acting on behalf of a seller or lessor, shall specify the price at which the property is being marketed.

Section 1.6. MULTIPLE UNIT PROPERTIES:
Any property which is to be sold, leased or exchanged, or which may be marketed separately must be so indicated on the property information form. When any part of a filed property has been sold, leased or exchanged, the rules related to notifying the EXCHANGE shall be observed.

Section 1.7. PUBLICATION OF INFORMATION:
Property information will be online in the EXCHANGE’s compilation until the submitter removes the property information or the information has not been updated over the past 60 days.

Section 2. NEGOTIATIONS:
The filing of information with the EXCHANGE by a submitter acting on behalf of a seller or lessor does not, in and of itself, constitute an offer of cooperation. Any Participant, or licensee affiliated with a Participant, wishing to cooperate in the marketing of the property must contact the submitter to determine the type of cooperation offered, the compensation offered (if any) to Participant procuring a purchaser or lessee, and the terms and conditions upon which the property being offered may be shown.

Any Participant, or licensee affiliated with a Participant, attempting to locate a property on behalf of a buyer must contact the submitter representing the seller/lessor to determine the terms and conditions of cooperation, the compensation offered (if any), and to arrange showing of prospective properties.

Section 2.1. REPORTING SALES, LEASES OR EXCHANGES:
Sales, leases or exchanges shall be reported to the EXCHANGE on a timely basis by the submitter making the original information filing.
 
 
Prohibitions

Section 3. INFORMATION FOR PARTICIPANTS ONLY:
Property information published through the EXCHANGE may not be made available to any broker or firm not participating in the EXCHANGE without the prior express consent of the filing Participant.

Section 4. FEES AND CHARGES:
All fees are subject to change by the EXCHANGE Board of Directors upon notifying, in writing or electronically, of any modifications, provided at lease ten (10) days’ notice has been given by EXCHANGE. From time to time, EXCHANGE may establish other fees or fines upon giving Participants ten (10) days’ notice.

Section 4.1. PARTICIPATION FEES:
The charges to Participants for the EXCHANGE shall be determined by the Board of Directors of EXCHANGE.

Section 4.2. PAYMENT OF ACCOUNTS:
Participants are required to pay their accounts promptly when billed. Monthly statements must be paid by the twentieth (20) of the month following billing. Services will be automatically discontinued after the twentieth day until account is paid in full for any participant who fails to pay his account when due. Prior to reinstatement, participant must pay all outstanding monthly charges due, plus a reinstatement fee.

Section 4.3. RESIGNATION AND REINSTATEMENT:
Any Participant may resign from participation by submitting a written resignation. Participants shall not be entitled to any refund for initial participation fee or any charges paid. Further, upon resignation all accounts must be paid in full. A resigned Participant, whose account is paid in full, may request reinstatement at any time upon receipt of a written request and payment of reinstatement fee.

Section 5. COMPLIANCE WITH RULES:
For failure to comply with the Rules and Regulations of the Exchange, the provisions of Section 7 and 7.1 shall apply.

Section 5.1 APPLICABILITY OF RULES TO USERS:
Participants and others authorized to have access to information published by EXCHANGE are subject to these Rules and Regulations, and may be disciplined for violations thereof. Further, failure of any user or participant to abide by the Rules and/or any sanction imposed for violations thereof can subject the Participating firm and users to the same or other discipline. This provision does not eliminate the Participant’s ultimate responsibility and accountability for all users affiliated with the participant.

Section 6. GOVERNANCE:
Governance of the Exchange shall comply with Article 6 of the Exchange bylaws.

Section 7. CONSIDERATION OF ALLEGED VIOLATIONS:
The EXCHANGE Directors shall give consideration to all written complaints alleging violations of the Rules and Regulations.

Section 7.1. VIOLATION OF RULES AND REGULATIONS:
If the alleged offense is a violation of the Rules and Regulations of the EXCHANGE and does not involve a charge of alleged unethical conduct or a request for arbitration, it may be considered by the Minnesota Commercial Association of Real Estate Board of Directors, and if a violation is determined, the Directors may direct the imposition of sanction, provided the proposed recipient of such sanction is entitled to have the alleged violation considered at a hearing by the Professional Standards Committee.

Section 7.2. COMPLAINTS OF UNETHICAL CONDUCT:
All complaints of alleged unethical conduct shall be referred by the Minnesota Commercial Association of Real Estate Board of Directors to the executive staff of Minnesota Commercial Association of Real Estate for appropriate action in accordance with Minnesota Commercial Association of Real Estates professional standards procedures.

Section 8. CONFIDENTIALITY OF EXCHANGE INFORMATION:
Any information provided by the Service to the Participants shall be considered official information of the Service. Such information shall be considered confidential and exclusively for the use of Participants and users affiliated with such Participants.

Section 8.1. EXCHANGE NOT RESPONSIBLE FOR INFORMATION FROM SUBMITTERS:
The information published by the EXCHANGE is communicated without change as filed by the submitters. The EXCHANGE does not verify the information provided and disclaims any liability or responsibility for its accuracy. It is the responsibility of the submitter to verify the accuracy of the information. Each Participant and Submitter agrees to hold EXCHANGE harmless against any liability arising from any inaccuracy or inadequacy of the information such Submitter provides.

Section 9.AUTHORIZATION:
By submitting property information to the Minnesota Commercial Property Exchange, the Submitter represents that he/she has been authorized to grant and also thereby does grant authority for the EXCHANGE to include the property information in its data system and copyrighted EXCHANGE compilation and also in any "comparable" report, "sold" report, or other historical or statistical report unless expressly indicated otherwise in writing at the time the information is filed with the EXCHANGE.

Section 9.1. COPYRIGHT:
All right, title, and interest in the data compiled, created and copyrighted by EXCHANGE and in the copyrights therein, shall at all times remain vested in the EXCHANGE.

Any submitters of data into the EXCHANGE, including site details and any photographic images, represent that they have the right to submit the data and that neither they nor EXCHANGE infringe any third party rights in any of the posted information. Submitters agree to indemnify and hold harmless EXCHANGE from any claim arising out of failure to comply with this representation.
 
 
Use of Copyrighted Exchange Data
Section 10. DISTRIBUTION:
Participants shall at all times maintain control over, and responsibility for the data in the Minnesota Commercial Property Exchange and shall not distribute the data to anyone other than authorized Participants.

Section 10.1. DISPLAY:
Participants, and licensees with affiliated Participants, shall be permitted to display the EXCHANGE data to prospective sellers, lessors and purchasers only in conjunction with their ordinary business activities of attempting to market properties or to identify suitable properties for buyers or lessees.

Section 10.2. REPRODUCTION:
Participants shall not reproduce any EXCHANGE compilation or any portion thereof, except in the following limited circumstances.

Participants may reproduce from the EXCHANGE compilation and distribute to prospective sellers, purchasers, lessors, and lessees a reasonable** number of single copies of property data contained in the EXCHANGE compilation which relate to any properties in which the prospective purchasers/lessees are or may, in the judgment of the Participants, be interested, or in which the participant is seeking to promote interest.

Nothing contained herein shall be construed to preclude any Participant from utilizing, displaying, distributing, or reproducing property pertaining exclusively to properties submitted to the EXCHANGE by the Participant.

Any information, whether provided in written or printed form, provided electronically, or provided in any other form or format, is provided for the exclusive use of the Participant and users affiliated with the Participant who are authorized to have access to such information. Such information may not be transmitted, retransmitted or provided in any manner to any unauthorized individual, office or firm.

None of the foregoing shall be construed to prevent any individual legitimately in possession of current property information, "sold/leased" information, "comparable", or statistical information from utilizing such information to support an estimate of value on a particular property for a particular client. However, only such information that EXCHANGE has deemed to be nonconfidential and necessary to support the estimate of value may be reproduced and attached to the report as supporting documentation. Any other use of such information is unauthorized and prohibited by these Rules and Regulations.

Section 11. LIMITATIONS ON USE OF EXCHANGE INFORMATION:
Use of information from the compilation of current property information, from the "Statistical Report," or from any "sold" or "comparable" report of the EXCHANGE for public mass media advertising by a Participant or in other public representations may not be prohibited.

However, any print or non-print form of advertising or other forms of public representations based in whole or in part on information supplied by EXCHANGE must clearly demonstrate the period of time over which claims are based and must include the following notice:

"NOTE: This representation is based in whole or in part on data supplied by the Minnesota Commercial Property Exchange© ____ (year). All rights reserved. Information deemed reliable but not guaranteed."

Section 12. RULES AND REGULATIONS:
These Rules and Regulations will be included in the packet of information given to new participants. The EXCHANGE participant is responsible to The Minnesota Commercial Property Exchange for compliance with these Rules and Regulations by all of the licensees and/or other users within the firm.

Section 13. CHANGES IN RULES AND REGULATIONS:
Amendments to the Rules and Regulations of the Exchange shall be by consideration and approval of the Board of Directors of the Minnesota Commercial Property Exchange upon final approval by the Minnesota Commercial Association of REALTORS®.
 
 
Training

Section 14. INITIAL TRAINING: Any applicant for EXCHANGE Participation must attend initial training related to the EXCHANGE. Any user affiliated with a participant, who has access to and use of the EXCHANGE generated information is encouraged to attend the same training.

Section 14.1 ADVANCED TRAINING: Additional training on using the EXCHANGE system to it maximum advantage will be offered to participants on a regular basis.

* The term Exchangen compilation, as used in Sections 9 and 10, herein, shall be construed to include any format in which property listing data is collected and disseminated to the participants, including, but not limited to, bound book, loose-leaf binder, computer database, card file, or any other format whatever.

** It is intended that the Participant be permitted to provide prospective purchasers or lessors with data relating to properties which the prospective purchaser/lessee has a bona fide interest in purchasing/leasing or in which the Participant is seeking to promote interest. The term reasonable, as used herein, should be construed to permit only limited reproduction of property data intended to facilitate the decision-making process in the consideration of a purchase/lease. Factors which shall be considered in deciding whether the reproductions made are reasonable in number, shall include, but are not limited to, the total number of properties in the EXCHANGE compilation, how closely the types of properties contained in such reproductions accord with the prospective were made on a selective basis, and whether the properties are consistent with a normal itinerary of purchaser's/lessee's expressed desires and ability to purchase/lease, whether the reproductions properties which would be shown to the prospective purchaser/lessee.

 
Internet Data Exchange (IDX) Policy
Section 15. SCOPE OF OFFERING
The MNCAR Exchange will enable MNCAR Exchange Participants to display on their public websites (“IDX sites”) aggregated MNCAR Exchange active listing information. The MNCAR Exchange will, if requested by a REALTOR member or EDC member, provide basic downloading of all current Participant listings that have been marked as “Share with Public” on the MNCAR Exchange. The fields that will be made available for IDX sites are listed under Section 15.5. IDX Fields. The MNCAR Exchange will allow non-principal brokers and sales licensees affiliated with MNCAR Exchange Participants to use information available through IDX to populate their own websites. Such use is subject to Participants' consent and control and the requirements of state law and/or regulation.

Section 15.1. DISPLAY REQUIREMENTS
Participants may select the listings they choose to display on their IDX sites based only on objective criteria including, but not limited to, factors such as geography, or location ("Minneapolis CBD", "Southwest Market", etc.), type of property (e.g. Office, Retail, Bulk Warehouse, MUH), or type of listing (e.g. for lease, for sale). Selection of listings to be displayed on an IDX site must be independently made by each Participant.

When displaying listing content, a Participant's IDX site must clearly identify the name of the brokerage firm under which they operate in a readily visible color and typeface. Listings displayed on IDX sites must identify the listing firm and listing agent for each listing in a readily visible color and typeface not smaller than the median used in the display of listing data. The listing ID for each record must also be displayed.

If Participants are downloading and displaying or framing other brokers' listings obtained from other sources, e.g., other listing services, non-participating brokers, etc., the MNCAR Exchange requires that listings obtained through the MNCAR Exchange be searched separately from listings obtained from other sources, including other listing services.

Information provided by the MNCAR Exchange cannot be modified when displayed on an IDX site. MNCAR Exchange data may be augmented with additional data not otherwise prohibited from display so long as the source of the other data is clearly identified. This requirement does not restrict the format of MNCAR Exchange data display or display of fewer than all of the available listings or fewer authorized data fields.

Any display of other Participants' listings must identify MNCAR Exchange as the source of the information being displayed. Other brokers’ listings obtained from other sources, e.g., from other listing services, from non-participating brokers, etc., must display the source from which each such listings were obtained.

Participants must indicate on their IDX sites that the information being provided is for the visitor’s use in seeking real property for sale or lease and that the visitor may not use the IDX site to provide real estate brokerage or related real estate services to any third parties.

A notice must be displayed on all IDX sites using MNCAR Exchange data stating that the data is deemed reliable but is not guaranteed accurate by the MNCAR Exchange.  Participants’ IDX sites may also include other disclaimers necessary to protect the Participant and/or the MNCAR Exchange from liability. Participants must refresh all MNCAR Exchange data at least once every three days.

Section 15.2. AUDITING AND NOTIFICATIONS
Participants must notify the MNCAR Exchange of their intention to establish an IDX site and make their IDX site directly accessible to the MNCAR Exchange for purposes of monitoring/ensuring compliance with applicable rules and policies before the site is made available to the public.

Listing brokers' consent for IDX display may be presumed unless a listing broker affirmatively notifies the MNCAR Exchange that the listing broker refuses to permit display on a listing-by-listing basis and provides such notification by deselecting the “Share with Public” option on the MNCAR Exchange. If a Participant refuses to permit IDX display for more than 50% of that Participant's listings, then that Participant may not display the aggregated MNCAR Exchange data of other Participants on an IDX site.

Section 15.3. PROTECTION OF DATA
Participants must protect IDX information from misappropriation by employing reasonable efforts to monitor and prevent “scraping” or other unauthorized accessing, reproduction or use of MNCAR Exchange data. Options cannot be made available to the public for exporting listing data or creating reports which include more than 30 listing records.

Except as provided elsewhere in this policy or elsewhere in the MNCAR Exchange rules and regulations, an IDX site or Participant operating an IDX site may not distribute, provide, or make any portion of the MNCAR Exchange database available to any person or entity.

Except as otherwise specifically provided herein, and to the extent permitted by law, the data provided by the MNCAR Exchange is and shall remain the property of MNCAR.  Participants must display a notice of MNCAR’s copyright in MNCAR Exchange data on any web or print page where the data may be viewed by visitors, readers, and/or clientele. The notice must take the following form: “Copyright 2010 MN Commercial Ass’n of REALTORS®” (where “2010” is replaced with the current year as of January 1 of each year).

Section 15.4. COMPETING OFFERINGS
Participants agree not to re-license or redistribute MNCAR Exchange data, in whole or in part, to any third party, or provide any form of access thereto other than through Participants’ IDX site, or otherwise knowingly cause or allow any third party to use MNCAR Exchange data in any manner other than that expressly provided herein.  Participants agree not to create, distribute, or sell derivative works displaying MNCAR Exchange data in any way without prior written permission from MNCAR.

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