(Florida Realtors® ERS‑20tb Rev. 7/2024)
Purpose #
Provide a step‑by‑step process for listing agents, transaction coordinators, and brokers to prepare, execute, and manage residential listings in Florida using the Exclusive Right of Sale Listing Agreement.
Scope #
Applies to all Florida residential listings handled by our brokerage, including non‑NAR operations. The form is available for industry‑wide use and does not identify the user as a REALTOR.
Disclaimer #
This SOP is operational guidance only. It is not legal advice. Complex transactions or extensive riders require attorney review.
Roles and Responsibilities #
Listing Agent #
Prepares the Agreement. Gathers property data. Explains key terms. Obtains signatures. Oversees marketing.
Transaction Coordinator #
Verifies completeness. Routes for e‑sign. Enters MLS per timeline rules. Maintains records. Tracks deadlines.
Broker of Record #
Confirms compliance. Reviews commissions. Approves conditional termination requests.
Prerequisites #
Confirm the seller’s legal authority to convey the property and improvements.
Collect the legal description, occupancy status, lease details if tenant‑occupied, and a list of included personal property.
Prepare pricing strategy and financing terms. Advise the seller to consult legal or mortgage professionals for any seller financing or loan‑originator requirements.
Plan MLS strategy. Do not use this Agreement to share offers of compensation to buyer brokers via any MLS field.
Procedure #
1) Set Listing Term and Authority #
Open the ERS‑20tb Agreement. Enter the commencement date and the Termination Date at 11:59 p.m.
Explain that rights and obligations extend automatically through the closing of the sales contract.
Confirm the property will be offered without discrimination based on protected classes.
2) Describe the Property #
Fill the street address and attach the legal description.
List personal property included, such as appliances. Attach if needed.
Indicate occupancy status. If tenant‑occupied, enter the lease expiration date.
3) Price and Terms #
Enter the list price.
Check acceptable financing types. If seller financing is offered or an existing mortgage may be assumed, complete those fields and advise the seller to seek legal and mortgage guidance due to regulatory requirements.
Specify any seller‑paid expenses or concessions and any limits.
4) Broker Obligations #
Commit to diligent and continued efforts to sell.
Cooperate with other brokers when it is in the seller’s best interests.
Make the property available for showings during reasonable times.
5) MLS Entry and Reporting #
Enter the listing in the MLS within one business day of public marketing. Follow stricter local rules if applicable.
Unless the seller directs otherwise in writing, publish the listing in the MLS.
Authorize broker to report price, terms, and financing information of any resulting sale to the MLS.
Do not use any MLS field in this form to share compensation offers to buyer representatives.
6) Broker Authority and Marketing Options #
Obtain authorization to market publicly. Use yard signs, digital marketing, public‑facing websites, brokerage displays, email blasts, and listing‑sharing networks.
If the seller opts out of public marketing and MLS display, document the opt‑out. Explain that signs will not be placed and marketing will be limited to agents within the broker’s office. Capture seller initials.
If using a lockbox, advise the seller to secure or remove valuables. Obtain the seller’s acknowledgment releasing the broker and local association from liability for damage or loss.
Confirm the broker will act as a transaction broker unless agreed otherwise.
Address Virtual Office Website display options. Document any opt‑out for automated valuations or public comments displayed adjacent to the listing.
7) Seller Obligations #
The seller will cooperate and refer all inquiries to the broker.
The seller recognizes the broker’s MLS obligations and potential penalties for non‑compliance.
Provide keys and make the property available for showings during reasonable times.
Inform the broker before leasing, mortgaging, or encumbering the property.
Indemnify the broker for losses arising from the seller’s negligence, lockbox use, or undisclosed material facts. This survives transfer of title.
Comply with FIRPTA. Make all legally required disclosures, including facts that materially affect value and are not readily observable. Update the broker immediately if new material facts arise.
Consult appropriate professionals for legal, tax, environmental, or specialized advice.
8) Compensation to Broker #
Complete the compensation section. Options include a percentage of the total purchase price plus a flat amount, or a flat amount alone. Payment is due no later than the closing date in the sales contract. Closing is not a prerequisite for the fee being earned.
If options or lease scenarios apply, complete those subsections and the timing of fees.
Explain when the fee is due. This includes transfers by any means, seller refusal to sign at agreed terms, seller default, or transfer during the Protection Period to prospects with whom there was communication before termination. Enter the number of days for the Protection Period.
If the property is relisted after Termination Date and sold through another broker, the original broker’s fee is not due.
If the seller retains the buyer’s deposit as liquidated damages, note the broker’s share of retained deposits, capped at the fee in the compensation section.
Emphasize that brokerage commissions are not set by law and are fully negotiable.
9) Buyer Broker Compensation #
Explain that a buyer’s broker provides services to the buyer. The seller may, but is not required to, compensate the buyer’s broker at closing.
Select one compensation option.
Broker offers compensation to buyer’s broker from the broker’s compensation. Document the percentage or flat amount. Use a separate written agreement between broker and buyer’s broker.
Seller offers compensation directly. Document the percentage or flat amount. Use a separate written agreement between seller and buyer’s broker.
No compensation will be offered. If nothing is checked, no compensation is deemed selected.
If this broker also represents the buyer, disclose that the broker may receive separate compensation from the buyer. Factor this into negotiating compensation.
10) Brokerage Relationship #
Confirm transaction broker duties. Honesty and fairness. Accounting for funds. Skill, care, and diligence. Disclosure of all known material facts not readily observable. Timely presentation of offers and counteroffers. Limited confidentiality unless waived in writing.
11) Conditional Termination #
If the seller requests conditional termination, prepare a withdrawal agreement. Collect reimbursement for direct marketing expenses and a cancellation fee plus applicable sales tax.
Inform the seller that the broker may void the conditional termination and collect the earned fee less the cancellation fee if the seller transfers or contracts to transfer the property during the conditional termination window through the original Termination Date and any Protection Period.
12) Dispute Resolution #
Use mediation first. Follow AAA rules or a mutually agreed mediator.
If arbitration is selected, obtain initials from both the seller and broker or authorized associate. Arbitration is neutral and binding in the county where the property is located. Each party pays its own fees and splits the arbitrator and administrative fees equally.
13) Miscellaneous Provisions #
The Agreement binds heirs, representatives, successors, and assigns. The broker may assign the Agreement to another listing office.
Electronic signatures, facsimile, and modifications are acceptable and binding. Treat these as originals.
The term “buyer” includes buyers, tenants, exchangors, optionees, and other transferees.
Add any additional terms in Paragraph 15. Attach addenda as needed.
14) Execution #
Obtain all seller signatures, dates, and contact information.
Obtain broker or authorized associate signature, date, brokerage information, and contact details.
Return a fully executed copy to the seller by the selected method. Email, facsimile, mail, or personal delivery.
MLS and Marketing Timeline #
Enter the listing in MLS within one business day of any public marketing. Follow stricter local rules if applicable.
If opting out, do not place a yard sign. Limit marketing to agents within the broker’s office. Capture seller initials.
Do not use this form to share compensation offers via MLS fields. Use separate written agreements for buyer broker compensation.
Risk and Compliance Notes #
Advise the seller to secure or remove valuables if a lockbox is used. The seller releases the broker and the local association from liability related to damage or loss.
The seller must disclose all material facts not readily observable and comply with FIRPTA.
Commissions are fully negotiable. Document all compensation choices clearly.
For seller financing or mortgage assumption, instruct the seller to consult legal or mortgage professionals due to regulatory complexity and potential loan‑originator registration requirements.
Quality Control Checklist #
Dates and Termination Date entered correctly. Automatic extension through closing explained.
Property address, legal description, personal property, and occupancy fields complete.
Price, financing types, seller concessions, and any seller financing or assumption terms completed and discussed.
Marketing authorizations and any opt‑outs documented with seller initials. Lockbox advisories acknowledged.
Seller obligations and disclosures reviewed. FIRPTA noted.
Broker compensation section complete. Protection Period set. Retained deposits share defined.
Buyer broker compensation choice selected with the correct separate agreement path.
Brokerage relationship confirmed as transaction broker.
Conditional termination terms, if applicable, explained.
Dispute resolution approach chosen. Initials captured if arbitration is selected.
All signatures obtained. Copy returned to the seller by the documented method.
Document Handling and Recordkeeping #
Store the executed Agreement in the listing folder in SharePoint using the naming conventionPropertyAddress_ER_YYYYMMDD.
Maintain addenda, MLS confirmations, and buyer broker compensation agreements with the listing package.
Keep copies of any conditional termination, withdrawal agreements, and expense reimbursements with proof of payment.
Appendix A: Field Map to Agreement Sections #
Paragraph 1. Listing start. Termination Date. Automatic extension through closing. Equal housing language. Seller’s authority to convey.
Paragraph 2. Address. Legal description. Personal property. Occupancy and lease expiration.
Paragraph 3. Price. Financing terms. Seller financing and assumption advisories. Seller concessions.
Paragraph 4. Broker obligations.
Paragraph 5. MLS entry timing. Reporting. Prohibition on sharing compensation via MLS fields.
Paragraph 6. Marketing authority. Public marketing vs office‑only. Lockbox. Transaction broker. VOW options.
Paragraph 7. Seller obligations. Disclosures. FIRPTA. Indemnification.
Paragraph 8. Broker compensation. Protection Period. Retained deposits. Negotiability.
Paragraphs 9–10. Buyer broker compensation options and disclosures.
Paragraph 11. Transaction broker duties.
Paragraph 12. Conditional termination and fees.
Paragraph 13. Mediation first. Optional arbitration with initials. Fee‑splitting.
Paragraph 14. Binding effect. Assignment. Electronic signatures. Facsimile as originals. Definition of “buyer.”
Paragraph 15. Additional terms.
Signature Page. Seller and broker signatures. Contact info. Copy‑return method.
