The definition of CTS/Contingent and when to report

CONTINUE TO SHOW/ CONTINGENT – a listing that has ANY form of written sale/lease agreement, which documents a meeting of the minds and is signed by both the buyer/tenant and the seller/landlord, but that the seller(s) and listing agent have agreed should still be available for showings to other perspective buyers/tenants. A “CTS” listing will “Expire” when it reaches its Expiration Date or will automatically change to a

PENDING - status 31 days after being changed to CTS if it has not previously Expired. Section 7.9 Requirement to Report Accepted Offers. The Listing Broker/Agent must report to the Service all Listings on which a Buyer and Seller have arrived at “a meeting of the minds” which has been documented by a Binder, Offer to Purchase, Sales Agreement, Contract of Sale or similar document signed by both the Buyer and “Seller. Any such Listing shall be reported as appropriate, as either “Continue to Show,” “Pending,” “Hubbard Clause” or “Rented,” within two (2) business days after all necessary signatures of Buyer and Seller, or his/her/their authorized agent, have been obtained. Any violation of Section 7.9 is subject to “Third Tier” fines and penalties as set forth in Section 4 of Schedule C. The Listing Broker/Agent shall take all actions necessary to comply with the requirements of Section 7.9 within two (2) business days of written notification that Listing Broker/Agent is not in Compliance.