Important: Major changes to Form 400
To comply with NAR rules regarding the marketing of property on the Internet, VAR has updated its Form 400 — Exclusive Authorization to Sell. This is a significant revision to the form, and you should begin using the new version immediately. (Click here to go to our Forms Center -- you must be logged in to download the form.)
The revised form allows a property owner to make certain choices about Internet marketing, as covered in Section 5(d), as well as authorize the use of electronic signatures. A cover sheet will be added to Form 400 to explain the Internet policy to the property owner, but here are the changes you should be aware of:
Internet advertising is voluntary.
- An owner may opt out of having the property listing or property address displayed on the Internet. Thus, the owner can either omit just the property address or the entire property listing from the Internet.
- A broker may not opt out or circumvent the owner’s decision to opt out of the Internet.
- If the owner wants to opt out of Internet advertising, the owner must:
- select option A or B in the “Opt out of Internet” box in Form 400; and
- initial the acknowledgment in the space provided.
If authorized by the property owner, a broker’s website may also allow the display of certain information.
- Third-party comments or reviews about the property or a hyperlink to comments or reviews in immediate conjunction with particular listings.
- Third-party comments include blogging, Facebook, MySpace, and other social- and business-networking websites or electronic communication.
- If a broker is notified of false information being posted about the property, the broker has an obligation to remove it.
- An automated estimate of the market value of the property (or a hyperlink to such estimate) or other listings in immediate conjunction with the property.
- Third-party comments and valuations.
- The owner must select either: “authorize” or “does not authorize” third-party comments or reviews about the property.
- The owner must select either: “authorize” or “does not authorize” an automated estimate of the market value of the property.
- If the owner opts out of Internet advertising, then the owner must not authorize third party comments and automated market values.
Electronic signatures are allowed if all parties agree to use them. The revised form includes this option.
(Click here to go to our Forms Center to download it -- you must be logged in to VARealtor.com to get the form.)
Brokers with questions about the changes can call VAR’s Legal Hotline at (804) 622-7955.