A Reserved Prospect is a Listing Agreement under which the Seller agrees to pay a commission to the Listing Broker regardless of whether the Listed Property is sold through the efforts of the Listing Broker, the Seller or anyone else, except when the Seller has named one or more individuals or entities as exemptions in the Listing Agreement. If the Listed Property is sold to any exempted individual or entity, the Seller is not obligated to pay a commission to the Listing Broker and the Service will only include the listing as a Comp Only Sale in the Service Compilation.
When entering or modifying a listing in Matrix, there is now a separate field on the Contract tab for identifying if your listing agreement includes a Reserved Prospect clause:
The Reserved Prospect field used to be one of the options within the Listing Contract Type field, but we have removed it and made it a separate Y/N field.
The Reserved Prospect field is required when entering new listings.