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Legal Blog

The Legal Blog, brought to you by NVAR's Professional Standards department, helps you stay on top of the latest rules and regulations in the industry.

Keep Your Listings Accurate and Current

By:
  • Michelle Yam
Oct 31, 2016

MLS

MRIS is committed to maintaining the best, most accurate listing information available in the MLS system. To ensure that data entered into MRIS is accurate, notifications are sent to listing agents if data corrections are needed. Don’t wait until you receive a warning to learn how you can prevent future notifications. Adhering to these compliance reminders when entering a listing can help you sell your property faster and avoid fines!

Non-MLS Listings:
Get those listings in! All listings must be entered into MRIS unless the seller has requested in writing that the seller does not want to market the property through the MLS. When discussing marketing with clients, it is recommended that the listing agent review the advantages of having the property in the MLS.   

Electronic Distribution of Listings:
Do you know where your listings are? The Broker of Record determines where listings are syndicated (distributed to public websites). ListHub is the tool that MRIS and brokers use to syndicate the broker’s listings to sites such as Zillow, Realtor.com, Trulia or any other non-MRIS broker website. Please get your broker’s permission before sending your listings to a public website. Distributing listings belonging to another agent or broker is strictly forbidden and will result in MRIS sanctions.  

Delinquent Settlement Date:
Don’t be late, update that Settlement Date! If your listing has settled, change the status to SOLD.
If settlement has been postponed, revise the estimated close date. If the property is not going to close, revise the status to ACTIVE or to WITHDRAWN.

Photos:
Pictures help listings sell faster and help you avoid a compliance notification! You must add a photo of the exterior of the property within 48 hours of adding a listing to Keystone. If the seller does not want a photo or you need additional time to shoot a photo, select the “No Photo per Seller” option. You can always upload the photo later.

Other Important Photo “Don’ts”: You may not use a photo from another agent’s listing. Also, don’t upload photos that have broker or agent branding information or photos with text (e.g. “near metro,” “great location,” “freshly painted”).

No Tax ID Number:
Get the Tax ID right! The tax number must be entered exactly as it appears on the MRIS Public Records. To avoid errors, use the Tax auto-fill feature in Keystone. Do not use the street type (Ave., Blvd., etc.) or the Advertised Subdivision in the Tax auto-fill search.

Delinquent TEMP OFF Status:
Don’t forget to take TEMP OFF off! If your listing is in TEMP OFF status, you must change the status back to ACTIVE within 21 days. Should you need additional time, contact the Compliance Department for an extension after you have received a notice.

Inappropriate Remark Information:
Lose the numbers!  Do not enter phone numbers, contact information, broker or agent branding, showing instructions or references to compensation in the Internet (public) remarks. This information may be entered into the general (agent) remarks.

Delinquent Contingency Expiration Date:
You’re late for a very important date! Please remember to update your contingency expiration dates if the last contingency expiration date (contingency due date) is in the past. If the contingency is third-party approval for a distressed sale, you may enter the proposed settlement date in the contingency expiration date field. Once the contingencies have been met, change the status to CONTRACT.

Inappropriate Direction Information:
Where is your listing located? Buyers can find your property if you provide complete directions on listings. References to “Use GPS” or other online mapping programs are prohibited unless the reference is accompanied by directions.

Ownership:
Ownership types and property types are not always equal! Enter the correct ownership type and not the style or type of the property in the Ownership field. For example, if the property is a townhouse, but the ownership is condo, enter condo under Ownership and townhouse under Type. Ground rent is a specific type of ownership found primarily in Baltimore and parts of Anne Arundel County.  

Help us keep your data clean and accurate. Visit MRISblog.com for regular compliance tips and reminders! In addition, the MRIS Rules and Regulations, Listing Compliance Reports, and more are always available at MRIS.com/Compliance.

Michelle Yam is the MRIS Compliance Manager.
Group(s):
  • MLS (Multiple Listing System)