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Short Sales

Short Sales and Bank of America Policy Statement

February 13, 2013  |  by Michelle

Some Real Estate licensees have received correspondence from Bank of America regarding the entering of Short Sales in the MLS and the marketing of properties. Certain policies proposed by Bank of America violate the MRIS Rules and Regulations and, in certain circumstances, may violate the Code of Ethics and state licensing law. A number of MRIS customers reached out to... Continue Reading

Distressed Properties 2

Entering Distressed Properties

February 12, 2013  |  by Michelle

Last year, we launched the Transaction Type field designed to help improve the way you enter and search for distressed properties. Whenever you’re entering distressed properties, please refer to the definitions list below, and remember, if you currently have multiple transaction types selected for a listing, please edit your listing to select on transaction type. Standard sale refers to a property... Continue Reading

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New Agency Type Effective July 1 for Virginia

June 27, 2012  |  by Michelle

Effective July 1, 2012, Virginia Agents have a new agency type called Non-Agency.   This new agency type appears on the Selling/Rental Agency Pick List.   The Selling/Rental Agency Pick List only appears when the status is changed to SOLD. What is “Non-Agency?  Non-Agency occurs when the real estate licensee does not represent either party to the real estate transaction and acts... Continue Reading

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Avoid Expired Listing Statuses

June 8, 2012  |  by Michelle

If you have ever had a listing show up in Expired Status be sure to take advantage of the Listing Expiration Report next time! The Listing Expiration Report allows you to see future expiration dates at a glance.  It’s also a great way for Brokers, Managers and Administrative staff to monitor future expiration dates.  You can also check for Future... Continue Reading

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MRIS Compliance H.E.L.P.S. Correct 90% of Issues Within 48-Hours

May 15, 2012  |  by Michelle

We’re committed to maintaining the best, most accurate listing information available. That’s why the MRIS Compliance Department reviews roughly 20,000 potential listing issues a month. To ensure that MRIS data contains the most accurate listing information available, warning notifications are sent to listing agents if data corrections are needed.  Once a warning notification is sent, 90% of listing agents make... Continue Reading

Compliance reminders

Michelle’s Compliance Tips: Inaccurate Ownership Type

May 19, 2011  |  by Michelle

What is ownership type? Ownership type refers to the legal ownership of the property, not the style or type of home. Ownership types include: Condo, Coop, Fee Simple, Ground Rent and Rental Apartment Cause for Confusion: My listing looks like a townhouse, why do I have to put it in as a condo? If the legal ownership type is Condo,... Continue Reading

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