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Compliance refresher! Top issues from October:

November 3, 2010  |  by Anne

The MRIS Compliance Department addresses thousands of complaints each month, and we wanted to relay some back to you so you can keep your status as good standing going!

  • Listing agents are leaving a property in ACTIVE status once there is a ratified contract pending third party approval.   The status must be change to CNTG/NOKO (Contingent without a Kick Out clause).
  • The listing appears as Contingent with a Kick Out when no Kick Out clause has been written into the contract.  Please do not enter CNTG/KO (Contingent/KO) if the contingency is Third Party Approval unless the contract contains a kick out clause
  • The seller is no longer accepting offers or allowing showing on the listing but the property is in ACTIVE status.  The status must be changed to TEMP OFF.
  • Listings in Contract Status must be updated when the Proposed Settlement date has passed.
  • Listings in Contingent Status must be updated when the Contingency Expiration date has passed.

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