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Compliance Refresher

June 24, 2010  |  by Marie

A few do’s and don’ts to help you avoid those compliance fines:

SHORT SALES

Compensation

  • Do enter Compensation as a percentage of the gross or net sales amount or enter a dollar amount.
  • Do make an unconditional offer of cooperation and compensation.
  • Don’t enter a compensation amount or indicate in the remarks that compensation depends or is contingent upon third party approval
  • Don’t indicate that the third party will determine compensation for cooperating brokers based on negotiated terms of the contract

Status

  •  Do update listing status to Contingent upon acceptance/ratification of an offer.
  • Do update the status of a listing pending third party approval to Contingent Contract.
  • Don’t keep a property in ACTIVE status after accepting/ratifying an offer because the seller or any third party

LISTINGS

  • Do enter all property information accurately.
  • Do make all status changes and other updates within 48 hours, weekends and holidays excluded.
  • Do update Contingency Expiration Dates or Settlement dates when the dates change or have passed.
  • Do use the Tax ID Autofill feature when entering listings.
  • Don’t try to manipulate Days on Market, using tax and address information.
  • Don’t enter two or more active listings for the same property unless the property is both for rent and for sale.

REMARKS

Internet (Public):

  • Do include information about the property only.
  • Don’t include any of the following information: commissions, showing contacts, agent or broker names, phone or fax numbers, web site or email addresses, virtual tours, alarm codes, lockbox codes or other security measures.
  • Don’t include any links, active or animated content, or other comments containing HTML or programming code

 General(Agent)/Farm:

  • Do enter information intended for cooperating brokers, such as special showing instructions, contacts or phone numbers, special contract information, special compensation information, properly excluded prospects, virtual tours, broker or agent web sites and email addresses. Foreclosure or Auction listings may reference a third party web site (such as HUD, VA) where contracts must be registered.
  • Don’t include any Lockbox codes or other security system information without Seller’s permission.

Check out mris.com/compliance for more info.

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