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Don’t Miss Next Tuesday’s Tool Tip on MRIS Compliance

July 19, 2013  |  by Jess

How much do you know about MRIS Compliance? Find out more at our next Tool Tip Tuesday!

Next Tuesday, July 23 at 10am, we’ll be giving you an overview of Compliance Issues as they relate to listings and sales. Learn what you want and need to know about MRIS Rules and Regulations, review acronyms like VOW and IDX and much more.

We feel this webinar will be very popular, so if you’re interested in tuning in, you should register soon. Brokers, this might be a great webinar to feature in your Tuesday meeting. We recommend that you register as an office so everyone in attendance can participate.

Click here to register today!

Posted in Blog, Compliance, Training

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2 responses to “Don’t Miss Next Tuesday’s Tool Tip on MRIS Compliance”

  1. ArleenDRoberts says:

    I will not be able to attend but I do have a comment. There are instances when MRIS compliance puts you between a rock and a hard place. I know this from personal experience. When you have a short sale contingency you must add the date that the contingency expires. After that date, you can receive and can be fined for not updating the date of the contingency or removing it. You receive an email from MRIS that talks about truthfulness. However removing or changing the date is not always truthful. If the short sale deadline has been passed, the contingency remains at the will of the buyer. The buyer has the option to let it continue without removing it or agreeing to a new date. So the contingency continues without a new date but it does continue. The system does not allow for this. I spoke to a rep who told me I had to put a new date in or remove it. I explained the situation and was given the same answer. So I am now being forced to be untruthful. On this matter the system is broken.

  2. Michelle Yam says:

    The Compliance Department recognizes that any contract contingency can be extended. The Compliance Committee reviewed this issue and received feedback from various Real Estate Association legal counsels. Due to the nature of Short Sales, some associations have created a provision in the contract to automatically extend the contingency expiration date at the will of the contract parties. However, contingencies may not extend past the proposed settlement date. If you receive a notice and have an automatic extension provision in the contract for a contingency, you may extend the Contingency Expiration Date to the proposed Settlement Date. If you would like more information, please contact the Compliance Department.

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