|
FOR IMMEDIATE RELEASE Contact: Melissa Olson; (303) 804-2631; molson@metrolist.com
Summary of MLS Rules & Regulations Updates
Effective January 1, 2006
In a recent survey* of Metrolist customers, “Data Accuracy” was mentioned by 71% of respondents as an important aspect of their real estate business. The approved rule changes that take effect on January 1, 2006 were recommended by the MLS Rules & Regulations committee to ensure accurate data entry and timely listing information.
Updated MLS Rules & Regulations are available at MYmls.com. The sections that have been added and/or updated with an effective date of January 1, 2006 are:
Section 1.8 and Section 1.8.1: Square Footage Specified and Defined
In response to customer requests to accommodate the square footage of contemporary home styles, new rules were approved that allow the inclusion of Walk-Out or Garden Level in the lower level square footage reporting section within the MLS. This change may affect three (3) mandatory fields: Square Feet, Finish Sq Ft Tot and Total Sq Ft.
Section 1.9: Listing Remarks
Updates have been made to this section that provide further clarification regarding information and details that may be included in Public Remarks and Broker Remarks. Allowing website URL’s in the Broker Remarks section has been the most significant change to this particular rule.
Section 6.2(3)(b): Notification of Violations and Time Period for Correction
The time period for the correction of violations has been revised. Participants have 10 days from notice to correct listing violations. Each subsequent 10-day period that a listing is not corrected will result in progressive sanction assessments.
Section 10.0 and Section 6.2(3)(a): Mass Advertising and Sanction Schedule
A new sanction schedule has been added to the MLS Rules & Regulations specific to violations of Section 10.0: Limitations on Use of MLS Information which provides guidelines for proper display of data for mass advertising or public representations using information supplied from the MLS. Violations of Section 10.0 are incurable and therefore, an administrative fee and progressive sanctions are immediately assessed with the violation notice.
All rule changes are subject to a grace period ending on January 31, 2006. Violation notices will be sent without assessment of sanctions throughout January 2006. As of February 1, 2006, violation notifications will be accompanied by appropriate assessed sanctions per MLS Rules & Regulations, Section 6.2.
For more information about these rule changes, please contact the Metrolist Compliance Department at (303) 850-9576.
*Source: "Tell Us About Your Business" Metrolist Survey; July 2005; n=1008.
About MLS Rules & Regulations:
MLS Rules & Regulations are created and maintained by the MLS Rules & Regulations Committee. The committee is comprised of representatives from each local Realtor® association with each representative serving a three-year term. All revisions to the MLS Rules & Regulations are subject to the review and approval of the Metrolist Board of Directors and must undergo a 30-day review period among shareholder Realtor® associations.
About Metrolist Compliance:
The Metrolist Compliance Department serves as the liaison between customers and the committee by researching violations reported by brokers, issuing violation notices, notifying the committee of policy recommendations from the National Association of Realtors® (NAR), educating customers about the MLS Rules & Regulations as well as assisting with compliance matters that promote accurate and timely listing data in the MLS.
# # #
New CREC Contract Forms mandatory on Jan. 1, 2006
The Colorado Real Estate Commission has adopted 10 new forms that are mandatory for use beginning Jan. 1, 2006. Forms that were adopted in April are covered in the CREC Course and include the following:
LC50-04-05 Exclusive Right to Sell (All Types)
BC60-04-05 Exclusive Right to Buy (All Types)
LC53-04-05 Exclusive Brokerage Listing Contract (All Types)
LC54-04-05 Open Listing Contract (All Types)
LC57-04-05 Exclusive Right to Lease Listing Contract (All Types)
BDA55-05-05 Brokerage Duties Addendum to Property Management Agreement
The CREC adopted four new forms at their October meeting and these forms may or may not have been explained in the CREC course. These forms include:
BDD56-10-05 Brokerage Duties Disclosure to Seller (REO and CREC Non- Approved Listing Agreements)
CIC33-10-05 Common Interest Community Documents Receipt and Disclosure to Buyer
ETC59-10-05 Exclusive Tenant Contract (All Types of Properties)
SPD19-10-05 Sellers Property Disclosure (All Types of Properties)
Copies of the new forms can be obtained from the Commission’s website at http://www.dora.state.co.us/real-estate/
|
