How to comply with the revised MLS Rules & Regulations
The MLS Rules & Regulations govern listing input and maintenance, promote standards and uphold the accuracy of MLS content. The most common MLS Rules & Regulations violations are related to status, listing remarks and square footage. Refer to the guidelines below to learn how to avoid these violations.
Section 1.9 Reporting status changes to the MLS
When the status of a listing changes to Under Contract, Temporarily Off Market, Withdrawn or back to Active, it must be reported to the MLS within three business days.
How to comply:
- All status changes must be reported within three business days.
- Keep a record of all listings and verify that all status changes have been made.
- Once signatures are obtained on an offer, the listing must reflect an Under Contract status.
- If the bank requires approval for a sale, the status must be changed to Under Contract once the contract is accepted by the seller and signed by both parties.
- The Backup designation may be used with an Under Contract status to indicate that backup offers are being accepted and the property is available for showings.
- If the Backup designation is used, it must be removed once the property is sold.
Section 1.17 Public Remarks
Customers are prohibited from displaying any personal advertising, third-party advertising or banners at any time in the Public Remarks section of the listing. Restricted information includes, but is not limited to, phone numbers, e-mail addresses, web addresses, company and/or personal names, co-op compensation and other financial information. The Public Remarks field enables brokers to describe a specific listed property by identifying valuable qualities, details and inclusions. Information included in the Public Remarks is intended for public viewing on Internet sites, brochures, fliers, etc., and should identify features of the property rather than details about any individual and/or entity. When information is entered into the Public Remarks, it must be specific to the listed property and must comply with all federal, state and local laws (e.g., fair housing and anti-discrimination laws).
How to comply:
Do not enter prohibited information in Public Remarks, including, but not limited to the following:
- Showing numbers
- Virtual tour websites
- REcolorado.com and Realtor.com
- Broker names
- Co-op dollar amounts and/or percentages
- Team names
- Company names
- Listing broker’s e-mail address
- Lender and/or qualifying information
Section 1.17.1 Broker Remarks
The Broker Remarks field may only be viewed by other customers and is intended for the listing broker to communicate relevant details and information about a listed property to other customers, including, but not limited to, website addresses, e-mail addresses, company and/or personal names, phone numbers, co-op compensation and other financial information. When information is entered into the Broker Remarks, it must be specific to the listed property and must comply with all federal, state and local laws (e.g., fair housing and anti-discrimination laws).
How to comply:
Do not include any descriptions or phrases that do not comply with fair housing or anti-discrimination laws.
Section 1.19 Square Footage Specified
All square footage entered into the MLS must be accurate.
How to comply:
The three required square footage fields are as follows:
1. Square Feet: All partially or completely above grade square footage. This includes the finished and unfinished square footage of the main, upper and lower levels. Basement square footage, including walk-outs and garden levels, is prohibited from inclusion in the Square Feet field.
2. Finished Square Feet Total: All finished main, upper, lower and basement square footage.
3. Total Square Feet: Finished and unfinished main, upper, lower and basement square footage.
Do not include basement square footage in the Square Feet field. Basements are defined as the lowest level of a building that rests on a below grade foundation (e.g., standard, traditional, cellar, walk-out and garden level).
Section 2.9 Reporting Sales to the MLS
Sold information must be reported by the listing broker within three business days from the date of closing and may only be reported once. There are 10 required sold fields: Sale Concession Amount, Sale Concession Type, Seller Down Payment Assistance Amount, Seller Type, Selling Company ID, Sold Agent ID, Sold Date, Sold Price, Sold Term and Under Contract Date. The listing broker must abide by the following restrictions when reporting sold information:
- The Sold Price must reflect contract price alone. This amount corresponds to the documentary fee reported to the county. All amenities, both real and personal property, must be indicated in the listing when they are included in the sale price.
- The list price may not be altered to conform to the contract price.
- When a listing has been entered under more than one property type, the sold information may only be reported once. All other listings under additional property types must be withdrawn.
- Sale concessions must be reported in the appropriate field. Sale concessions are defined as:
- Cash or cash allowances not escrowed, which are given by the seller to the buyer at closing
- Sellers payment of transaction costs customarily paid by the buyer
- Additional personal items included in the contract that are valued at over 1 percent of the sale price,
which are given by the seller to the buyer
Seller down payment assistance must be reported in the appropriate field. Seller down payment assistance is defined as a monetary contribution from a property’s seller to a third-party down payment assistance agency, which in turn redistributes the contribution to the buyer to aid them with the down payment.
How to comply:
●The status of a listing must be changed to Sold within three business days of the date of closing.
●All 10 sold fields must be reported.
●Be sure to indicate concessions and/or down payment assistance.
●Never change the list price to conform to the contract or sales price.
If you receive a Notice of Noncompliance, please correct the listing or contact the Compliance Department within seven days of the date the notice was issued to avoid sanctions.
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