December's MLS Quick Tip Recap
Here are December's MLS Quick Tips:
Did you know?
A fine can be issued for leaving your listing in Active Option beyond the Option Expiration date. As soon as you receive a notice like this one below, head to your listing ASAP and update your status to reflect the state of your contract with your client. Doing so will correct this violation.
Need to extend your expiration? Send over an Amendment of Listing to stay in compliance of the rule below:
Listings filed with the MLS must specify a definite expiration date as negotiated between the Listing Participant and the owner(s). Each listing filed with the MLS will expire on the date specified in the listing agreement unless extended by a written notice of renewal or extension and such renewal or extension is filed with the MLS within seventy-two (72) hours after the expiration date of the listing. If a notice of renewal or extension is dated after the expiration of the original listing then a new listing must be secured for the listing to be entered in the MLS.
NTREIS MLS Rules and Regulations Section 7.13
Q & A: Clear Cooperation Policy
How will the Association notify agents of Clear Cooperation violation and what is the fine amount?
GDWCAR will send out two notices via email & phone call to the agent and the broker before issuing a fine in the amount of $1000. All reporters remain anonymous. Here are the steps:
· Courtesy Notice - Notified & given one (1) business day to place listing in the MLS
· Warning Notice - Notified & given one (1) business day to place listing in the MLS
· $1000 Fine Issued – To be paid by the listing agent(s), within one (1) business day. If not paid the listing agent(s) will be deactivated in the MLS until payment of $1000 fine is received by GDWCAR.
This will take effect January 1, 2021.
Here is the Clear Cooperation Policy video for more information on the policy: https://youtu.be/aOlb_91fhFY