September's MLS Quick Tip Recap
Updated: Oct 9
Here are September's MLS Quick Tips:
When buying and selling your own property, you do have to disclose when you are acting as a principal in a transaction and disclose in writing to the other party that you have a real estate license. You also have to disclose when:
· You are acting on behalf of your spouse, parent, or child
· You own more than 10% of a business entity
· You are the trustee for a trust that you, your spouse, parent, a child is a beneficiary of
THE DISCLOSURE IS REQUIRED EVEN WHEN YOUR LICENSE IS INACTIVE.
You should make this disclosure as early as possible but it must be disclosed in the contract, lease, or in another written document given to the other principal before the agreement is signed. The contract form (TXR - One to Four Family - Paragraph 4) promulgated by the Commission typically has a designated paragraph for this type of disclosure.
Remember, to not use your expertise to the disadvantage of a person with whom you are dealing with on the transaction. For further legal details, see Commission Rule 535.144 & Section 1101.652 9(a-1).
NTREIS does not permit the name, phone number, e-mail address, or web address of the listing agent or other similar information that is not descriptive in nature and relevant to an accurate portrayal of the Listed Property to be placed in the Property Description section of a listing. (No branding signs or watermarks)
The same restrictions are applicable to the “Property Photograph” section, the “Picture Description” section, and the Driving Directions section. Only a true current photograph of Listed Property may be placed in the “Property Photograph” section without decorative borders, other embellishments, or any digitally enhanced modifications that would misrepresent the true condition or appearance of the property.
Notwithstanding the foregoing, only properties listed as incomplete construction may have a representative photo of the proposed house. A statement affirming that a representative photo is in use should be included in the “Photo Description” section 14 of the listing information. Any alleged violation of this Rule will be subject to the enforcement procedures of Sections 11 and 12 of these Rules.
NTREIS MLS Rules & Regulations Section 7.30
When listing a property for Denton County Appraisal District, you would always place a “R” before the parcel ID to avoid the system flagging.
This is how Denton CAD, registers it's parcel IDs.
As a listing participant, can I cancel a listing if my seller does not want to disclose the sale price? What if the buyer & seller agrees?
· Once a property has a listing agreement, placed into the MLS, and Sold, you must update the status accordingly.
· In Texas where the actual sale prices of completed transactions are not publicly accessible, failure to report sale prices can result in disciplinary action.
· Being a nondisclosure state applies to the publish of the sale price of the property to the general public. However, since the MLS is not a public entity, info is available only to private memberships, MLS Participants are required to update the sale of the property along with the accurate sale price.
· The only way to avoid this violation is to not list the property in the MLS making sure to make note in your listing agreement under Listing Services that you will not list this property in the MLS.
NTREIS MLS Rules and Regulations Section 8.08