Compliance Corner: Top 3 Issues for July 2021
As the Director of Compliance for the Northern Nevada Regional Multiple Listing Service, it’s my job to make sure that the listing data we provide to our Members is timely and accurate. Our compliance strategy focuses on listing error correction, education, and using technology to reduce errors during listing input. The NNRMLS Compliance Team performs daily audits of new listings and here are three of the most frequent compliance issues for July 2021:
#1 Wrong Area
Listings must be entered into the correct area in accordance with NNRMLS Area Maps and established boundaries. – Citation Policy 3.1
Bottom Line: Our members have over two-hundred-thousand saved searches that use the MLS Area field. In order for these searches to run properly and return accurate results, each listing must be assigned to the correct MLS Area.
PRO TIP: How to prevent this from happening: Before you begin entering your listing into MLS, use the NNRMLS Area Maps to determine which MLS Area your listing should be assigned.
#2 Incomplete Information
All other information must be complete when entered into the system, including but not limited to APN, taxes, correct schools, zoning, city, state, county and zip code information. – Citation Policy 3.2
Bottom Line: Every field must contain accurate and complete information. The most frequent errors are seen with property taxes.
PRO TIP: Before you save your listing as Active, review your listing to verify that all information is accurate. To verify property tax information, use The MLS Tax Suite by CRS Data. For a quick tutorial, click here.
#3 Late entry of Listing into MLS
All listings must be entered into the MLS within two (2) business days of the commencement date of the listing period specified on the listing agreement, or within two (2) business days after all necessary signatures of seller(s) have been obtained, whichever is later. – Citation Policy 6.1
Bottom Line: This is a Level 4 violation with an automatic fine because the timely entry of listings into the MLS is essential to our core mission. NNRMLS Rules provide two business days from either the commencement date or from the date of the seller’s signature; whichever is later.
PRO TIP: Get your listing entered into MLS on time! We realize that every listing is unique and there are lots of questions that can come up surrounding this issue. If you need help answering those questions, talk to your broker. Or give us a call. We’re here to help! A common reason provided by members who receive a Late Listing citation is that the listing was not ready for marketing. The National Association of REALTORS’® Clear Cooperation Policy allows you to register your listing as “Withheld” and meet the two-business day requirement without having to enter the listing as Active in MLS. A Withheld Listing is like an Office Exclusive, and will not be visible to other MLS Members. This can be a useful option to remain in compliance with Policy when you have a listing that is not yet ready to be marketed. If you use this option, keep in mind that the listing may not be marketed to the public while it is “Withheld.” When you are ready to market a Withheld Listing to the public, it must be entered into Paragon. For more information on Clear Cooperation, including the requirements for withholding a listing, click here.
The NNRMLS Compliance Process
When a listing error or rule violation has occurred, the Compliance Team follows the procedures outlined in the NNRMLS Policy Manual. Where a violation is correctable, our team will work with the listing agent to resolve the issue. We will often provide training to prevent a recurrence of the same issue in the future. Fines are assessed when the requested correction has not been made or when there has been a severe or flagrant violation of the MLS Rules. For more information on NNRMLS Compliance, visit the Compliance page on our Members website.