required mls fields for rules & regs changes 2011
DESCRIPTION
Metrolist (Denver) MLS Rules & Regulations changes take effect on January 1, 2011. New required MLS fields have been released to accommodate these changes. Learn how to use these fields.TRANSCRIPT
Revised MLS Rules & Regulations, November 1, 2010
Required Fields for Status
New Required Fields
Determining the true availability and status of a listing has been a frustration
New status-related fields, along with changes to the MLS Rules & Regulations, bring clarity
Help establish a better way to create a true picture of the status and availability of a listing
What Does This Mean to You?
All of the current Status options (Active, Under Contract, Pending, Withdrawn, Expired and Sold) remain as the primary listing status
Two new required fields Status Conditions Approval Conditions
Seller Type is required at the time the listing is entered, rather than at the time of sale
Eliminate First Right and Back Up as secondary statuses; retain their intent within the new fields
Status Conditions
Clearly communicate the availability of the listing for showings and offers.
Accepting Offers – property is still available for showings and offers are still being accepted
Kick Out/First Right –mutually executed contract with a contingency listed in Additional Provision of, or in an Addendum to, the Colorado Real Estate Commission form
Not Accepting Showings –property is not available for showings
Offers Submitted to 3rd Party for Approval – offers have been submitted to a 3rd party for approval. See Approval Conditions for more info.
Approval ConditionsClearly communicate Approval Disclosures of the listing
for showings and offers.
Short Sale – Disclosure of a short sale property Court – For offers that need approval from the Courts Equitable Interest – Disclosure of Equitable Interest in
the property None of the Above – For offers that do not require
approval
How to Use New Required Fields
OverviewStatus Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Step #3
Step #4
Step #1
Step #2
Individual Seller Listing Example
Active ListingAccepting Offers, Available for Showings, Individual selling home
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Step #3
Step #4
(Check all that Apply)
Step #1
Step #2
Accepted Offer for Listing
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Accepted Offer, Taking Backups
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Accepted Offer with Kick Out/First Right Clause
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
(Check all that Apply)
REO / Lender OwnedListing Example
Active ListingREO / Lender Owned, Accepting Offers, Available for Showings
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Step #3
Step #4
(Check all that Apply)
Step #1
Step #2
Verbally Accepted Unsigned Offer REO / Lender Owned, Accepting Offers, Available for Showings
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
REQUIRED
(Check all that Apply)
Or
Accepted Offer REO / Lender Owned, Under Contract
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
(Check all that Apply)
Or
UNSELECTED
Short SaleListing Example
Active ListingsShort Sale by an Individual, Accepting Offers, Available for Showings
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Step #3
Step #4
Step #1
Step #2
Offer Submitted for ApprovalShort Sale Conditions apply, Accepting Offers, Not Accepting
ShowingsStatus Active Pending
Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
OPTIONALOPTIONAL
(Check all that Apply)
Or
REQUIRED
Accepted OfferShort Sale receives Third Party Approval, Under Contract
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
(Check all that Apply)
Or
REQUIRED
UNSELECTED
EstateListing Example
Active ListingEstate Owned, Accepting Offers, Accepting Showings
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
Step #1
Step #2
Step #3
Step #4
Unsigned Offer Estate Owned, Accepting Offers, Available for Showings
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
(Check all that Apply)
Or
REQUIRED
Accepted Offer Estate Owned, Approved by 3rd Party, Under Contract
Status Active Pending Under Contract Sold Withdrawn Expired
Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval
Approval Conditions Short Sale Court Equitable Interest None of the above
Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company
(Check all that Apply)
Or
UNSELECTED
Other Important Information
The rules surrounding the Pending status have been modified to include short sales
– The new rules allow the use of the Pending status when:• a short sale offer has been submitted to a third party for approval• the property is still available for showings• offers are still being accepted
– Disclosure must also be made in the Status Conditions and Approval Conditions fields, two new required fields.
Other Important Information
Refresh Listing functionality has changed to improve the accuracy of Listing History
– You’ll still receive a new MLS number but the Listing History will reflect the listing as "Refreshed"
– Refreshed listings no longer display in Listing History as Withdrawn followed by Active
– In statistics reports, Refreshed listings will no longer be counted as Withdrawn or New
Withdrawn listings are now subject to the same expiration rules as Active and Pending listings.
Additional Information
New forms available on December 22, 2010– Download updated listing input forms by selecting Forms at
www.metrolist.com– From PrimeAccess®, select My Listings, then select Add or
Change
Find the complete MLS Rules & Regulations at www.metrolist.com
Contact Metrolist® at 303-850-9576 or [email protected]