Section 5.5: Listing's Change of Status
Posted by PRO Mon, 20 Mar 2006 11:00:00 GMT
All parties to the original listing agreement must date and sign the Listing Status Report when there is
- A change in price.
- An expiration date extension.
- A withdrawal.
- A change in terms and conditions.
Listing Participants are responsible for
- Entering the appropriate change into the MLS system within two business days after they receive it.
- Maintaining current information in the MLS database.
In instances where the participant has repeatedly refused or failed to timely report status changes, the MLS is authorized to remove the Participants listings from the database. Prior to the removal of any listing(s) from the MLS, the participant shall be advised of the intended removal so the participant can advise his or her client(s).
Note: The database must contain the latest authorized information because it is used to write offers to purchase, which includes current price, terms, and conditions offered.
There will be a $500.00 fine for each occurrence of the following violation:
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Failure to report a status change for an active with contract or a pending sale within two business days after the written acceptance of an offer. |
The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:
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Failure to report status changes (other than active with contract or pending) within two business days after the written acceptance of an offer.
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Failure to report correctly information such as correct listing price, selling price, closing date, and cooperating broker. |