October’s Top 3 Compliance Issues

The following are the top 3 compliance issues for October 2013:

Late Listing/No Waiver of Benefits: All new listings are required to be entered into the MLS within 2 business days of seller’s signature, excluding weekends and holidays. Failure to enter a listing within the required time frame is an automatic Level 4 fine of $250 plus $100 a day for each calendar day that it is late. If a listing is mailed to you, delivered by FedEx or faxed, please retain the envelope or the receipt showing confirmation of delivery. If the listing is emailed to you please remember to keep the email. These items will assist you in proving the listing was not entered late.

If the seller refuses to allow a listing to be placed in MLS, if the seller does not offer compensation or if the listing will not be ready for showings a Waiver of MLS Benefits form must be submitted to the MLS within 2 business days of seller(s) signature. Failure to submit a waiver is a Level 4 Citation and an Automatic fine of $1000.

AreaMapsButton

Located on the Member’s Launchpad

Incorrect Area: Listings entered into MLS must be placed in the correct area. To locate the area your property is located in please click the “NNRMLS Area Maps” button on the first tier of the Members’ Launchpad. This is your best resource for finding the correct area. If you still are unable to locate the area please contact NNRMLS for further assistance.  Failure to enter a listing into the correct area is a
Level 1 Violation and could result in a $100 fine.

Private Remarks Violations: This section is designed for agent-to-agent communication only. At no time is it acceptable to add proper nouns such as company names (including bank & title companies), phone numbers, website addresses, etc. to the MLS and Extended Remarks sections of a listing. The only exception is allowing the listing agent’s name and phone number as a contact for further information. If not properly corrected within 2 business days after a violation is sent, a $250 fine is assessed.

Repeat Offenders:

The NNRMLS Policy Manual 12.3 states:

Repeat Offenders: If a member is found in violation of the same offense a second time, the citation will not include the 2 business days warning. Rather the Notice of Citation and Fine Assessment will be sent and the fine will begin at the sum equivalent to the amount due at the end of the first 7 days.

Examples:

Level 1 Violation second offense – a notice is sent with a $200 fine assessed
Level 2 Violation second offense – a notice is sent with $500 assessment

If uncorrected within 7 days, the fine will continue to double as in the first offense scenario. i.e. Level 1 = $200, $400, $800, $1600 and finally result in suspension. The Member will also be on notice as a repeat offender. Should a Member be found in violation of the same offense a third time, the Notice of Citation and Fine Assessment states that the Member has been warned of repeated violations, is still required to make the correction and must appear before the NNRMLS Board of Trustees. A fine not to exceed $5,000 will be assessed.

Please take extra care to make sure you are in compliance and avoid costly fees. Please call 823.8838 or email josh@nnrmls.com if you have any questions about these violations.

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