You are currently viewing Trending Topics for Compliance: August 2022

Trending Topics for Compliance: August 2022

1. What is HOLD Status and How Does it Work?

The Hold status allows you to temporarily remove your listing from an “Active” status without having to cancel it. Using the Hold status signifies that a valid listing agreement is still in effect and that no offer has been accepted, but the property is taking a “time out”. Marketing and Advertising as defined in Rule 7.9.1 is permitted. However, no showings are allowed, consistent with Rule 9.3. The Hold status can be used for reasons such as taking time to review multiple offers, conducting repairs on the property, or accommodating a seller’s needs during the listing period. During the Hold period, no days on market will accrue. Please note that you must have a seller signed instruction to place the listing in Hold status before using Hold.  

Hold status is limited to a 30-day period.  However, you may extend this status as needed by updating the Hold Activation date prior to the expiration of whatever period of time you had previously selected.   

If you are a Matrix or Paragon user, your listing will automatically reactivate on the Hold Activation Date entered. To elaborate, the Hold Activation Date is when you expect your listing to be ready to go Active again (not the date that you put the listing on Hold).

If you are a Matrix member, CRMLS will send you email notifications as a reminder of when your listing will reactivate, once 7 days prior to activation and again 1 day prior to activation 

Here are the specifics on using Hold in the different platforms: 

 MATRIX USERS: Click here to view our quick reference guide – Understanding Hold Status
PARAGON USERS: Click here to view our quick reference guide – Understanding Hold Status
FLEX USERS: Click here to view our quick reference guide – Understanding Hold Status

2. Test Your Knowledge by Taking the CRMLS Compliance Quiz! 

Are you and your agents up for a challenge?  Find out how much you know about the CRMLS Rules and Regulations and Citation Policy! 

Click here to take the CRMLS Compliance Quiz   

Compliance Quiz – Question of the Month 

One of the more difficult Compliance Quiz questions over the last few weeks has to do with correcting information in your listing. Here is the full question and answer explanation:     

“If CRMLS sends you a notice saying you need to correct something on your listing (FYI, we send a lot of these!), how long do you have to make the correction?” 

Answer:   

A Participant or Subscriber is required to correct inaccurate information within 2 days after being notified of the inaccuracies by the MLS.   Maintaining accurate information is the Listing Agent and Listing Broker’s responsibility.  Keep in mind, that CRMLS reserves the right to remove information and listings from the database when it is clear that inaccurate information has been entered.  Failure to correct inaccurate information within two days could also lead to issuance of a citation and the associated fine.   

Make sure to review any communications you receive from CRMLS Compliance for any required corrective action. 

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