You are currently viewing Trending Topics for Compliance: March 2022

Trending Topics for Compliance: March 2022

Curious to know what our Compliance Department is hearing? Read our top trending items for the month.

1. Avoiding Broker Citations

Listing Agents, Listing Brokers, and Office Managers are all responsible for maintaining accurate information and cooperating with CRMLS Compliance. Our Compliance team copies the Broker of Record (or their Office Manager, if they appoint one), plus the Association, on all notices we send to the Listing Agent. If a Listing Agent does not correct a violation, the Office Manager or Broker of Record has violated CRMLS Rule 14.4 by failing to supervise. CRMLS may issue a citation and fine for this violation.

To avoid receiving a citation, please follow up directly with Listing Agents regarding communications from CRMLS Compliance, particularly warnings, citations, and any violations that they still need to correct.

2. How to Avoid Auto Sold Status on Your Listing

Note: Auto Sold status only affects listings within the Matrix platform. Listings in Flexmls, Paragon, and Rapattoni are not subject to Auto Sold status.

When a listing’s status changes to Active Under Contract (U) or Pending (P), CRMLS Rules require the listing agent to enter an Estimated Close of Escrow Date (Estimated COE Date). If no one either updates the listing’s status or extends the Estimated COE Date within five (5) calendar days of the Estimated COE Date, the CRMLS Matrix platform’s Auto Sell feature will automatically change the listing’s status to Auto Sold (S*). Failure to update your listing by two (2) days after the Estimated COE Date will result in an MLS rules violation. You can recognize Auto Sold status by the red flag next to the status of your listing.

CRMLS will send courtesy notices via email 14 days before, 7 days before, 1 day before, on the day of your Estimated COE date, then 2 days and 5 days after that date.

If you find that your listing is in Auto Sold status, complete and return this form to CRMLS for review. Once Compliance approves, CRMLS staff will correct the listing.

3. Use of Other Agents’ Listings

Please remind the listing agents you supervise that advertising a listing that is not their own by way of any media, including the internet, social media, emails, flyers, or print advertisements, without the prior consent of the Listing Broker, is a violation of Rule 12.8. The full rule reads as follows:

12.8 Advertising of Listing Filed With the MLS. A listing shall not be advertised in any media including the Internet by any Participant or Subscriber, other than the Listing Broker, without the prior consent of the Listing Broker except as provided in Section 12.16 relating to display of listings on the Internet.

The rule against advertising someone else’s listing without permission includes situations where an agent takes photos or records videos while showing the listing or attending an open house, then uploads that media to their own social media profile or uses it in any other form of advertising. This practice is increasingly common. Please be aware of the importance of receiving permission from the listing broker prior to such advertising. Having access to a listing does not give you or your agents permission to advertise the listing at will. For a full definition of this rule, please click here and refer to Rule 12.8.

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