Trending Topics for Compliance: September 2020
Curious to know what our Compliance Department is hearing? Read our top trending items for the month.
1. Reminder: Matrix Brokers need to check/update Office Compliance Email fields
We’ve listened to your feedback! Brokers can now set a default email address for their offices to receive their current CRMLS Compliance-related emails.
What does this mean?
- Any Compliance emails that would ordinarily go to a broker, office manager and/or office assistant (e.g. agent citations, etc.) can now go directly to a single email address of the broker’s choice, called the Office Compliance Email.
- The Office Compliance Email is the single defined email address for broker-level compliance emails sent to an office. Please note, agents will still receive notices separately to their roster email address.
- Please note: If brokers do not update this field, the Compliance emails will be sent as follows: Office Manger email (if there is an office manager linked to the office). If there is no Office Manager linked to the office, the Designated Broker (DB) will receive the Compliance Emails.
What do brokers have to do?
- Take action. As of now, the Office Compliance Email field has been populated with either an office manager or broker’s email addresses.
- We strongly recommend brokers login to verify that the populated email is the one they want as the “dedicated” compliance email address. To do so, follow the steps below:
1. Click on “Change Contact Information” under Modify Office in the Add/Edit tab
2. Enter the email address of the broker’s choosing in the Office Compliance Email field.
3. Click “Submit Office”
As a reminder, brokers are still responsible for keeping up to date on communications from the CRMLS Compliance department.
2. Rule 14.4: Office Managers & Listing Brokers are ultimately responsible for listing inaccuracies
The Office Manager (if one is appointed) or the Listing Broker will be sent a copy of all compliance-related communication. Failure to oversee your agents and ensure they correct violations within a timely manner may result in the issuance of a citation to the contact located in the Office Compliance Email field (referenced above).
3. Positive changes to New Construction Listing rules are here
The CRMLS Board of Directors recently made some changes to rules around New Construction Listings, or NCLs. These changes were designed to make it easier for you to represent the sale of NCLs, especially in light of the Clear Cooperation Policy.
Here are the three changes:
- The 21-day limit to Coming Soon listings no longer applies to NCLs.
New Construction Listings may now stay in the Coming Soon status until a Certificate of Occupancy has been issued. This change has already been reflected in CRMLS systems: when you enter an NCL, the date you enter as On Market Date may be more than 21 days into the future.
- The definition of a New Construction Listing has been broadened to include any property that requires a new construction building permit. Previously, NCLs were defined as “any Residential Property listed in the MLS that requires the disclosure of a Final Public Report pursuant to the Subdivided Lands Law prior to a sale of the property.” The new definition appends to this “or that requires a new construction building permit.”
- An NCL is now subject to Mandatory Submission upon Public Marketing. Previously, developments were not required to comply with the Clear Cooperation Policy. With the ability to keep a listing in the Coming Soon status until a Certificate of Occupancy is issued, there is no reason to exempt an NCL from the rule that the property must be placed into the MLS within one business day of any public marketing.
4. Fair Housing Guidelines
Be mindful of all verbiage entered in the property description and other public remarks fields. To prevent a violation of Rule 12.5, please review our list of Fair Housing Keywords and Phrases.
Clear Cooperation Policy Resources to Remember