Required MLS Fields for Rules & Regs Changes 2011

Revised MLS Rules & Regulations, November 1, 2010

Required Fields for Status

New Required Fields

Determining the true availability and status of a listing has been a frustration

New status-related fields, along with changes to the MLS Rules & Regulations, bring clarity

Help establish a better way to create a true picture of the status and availability of a listing

What Does This Mean to You?

All of the current Status options (Active, Under Contract, Pending, Withdrawn, Expired and Sold) remain as the primary listing status

Two new required fields Status Conditions Approval Conditions

Seller Type is required at the time the listing is entered, rather than at the time of sale

Eliminate First Right and Back Up as secondary statuses; retain their intent within the new fields

Status Conditions

Clearly communicate the availability of the listing for showings and offers.

Accepting Offers – property is still available for showings and offers are still being accepted

Kick Out/First Right –mutually executed contract with a contingency listed in Additional Provision of, or in an Addendum to, the Colorado Real Estate Commission form

Not Accepting Showings –property is not available for showings

Offers Submitted to 3rd Party for Approval – offers have been submitted to a 3rd party for approval. See Approval Conditions for more info.

Approval ConditionsClearly communicate Approval Disclosures of the listing

for showings and offers.

Short Sale – Disclosure of a short sale property Court – For offers that need approval from the Courts Equitable Interest – Disclosure of Equitable Interest in

the property None of the Above – For offers that do not require

approval

How to Use New Required Fields

OverviewStatus Active Pending Under Contract Sold Withdrawn Expired

Status Conditions Accepting Offers Kick Out/First Right Not Accepting Showings Offers Submitted to 3rd Party for Approval

Approval Conditions Short Sale Court Equitable Interest None of the above

Seller Type Individual Bank / GSE Builder Corporation / Trust Estate Government Relocation Company

Step #3

Step #4

Step #1

Step #2

Individual Seller Listing Example

Active ListingAccepting Offers, Available for Showings, Individual selling home

Status Active Pending Under Contract Sold Withdrawn Expired




Step #3

Step #4

(Check all that Apply)

Step #1

Step #2

Accepted Offer for Listing





Accepted Offer, Taking Backups





Accepted Offer with Kick Out/First Right Clause






REO / Lender OwnedListing Example

Active ListingREO / Lender Owned, Accepting Offers, Available for Showings





Step #3

Step #4


Step #1

Step #2

Verbally Accepted Unsigned Offer REO / Lender Owned, Accepting Offers, Available for Showings





REQUIRED


Or

Accepted Offer REO / Lender Owned, Under Contract






Or

UNSELECTED

Short SaleListing Example

Active ListingsShort Sale by an Individual, Accepting Offers, Available for Showings





Step #3

Step #4

Step #1

Step #2

Offer Submitted for ApprovalShort Sale Conditions apply, Accepting Offers, Not Accepting

ShowingsStatus Active Pending

Under Contract Sold Withdrawn Expired




OPTIONALOPTIONAL


Or

REQUIRED

Accepted OfferShort Sale receives Third Party Approval, Under Contract






Or

REQUIRED

UNSELECTED

EstateListing Example

Active ListingEstate Owned, Accepting Offers, Accepting Showings





Step #1

Step #2

Step #3

Step #4

Unsigned Offer Estate Owned, Accepting Offers, Available for Showings






Or

REQUIRED

Accepted Offer Estate Owned, Approved by 3rd Party, Under Contract






Or

UNSELECTED

Other Important Information

The rules surrounding the Pending status have been modified to include short sales

– The new rules allow the use of the Pending status when:• a short sale offer has been submitted to a third party for approval• the property is still available for showings• offers are still being accepted

– Disclosure must also be made in the Status Conditions and Approval Conditions fields, two new required fields.

Other Important Information

Refresh Listing functionality has changed to improve the accuracy of Listing History

– You’ll still receive a new MLS number but the Listing History will reflect the listing as "Refreshed"

– Refreshed listings no longer display in Listing History as Withdrawn followed by Active

– In statistics reports, Refreshed listings will no longer be counted as Withdrawn or New

Withdrawn listings are now subject to the same expiration rules as Active and Pending listings.

Additional Information

New forms available on December 22, 2010– Download updated listing input forms by selecting Forms at

www.metrolist.com– From PrimeAccess®, select My Listings, then select Add or

Change

Find the complete MLS Rules & Regulations at www.metrolist.com

Contact Metrolist® at 303-850-9576 or [email protected]

Required MLS Fields for Rules & Regs Changes 2011

Real Estate

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