{"id":11942,"date":"2019-07-18T12:00:08","date_gmt":"2019-07-18T19:00:08","guid":{"rendered":"http:\/\/rmlscentral.com\/?p=11942"},"modified":"2019-07-18T11:58:35","modified_gmt":"2019-07-18T18:58:35","slug":"rmls-rules-roundup-for-june-2019","status":"publish","type":"post","link":"https:\/\/rmlscentral.com\/v1\/2019\/07\/18\/rmls-rules-roundup-for-june-2019\/","title":{"rendered":"RMLS™ Rules Roundup for June 2019"},"content":{"rendered":"
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The RMLS™ Rules and Regulations Committee has requested that periodic reports are given to subscribers about the number and types of formal rules violations, along with information about informal violations and courtesy notifications by type. Read “If a RMLS™ Rule is Broken, What Happens?<\/a>” for a deeper explanation.<\/em><\/p>\n\n\n\n

Have you ever spotted something wrong in a property listing on RMLSweb<\/em>? The Data Accuracy team is responsible for sorting things out whenever a RMLS™ subscriber contacts us\u2014whether that is via the \u201cReport Issue\u201d button on a listing, by email, or contacting us directly by phone. In June 2019 our team handled 293 phone calls. <\/p>\n\n\n\n

We track 32 specific issues in Listing Data Checker (LDC), the software that helps us spot and correct issues proactively. Six of these are courtesy notifications, but the other 24 are informal violations of the RMLS™ Rules and Regulations. In addition to our focus on education we also process formal violations throughout the year. <\/p>\n\n\n\n

HOT TOPICS\ufeff<\/strong><\/h4>\n\n\n\n

We have recently been receiving many inquiries about listings in Bumpable Buyer (BMP) status. As a reminder, the RMLS™ Rules and Regulations<\/a> define BMP as:<\/p>\n\n\n\n

3.16 a. “Accepted Offer with Bumpable Buyer\u02ba. Accepted offers with bumpable buyers shall be only those listings with an accepted offer which provides: <\/em>
1) that the buyer\u2019s purchase is contingent upon the sale of the buyer\u2019s property within a limited time; <\/em>
2) the buyer\u2019s property is in a category which can be listed in RMLS™; and <\/em>
3) that if the seller receives another acceptable offer, the first buyer has a specified period to remove the contingency. <\/em>
A property may not remain in \u201cactive\u201d status if an offer has been accepted with the foregoing terms. \u201cAccepted offer with bumpable buyer\u201d sales will remain as searchable listings in \u201cBMP\u201d status in the RMLS™ System until the buyer is no longer bumpable and the appropriate status change is reported.<\/em><\/p><\/blockquote>\n\n\n\n

New property searches in RMLSweb <\/em>automatically default to include BMP in the status field. When searching on internet sites, BMP listings may appear as “Contingent,” so it is important to explain to your buyers and sellers what this status means and how it may appear on internet sites.\u00a0 <\/p>\n\n\n\n

FORMAL VIOLATIONS<\/strong><\/h4>\n\n\n\n

The RMLS™ Rules and Regulations Committee<\/a> reviews all formal complaints<\/a> which allege a violation of the RMLS™ Rules and Regulations<\/a>. The committee has the power to impose sanctions. <\/p>\n\n\n\n

The committee reviewed four formal violations at their June meeting. Two were for Unauthorized Use of a Lockbox, another was for Marketing of a Listing Prior to MLS Publication, and the last one was for Marketing of a Coming Soon-No Showing Listing. A total of $1,100.00 in fines were levied by the committee. <\/p>\n\n\n\n