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Send to friend| FYI | April 2008 |  |
Disclosure of Terms of Sales
MLS has received questions about the reporting of the terms of sales that might affect a property value and the recent revisions to appraisal forms that request details of a sale. The MLS requires certain data to be reported – sales date, sales price and type of financing. Most of this information is non-confidential and available from various sources. The MLS also permits the entry of “remarks” on listing sales. These remarks should not contain any confidential data.
There appears to be sufficient authorization for Participants to provide the sold information for their use in serving customers and clients. There is a question as to the confidentiality of other information related to the sale – this would include buyer and seller negotiated concessions or other terms of the sale. No confidential information should be published through the MLS without proper authorization nor should it be released to anyone without such authority.
The Realtors® Code of Ethics at Standard of Practice 1-9 states (in part), “The obligation of Realtors® to preserve confidential information (as defined by state law) provided by their clients in the course of any agency or non-agency relationships continues after termination of those relationships.”
Important information Regarding Exclusive Agency Listings
Per an agreement with the FTC the MLS amended its rules in November 2006 relative to “Exclusive Agency Contracts”. For more information or to review the FTC order and revised rules go to www.metromls.com and look for “Important Information” on the Home page.
Value Range Listing
Just a reminder. . . If a property is a Value Range/ Variable Range Listing – one in which the seller will entertain offers within a specific price range - you are required to indicate the high price in the list price field and the low price in the VR field. The list price range entered into the MLS should be the same as that is indicated on the listing contract or an amendment.
We appreciate your business and support and look forward to your comments, questions or suggestions regarding any subject. Contact (support@metromls.com) or call (414) 778-5400.
