MRIS’ “Appropriate Status Guidelines”

Today MRIS released a quick update on their website explaining the Status of Listings, as displayed in MLS.  This is one the most frustrating of the misleading practices that some practitioners use.  Many questions arise from this procedure and MRIS has given this simply explanation:

Compliance Quick Tips – Choose the Appropriate ‘Status’

08/24/2009–

Are you using the appropriate status on listings? Take our short quiz to test your knowledge of listing statuses.

Question 1:
Which listing status indicates that a property is available with no contingencies, contracts, or applications registered against it?

Answer 1:
An ACTIVE listing indicates that a property is available with no contingencies, contracts, or applications registered against it.

Question 2:
Which status is used to indicate that the property is for sale but not available for showing or when the seller is not accepting additional offers?

Answer 2:
TEMPORARILY OFF MARKET (TEMP OFF) is used to indicate that the property is for sale but not available for showing or when the seller is not accepting additional offers. Temp Off status is usually 14 days or less. If there are ongoing circumstances (such as repair work or a bank review) please contact the MRIS Compliance Department to request an extension of the TEMP OFF time frame.

Question 3:
Which status should be used to indicate that a property has one or more issues pending resolution that may or may not contain a Kick-Out (KO) clause, as specified in the sales contract?

Answer 3:
A CONTINGENCY status should be used to indicate that a property has one or more issues pending resolution that may or may not contain a Kick-Out (KO) clause, as specified in the sales contract. A kick out clause allows the seller to give the current purchaser a certain amount of time (as specified in the contract) in which to remove the contingency or decide not to purchase a property. A kick out clause is most commonly used with a home sale contingency. Third party approval is a type of contingency that usually does not have a kick out clause.

Remember to review the Listing Compliance Report available at http://www.mris.com/reports/lcr to monitor your dates and make sure that your listings remain in compliance!

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Tagged as: listing, MLS, MRIS, status