Compliance 101
Virtual Staging Disclosures
1. You must check the "Virtually Staged" box to populate the Public Remarks of a listing. 2. You must also indicate "Virtually Staged" in the caption of each virtually staged photo.
Sold Data Entry Only
Agent facilitates the sale of a property not listed in Stellar MLS. Enter the listing within 30 days of closing for data purposes only. Must contain at least one photo
Using MLS Data
An IDX feed is the only authorized way to advertise another broker's active listing online without written permission. Print advertisements cannot contain other brokers' active listings without written permission.
Public Remarks
Are intended to be visible on public sites and customer reports. Stick to the facts of the property. No agent/company information, web sites, showing information, open house information, financial information. Be careful to not misrepresent property or use overly vague terms (i.e. Close to the beach). Be careful not to "steer" buyers (Fair Housing) using Restricted Words
Where Do Listings Go?
Brokers choose where listings are distributed to for the entire office. For an individual listing, you can opt out of certain sites if the seller does not want their property to display on them. The selections above originate from the FR Exclusive Right of Sale Listing Agreement.
Why listing compliance?
By understanding the rules and regulations, we ensure that we have better data for everyone. Violations can be costly to your business and the business of others. Adhering to the rules ensures that everyone is on the same page and gives us the best tools for our business.
Sold Listings
Change to Sold within 2 business days of transaction closing. Provide all relevant information (sold price, selling agent, terms, etc.).
Compensation Rules
Commission amounts and splits are at the sole discretion of the listing broker. Stellar MLS cannot be involved in these decisions. Prior to activating a listing, the compensation amount offered to cooperating broker must be entered. (Must match listing agreement) Must be a blanket, unilateral offer of compensation (no additional terms in remarks).
Who makes the Rules and Regs?
NARS: National Association of Realtors handbook on multiple listings policy Stellar MLS Board of Directors Recommendations made by MAC: MLS Advisory Council
First Photo Rule
The first photo is usually the front exterior (showing majority of building), but can also be a water view FROM the subject property (not a nearby water view) or an aerial photo (cannot be from a copyrighted source like Google Maps). If an aerial shot or water view is the first photo, the second must be the front exterior.
Special Sales Provisions
The following Special Sale Provisions must be disclosed: Auction (Article 5.24) REO/Bank Owned (Article 4.18) Short Sale (Article 4.14 & Article 5.1)
Why an MLS?
provides a framework for data integrity offers blanket, unilateral offers of compensation In house sales are under 25% Fuels cooperation, Cooperation fuels business
How to Report a Violation
report the violation anonymously by clicking the link on the bottom of the listing.
Driving Directions
Turn-by-turn directions required from a major intersection. First direction needs to be a cardinal/compass direction. No URLs or contact information
Creating a New Listing ID
Valid reasons for creating new listing ID: Execution of a new listing agreement by new office. Execution of a new listing agreement on a property by the same brokerage dated 30 days or more after expiration or withdrawal of original listing.
MLS Subscription
intended for ONE user password sharing is strictly prohibited MLS contains highly sensitive data unlicensed assistants and appraisers must have the OWN accounts that can be purchased through your local realtor board. Software is used to identify log in locations and keystroke patterns in an effort to identify account sharing. Fines can range from $500 for your first offense to $15,000 for recurring offenses.
Listing Photos
At least one photo required prior to activating listing (100 max.). No copying of other brokers' photos without written consent. Stellar does not remove photos. You will need to remove and/or update them. There can be no agent/company branding, signage, or any other text in photos. No characters or people in the photo.
Listing Classifications
Residential property is defined by the industry as 4 units or less or 10 acres or less Income Property (duplexes, triplexes, etc. Vacant Land: includes undeveloped residential lots
Top 6 Violations
6. Contact information in Public Remarks 5. Exempt Listings 4. Pending Listings with a Past Expected Closing Date 3. Failure to Report a Sold Listing 2. Listing Manipulation 1. Photo, Virtual Staging, and Tour Violations
Dual/Variable Compensation
A Variable Compensation is where the Seller owes the listing brokerage a higher commission amount if the cooperating broker brings a buyer. This must be disclosed and match what is written into the listing agreement. If the listing agent brings the buyer and there is a multiple offer scenario, the listing broker's offer could be more competitive because a lower commission would be owed.
Limited-Service Listings
A la carte contract cooperating broker may be instructed to contact seller for showing requests, submission of offers, etc This type of contract still makes a blanket, unilateral offer to cooperating broker. Listing broker is still responsible for maintaining/updating the listing within the MLS.
Listing Manipulation
A listing within the same office that expires, is withdrawn, or cancelled should be reactivated with the same MLS ID if this occurs within 30 days from the expiration, withdrawal, or cancellation date. Creating a new listing ID prior to 30 days from an expired, withdrawn, or cancelled listing from the same office to make it appear as new is a listing manipulation subject to a $500 fine.
Days on Market
Active Days on Market (ADOM) tied to a specific MLS ID. Creating a new listing causes ADOM to reset to 0. Cumulative Days on Market (CDOM) is tied to Property ID. An expired or withdrawn listing must be off the market for 60 days for CDOM to reset
Temporary Off Market
Active Listings in MLS must be available to show. If a listing becomes unavailable for showings, status can be changed to "Temporarily Off-Market" (with seller's written permission). May stay in "Temporarily Off-Market" status until expiration date.
Listing Data Entry Forms
Data Entry form must be completed prior to entering the listing and signed by sellers. Forms for each listing type. Why is this form important? It provides an avenue to collect comprehensive data about the listing. The seller signs an "indemnification statement". This provides the broker, board, and MLS with additional protection if seller gave incorrect information for MLS listing, or seller disputes what is in the MLS.
Steps when filing an exclusion
During the 5 day period: place the listing in the MLS File either the Temporary Exclusion or Office Exclusive form As soon as ANY marketing on listing begins, the property must be entered into the MLS within ONE business day
What counts as public marketing?
Flyers displayed on windows yard signs digital marketing on public facing websites Brokerage website displays (including IDX and VOW) Digital communications marketing (email blasts) Multi-brokerage listing sharing networks
Violations Information
For minor violations, a Courtesy Warning may first be issued. The violations must be corrected within a designated timeframe before a fine is assessed. For more serious violations, automatic fines are assessed. Violations must be corrected promptly, or fine amount will increase. If a fine is issued in error, there is a waiver and appeal process
Online submitting/Reporting process
From the StellarMLS dashboard, 1. Go into upper right corner and select your name and launch into your Stellar MLS account. 2. Select owner exclusion when in the portal 3. Complete required information
Pending Listings
Indicate whether backups are accepted, per seller's instructions. If yes, property must remain available to show. If contract falls through, change back to Active within 2 business days. If Expected Closing Date is pushed back, be sure to update!
Housing for Older Persons 55+
Indicating whether or not a property is part of a 55+ Community is required and appears in Matrix as either a Yes/No selection. No other information is required for this disclosure.
Print Advertisements
Information on sold listings and aggregate data. The proper disclosures are in the advertisement and is not misleading.
MLS Listing Types
MLS does NOT accept: Net Listings Open Listings MLS accepts: Exclusive Rights to Sell Listings Exclusive Agency Listings Exclusive Listings with Exceptions
Submission of Listings
Mandatory listing types MUST be submitted into the MLS within 5 business days: Date Owner(s) Sign Agreement OR Effective Date of Listing Agreement OR within one "1" business day of public marketing
Where can you find the Rules and Regs?
Matrix: External Links widget, Listing tab, Stellar University link StellarMLS.com: Under the Resources tab Stellar University
Where do you find Exclusion forms?
Matrix: external links and links tab StellarMLS.com: Document Library Form Simplicity and Transaction Desk
Manufactured Home/Mobile Homes
Must be on seller-owned land or in a resident- owned / Co-op Mobile Home Park Otherwise, not allowed in MLS.
Agent-Owned Property
Must disclose if listing personal property or property of family member (Article 9.4). Realtor Information field and remarks. Must also disclose in writing if purchasing property for yourself or family member to listing broker no later than time of submitting offer.
Realtor-Showing Time Information
Only place to enter confidential showing information (codes, etc.) Only viewable by clicking on the ShowingTime button in listing. Subscribers must have a valid real estate license to access.
Virtual Tours
Only unbranded virtual tours may be placed in Virtual Tour links. Property Panorama offers an unbranded virtual tour for the first 5 images. No contact information or agent/office branding. YouTube videos must be an embedded link (no visible channel information).
Exempt Listings: Article 5.11
Owners must complete either: Owner's Authorization to Temporarily Exclude Listing from MLS OR Office Exclusive-No Entry into the MLS This must happen prior to the 5-day deadline Temporary Exclusion Form should be used when listing will not be ready for MLS within 5 days including the day listing is anticipated to go active. Any public marketing of property begins the 1 day period to activate listing
Why do we need rules and regulations?
Rules and Regulations... ensures the spirit of cooperation. ensures that accurate data is shared in a timely manner. The online version is easily searchable for your reference at any time.
Status Change Rules
Status Changes must be made within 2 business days (including price changes and expiration date changes). Must have something in writing from seller(s)
New Construction
To be considered as residential must have: Specific Lot Specific Structure Specific Price If this does not exist, that would go under Vacant Land.
How Violations are Detected
To maintain data integrity, Stellar MLS uses scanning software for common violations. The Stellar Data Integrity Team closely monitors listings.
Searching for Exclusion Forms and Reporting Violations
To search for an address to see if an Exclusion Form has been filed with Stellar MLS, click the "Report a Violation" button. You will then be able to type the address of the property in question to see if an Exclusion Form has been filed. If you do not find that an Exclusion Form has been filed, you will need to upload proof of the public marketing of the property, such as a photo or screenshot, when reporting the violation.
Withdrawn Listings
Withdrawn Conditional Withdrawn Unconditional (Canceled) Listing broker may still be entitled to compensation on a Withdrawn listing with conditions, until the date the conditions expire.
How can you search inside the Rules and Regulations?
You can search by: the actual article number by keyword/topic
Virtual Staging (Interior)
You can: Modify or render existing furniture and decor in a room Add virtual furniture, decor, and artwork to an empty room You cannot: cover up eyesores like holes in the wall or exposed wires upgrade damaged and/or outdated flooring. add or enhance scenic views and/or windows that do not currently exist. make a room appear larger or smaller than what it truly is. change paint color of the walls swap out fixtures and finishes
Virtual Staging (exterior)
You can: add virtual furnishings to attached exterior areas. You cannot: virtually enhance permanent fixtures like the roof or the front door. change the paint color virtually stage photos of an under construction home virtually landscape add lighting views or landmarks that are not physically possible from the specific location
