Did you know that the MRIS Compliance Department fields more than 1,500 questions each month?  The items below are answers to some of the recent frequently asked questions from MRIS customers.

UPDATING LISTINGS UNDER THE NEW TRID REGULATIONS
Once the property has settled, the listing agent is responsible for changing the status to SOLD. The loan amount and type of loan are two of the fields required to change the status to SOLD. However, under the new TILA-RESPA Integrated Disclosure (TRID) regulations, the buyer is not required to provide a copy of the closing documents to the listing agent. As a result, the listing agent may not know the information needed to complete two of the required fields in Keystone:  First Trust Loan Type and First Trust Loan Amount. Listing agents who do not have this information may enter “Unknown” in the First Trust Loan Type field and enter “0” in the First Trust Loan Amount. The listing agent should enter the amount of Seller subsidy as determined by the terms of the contract.  

BROKER BRANDING IN THE PHOTOS
Recent changes in Virginia Department of Professional and Occupational Regulation’s (DPOR) Real Estate Regulations require that the name of the brokerage appear on the “For Sale” sign. The Compliance Department has seen an increase in the number of photo violations due to the display of the broker or agent’s name in the photo for the front of the property. The MRIS Rules and Regulations prohibit the display of broker or agent branding in the photo. To comply with the MRIS policy, please take photos of the front of the property prior to installing a sign. 
                                            
FARMING EXPIRED AND WITHDRAWN LISTINGS
Please be aware of the potential ethics issues if you farm expired or withdrawn listings to get leads. The MRIS Rules and Regulations do not prohibit a listing broker from withdrawing a listing and re-entering it as a new listing. Prior to contacting a seller, please check to see if the property has been relisted. One easy way to check is to click on the Property History Link located on the right side of the Matrix listing display. Also, check the agent remarks to read any comments that the listing agent has entered regarding the status of the listing agreement. 

“Keystone Alerts are an easy way to keep track of your listing status and help reduce the number of Compliance notices."

Sometime circumstances, such as a seller’s health, prevent the showing of a property. If this situation applies, please change the status to TEMP OFF, which indicates there is an active listing agreement. However, the property cannot be shown at this time. To keep a listing in this status for more than 21 days, please contact the MRIS Compliance Department at 301.838.7140. To learn more about the potential pitfalls of an incorrect listing status, see Ask NVAR on page 46. 

ENTERING A COMPARABLE IN MRIS
Agents who participated in a new homes sale or represented the buyer in a property sale when no listing was entered into MRIS (i.e. unrepresented seller), may enter the property as a Comparable. To enter the listing as a Comparable, select Yes to the field Comparable Y/N. A Comparable may only be entered after the property has settled and must be entered within one year of settlement. 

To enter a comparable, the agent must have participated in the sale of the property. Entering a Comparable without being a participant may result in sanctions, including fines starting at $500.
                            
USING KEYSTONE ALERTS TO AVOID FINES
Keystone Alerts are an easy way to keep track of your listing status and help reduce the number of Compliance notices. Agents can set up alerts to track upcoming settlement dates, contingency expiration dates, listing expiration dates and the date when a listing in Coming Soon status will change to Active status. The alerts will send an email in advance of a potential violation and provide an opportunity to update the listing prior to receiving a Courtesy Compliance Notice. 

Alerts are managed in the Preferences section of Keystone.

APPEALING FINES
Fines may be appealed up to 20 days after their issuance. After 20 days, the fine may not be appealed. MRIS sends courtesy emails during the 20-day period as a reminder that the fine may be appealed. Once the 20 days has passed, the fine will be processed using the billing method on file with MRIS. During the time the fine appeal is administered, the fine will not be billed to the agent’s account. One of the criteria used in determining a fine reversal is the number of Courtesy Compliance Notices that have been sent. Therefore, agents should use the Keystone Alerts to reduce the number of Compliance Notices! 

Want more information? Log in to MRIS.com/Compliance to view helpful resources. For other questions or concerns, please contact the MRIS Compliance Department at compliance@mris.net or 301.838.7140. Thanks for helping to keep the MLS data accurate and in compliance!  

Michelle Yam is the MRIS compliance department manager