Alex, I’ll Take Rules and Regulations for $1,000

MRIS, Dec. 29, 2008-Can you match the correct answers to these questions? The answers to these questions and many others are available under the Compliance Section of the MRIS website.Questions

A) What information may be entered in the Directions field?

B) How long to you have to change the status of the listing?

C) How much time do I have to enter a new listing in the database and make it available to show by other agents?

Answers

1) The status of a property must be changed within 48 hours, excluding weekends and holidays, once the parties to the contract (seller and buyer) have signed the contract. Note: If a contract is contingent upon 3rd party approval, the status must be changed to Contingent – No Kick Out Clause (CNTG/NO KO) or Contingent with a Kick Out Clause (CNTG/KO)

2) Once the listing agreement is accurately completed and signed by the Seller, it must be entered into the database within 48 hours (excluding holidays and weekends) unless otherwise requested in writing by the Seller. Once the listing has been entered into the database, it must be available to show by other agents immediately.

3) The Directions field is intended to convey a driving route to the property listing. No other information, such as phone numbers, agent names, web or email addresses, lockbox codes, may be entered in this field.

Answer Key

A:3 B:1 C:2

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