Compliance Corner #31
January 15, 2021
Frequently Asked Questions from The Compliance Department
Why do I need to confirm the SALE PRICE of my listing? The Data Checker program flags all CLOSED listings where the List Price/Sale Price Ratio Is over 25%. If you receive a Compliance Inquiry from us, please reply that the info is correct OR if the price needs to be adjusted, let us know what the correct price should read. Please don’t ignore the notice. Ignore = Fine!
My listing is Off Market (CLOSED/CANCELLED/EXPIRED) do I still need to fix a compliance issue? Having complete, accurate and transparent data is essential for a healthy real estate market. Our data is used for more than just the initial sale of a property (ex: CMAs, Property History, Statistics, etc.) therefore whether you had the opportunity to fix an issue while your listing was still actively being marketed or not, SMARTMLS needs that information to be correct. Once a listing is in a permanent Off Market state, only SMARTMLS staff can adjust, upload or input so please contact us to assist you. Please don’t ignore. Ignore = Fine!
I don’t know the exact Proposed Closing Date on my Show/Deposit listing…how can I update? We do understand that dates change and get pushed out all the time (especially with New Construction, Short Sales, etc.) however the PCD is an important tool in Matrix and needs to be as accurate as possible. If you receive a note from us regarding the PCD on your listing, you need to do one of two things… update the date and push it out to the future (if you are unsure of a specific date, make an estimate) OR mark the listing CLOSED. Don’t ignore the notice. Again…Ignore = Fine!
Why is my Listing Agreement visible? If you have correctly uploaded your Listing Agreement (or Listing Agreement Compliance Certification) as Private, the only people who can see it are you, your office management (Broker, manager, Admin) and SmartMLS staff. No other users on the MLS can see it.
When you are logged into Matrix as yourself, you can see the private documents on your listings in the same manner that you are able to see the Expiration Date on your listings, but no one else can see them. The same functionality that prevents your Expiration Dates from being seen by other users who do not have permission to see them applies to your private documents.
I paid the fine…I thought that took care of my compliance issue. The payment of a fine does not correct an unresolved listing infraction. These are two separate issues. Please take the time to correct the issue to close the compliance issue and stop future fines from being issued.
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As always, please feel free to contact the Compliance Team for additional information. Send an email to firstname.lastname@example.org or call us at 203-750-6000.