The document provides an overview and agenda for a REALTOR® Association of the Sioux Empire MLS orientation. Topics covered include MLS rules and regulations, status changes, lookup lists, additional resources, and a reminder about the importance of accuracy, completeness, and timeliness when listing properties. A break is scheduled for 10:30 AM and the orientation concludes with contact information for the MLS administrator.
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The settlement between the Department of Justice and the National Association of REALTORS mandates that Multiple Listing Services must provide a data feed of all MLS data to Brokers for display on their public websites. This ruling will once again place Brokers in the center of the conversation with the online consumers.
If you’ve heard the buzz about Multiple Listing Service.PH (MLS.PH) , you may be wondering:
What’s MLS.PH and how can it help me?
So here’s a Quick Guide.
Multiple Listing Service.PH (MLS.PH ) is the only Multiple Listing Service in the Philippines with Data License Agreement with Move Inc. , operator of www.realtor.com/international . MLS.PH is the only MLS service provider for CREBA-NAR members an exclusive benefit available to International REALTOR® Members(IRMs) extended to all PRC Licensed Real Estate Practitioners ( brokers , appraisers, consultants and government assessors )
The Goal of Multiple Listing Service.PH (MLS.PH) is not limited to property search but put your business in the global market . MLS.PH was created to
• To build a national database of robust, property centric information covering every parcel of property in the country.
• To provide International REALTOR® Members/ PRC Licensed Real Estate Practitioners with data on every parcel of property in the Philippines, giving brokers and agents valuable tools and features to make them better informed and to increase their efficiency in the marketplace.
• To create the most powerful toolkit for International REALTOR® Members/ PRC Licensed Real Estate Practitioners in the Philippines . To provide International REALTOR® Members / PRC Licensed Real Estate Practitioners with advanced, single-source access to detailed information about properties, trends and demographics. MLS.PH is working on the most robust and complete data about every parcel of property in the Philippines.
• To conduct nationwide property searches and market-to-market comparisons. An easily interpreted historical chart for each property layers years of listing, sales, default, financing, and valuation activity.
• To customize valuable reports to share with clients and customers. Utilize these reports to create a personal library of market information including market forecasts, trends, sales analytics, property details…all branded to you. These reports are an outstanding tool for Brokers to use in presentations with buyers and sellers.
The Mission of MLS.PH is to empower MLS members / subscribers with a comprehensive online database of property information, powerful tools and analysis, and unique reports that only MLS members / subscribers can provide to consumers and their clients.
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The term “Cloud” is ubiquitous, popular and hilariously vague. This session will cut through the marketing hype of the Cloud and reduce it down to the core concepts needed to run your eCommerce business. If you’re confused by the marketing or are just curious how to effectively leverage the Cloud then this session is for you.
The settlement between the Department of Justice and the National Association of REALTORS mandates that Multiple Listing Services must provide a data feed of all MLS data to Brokers for display on their public websites. This ruling will once again place Brokers in the center of the conversation with the online consumers.
If you’ve heard the buzz about Multiple Listing Service.PH (MLS.PH) , you may be wondering:
What’s MLS.PH and how can it help me?
So here’s a Quick Guide.
Multiple Listing Service.PH (MLS.PH ) is the only Multiple Listing Service in the Philippines with Data License Agreement with Move Inc. , operator of www.realtor.com/international . MLS.PH is the only MLS service provider for CREBA-NAR members an exclusive benefit available to International REALTOR® Members(IRMs) extended to all PRC Licensed Real Estate Practitioners ( brokers , appraisers, consultants and government assessors )
The Goal of Multiple Listing Service.PH (MLS.PH) is not limited to property search but put your business in the global market . MLS.PH was created to
• To build a national database of robust, property centric information covering every parcel of property in the country.
• To provide International REALTOR® Members/ PRC Licensed Real Estate Practitioners with data on every parcel of property in the Philippines, giving brokers and agents valuable tools and features to make them better informed and to increase their efficiency in the marketplace.
• To create the most powerful toolkit for International REALTOR® Members/ PRC Licensed Real Estate Practitioners in the Philippines . To provide International REALTOR® Members / PRC Licensed Real Estate Practitioners with advanced, single-source access to detailed information about properties, trends and demographics. MLS.PH is working on the most robust and complete data about every parcel of property in the Philippines.
• To conduct nationwide property searches and market-to-market comparisons. An easily interpreted historical chart for each property layers years of listing, sales, default, financing, and valuation activity.
• To customize valuable reports to share with clients and customers. Utilize these reports to create a personal library of market information including market forecasts, trends, sales analytics, property details…all branded to you. These reports are an outstanding tool for Brokers to use in presentations with buyers and sellers.
The Mission of MLS.PH is to empower MLS members / subscribers with a comprehensive online database of property information, powerful tools and analysis, and unique reports that only MLS members / subscribers can provide to consumers and their clients.
Body corporate-and-community-management-act-1997-qldMark Game
Under the Body Corporate And Community Management Act (BCCMA), if the parties to a Contract have specified a sunset date, the settlement must occur by the earlier of that date and the date which is five and a half years after the date on which you enter into the Contract or you will be able to terminate.
In this presentation we discus about the impact of Rera ON INDIAN real estate, the law under the RERA as per the Central government, how to register complaint under RERA etc
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2. Rules & Regulations
Guidelines & Definitions
MLS Systems
20 Minute Break at 10:30 AM
MLS Data Compilation
Communications / Additional Resource
Agenda
3. Various Rules of RASE MLS
All Residential, Land, and Multifamily (4-plex or less) listings are
required to be entered in MLS within 48 hours of the list date.
Unless otherwise noted on the Listing Agreement (see Section 8a)
48 hours = two business days
A primary photo is required. Up to 25 photos total. The main photo must be of the property
for sale (exterior or interior). At least one photo must show the exterior of the property for
sale.
4. Various Rules of RASE MLS
New Construction Listings
Must at least have the footings poured
Must have a main exterior photo (actual construction, similar to photo, or line drawing)
RASE defines New Construction as never having been lived in. It does not matter how many
times the property has changed hands or whether there is any type of warranty on the
property.
Attach External Documents
If a property requires a Seller’s Property Disclosure, then the form must be attached to the
listing in MLS
License Law Reminder – Residential & Multi-Family (4-plex or less) listings must have a completed
property disclosure except in the case of
1) New Construction (never been lived in)
2) An Estate, Guardianship, Conservatorship, or Trust
3) Bankruptcy
4) Foreclosure
Lead-Based Paint Disclosures are required for all of the above as it is a Federal form and requirement.
5. Various Rules of RASE MLS
Mobile Homes
Land must be for sale. No rented lots
Permanent foundation = Residential property type (Mobile Home property subtype)
Not a permanent foundation = Land property type
A permanent foundation is defined as a minimum frost depth of 42” or a floating slab
Although manufactured homes do retain the ability to be moved, they are not mobile homes, and are not
restricted to this property subtype.
Model Homes
Main photo must include the word “Model Home”
Listing price must be the actual list price of the property shown as it is currently finished
Additional explanation should be included in the Public and Agent Remarks, including a price range for
available options
Must at least have the footings poured to be entered on MLS
Lockboxes
Must be identified as RASE Issued or otherwise in the Showing Instructions on MLS
Virtual Media
The Virtual Media field must contain a direct link to a virtual tour or slideshow of the listed property.
Websites cannot be listed in the Virtual Media field.
Branded and Non-Branded Tours must be marked accordingly.
6. MLS Statuses
All status changes must be entered in the MLS system within 48 hours.
Active - Contingent House: An accepted purchase agreement dependent upon the sale of another
property. This is an active status and showings should continue to be scheduled unless the Seller has
specifically requested otherwise. This status will automatically expire. Note that the expiration date
should be extended to the anticipated closing whenever using this status. The first paragraph of the
Listing Agreement extends permission to do this without additional written consent from the Seller(s).
Active – Contingent Miscellaneous: An accepted purchase agreement dependent upon a future
and as yet unknown circumstance. This status includes Miscellaneous, Financing, and Inspection
contingencies. This is an active status and showings should continue to be scheduled unless the Seller
has specifically requested otherwise. This status will automatically expire. Note that the expiration
date should be extended to the anticipated closing whenever using this status. The first paragraph of
the Listing Agreement extends permission to do this without additional written consent from the
Seller(s).
Reporting Contingencies (Section 1.6) – A notice posted in the property is not sufficient. The status
change must be entered in the MLS system for all properties when an offer has been accepted. This
does not include contingencies with a zero hour kick-out. All properties in a contingent status are
required to have a detailed explanation of the contingency in the Agent Remarks field of the listing.
Details should include, but are not limited to, the type of contingency (inspection, financing, etc.) and
the duration of the kick-out (2 hours, 3 days, etc.).
Note: The RASE MLS does allow zero hour kick-out purchase agreements to remain in an ACTIVE
status on MLS. The listing agent is still required to note the details of the current status in the Agent
Remarks field on MLS. This does not eliminate the ACTIVE-Contingent House (SCH) status. Any
listing with a kick-out or right of refusal period longer than zero hour must be reported as SCH on
MLS. (Section 1.6 Modified: August 2009)
7. MLS Statuses
All status changes must be entered in the MLS system within 48 hours.
Pending Status
Entered when all contingencies have been satisfied to the satisfaction of the Seller
Indicates that no more showings will be scheduled
Drops off of HomeVIEW and other Web sites
Will automatically expire. Always extend the expiration date through the anticipated
closing. The first paragraph of the Listing Agreement extends permission to do this
without additional written consent from the Sellers.
An Overdue Pending status appears when a listing has passed its anticipated closing
date, but has not yet expired
8. MLS Statuses
All status changes must be entered in the MLS system within 48 hours.
Sold Status
Must first save in Pending status
Use Sold status to report Contract for Deed (CFD) properties
Don’t forget to enter all Concessions and Allowances
An explanation is required whenever the selling price is outside 7% of the listing price
An explanation is required whenever the selling price is greater than the listing price
“Non-Member” selling office used for listings sold by non-members
Off Market
Still under contract
Used when the Seller wants to remove the listing from MLS for a time
Will automatically expire. Extend the expiration date if listing contract is extended
Cancelled
Indicates the end of a contractual relationship
Dates to Remember
Contingent Date – Contract acceptance
Pending Date – Seller wishes to stop showings
Days on Market (DOM) – Calculated Entry Date to Pending Date
9. Lookup Lists and Field Relationships
Submit missing Street Names, Subdivisions, Schools, Cities, etc to the
RASE MLS office.
Use “Temporary Check Back” option to complete the listing
Street Names can be added immediately
All other lookup options must be submitted to the vendor (24 hour turn around)
“Temporary” option should never appear on any listing for more than 24 hours!
Additional selections will not be added to Counties or MLS Areas
School Districts will be modified to match the County and MLS Area configuration
Field Relationships
Counties tied to State
Cities tied to County and State
Subdivisions tied to MLS Areas
Elementary, Middle, and High Schools tied to School District
Note these relationships when entering listings and searching the MLS
10.
11.
12. MLS Rules & Regulations
Compliance with Rules, Section 7
Most 48 hour rule violations are $50 per incident
Failure to report variable or miscellaneous commission
arrangements - $100 per incident
For personal promotion messages, showing instructions, or
seller-specific information in the Public Remarks - $25 per
incident
Unauthorized copy of any listing photo - $50 per photo
Failure to upload Sellers Property Disclosure - $50
Placing a website in the Virtual Media field - $50
Failure to report a contingent status w/zero kick-out - $200
per incident
MLS office can request documentation in order to investigate potential violations of the MLS Rules & Regulations.
13. MLS Rules & Regulations
Compliance with Rules, Section 7, letter (d)
These violations require a mandatory appearance before the
MLS Committee
For permitting a MLS system password to come into the
possession of an individual who is not a MLS Participant - $2,000
For permitting an electronic lockbox key and pin to come into the
possession of an individual who is not a MLS Participant - $1,000
For failure to correct misuse of the term MLS as per Section 4.4, a
fine of $250 will be assessed.
14. MLS Rules & Regulations
Misuse of the Term MLS (Section 4.4)
Participant and subscribers shall not use the term “MLS”, “multiple listing service” or any
derivatives to infer that the public will have access to the MLS on their own websites or on any
advertising in any media. The acceptable use of the term MLS is for a participant or subscriber to
indicate they are a member of the “MLS”.
MLS Numbers may be used to search and on the full detail display of an IDX website. MLS
numbers may not be used in any type of advertising media including but not limited to print ads,
electronic advertisements, television advertisements, and radio advertisements.
URLs and Company Names – Company names and websites displaying listing content
obtained through the MLS may not use the terms “MLS”, “ML” or “Multi-list” or the words
“Multiple” or “Multi” or “Service” or “System” together or in any combination or any derivatives
thereof in a website address (URL) or website name or company name in a manner that would lead
a reasonable consumer to a multiple listing service.
Websites – Websites displaying listings obtained through the MLS may not contain a reference
assertion, indication or suggestion that the “MLS”, or the “Multiple Listing Service”, “The Multiple
Listing System” can or is being searched or reviewed. Reference to “all” properties whether in MLS
or in a specific area is not an accurate representation and will be considered a violation under this
rule.
15. MLS Rules & Regulations
Violations of Section 4.4 include but are not limited to the examples noted below. Acceptable
alternatives have been provided for clarification.
16. Guidelines, Definitions, and Other
Additional Forms
Consumer Disclosure Addendum
Owner of Record Disclosure
Information for your Buyers & Sellers
Owner Occupied Tax Reduction Program
Property Inspection Guidelines for Buyers and Sellers
Guidelines and Definitions
Guidelines for Measuring and Reporting Square Footage
Variable Commission Rate Identifiers
Residential Property Subtype Definitions
17.
18.
19.
20.
21.
22.
23.
24.
25.
26. The Marks of a Professional:
Accuracy, Completeness, Timeliness, Care
Accuracy is Essential
Check Every Fact
Complete Information
Every missing feature is a missed opportunity
More information is always better
Timely Entry and Good Photos
Enter your listings ASAP for the greatest exposure
Photos should highlight the best features of the property
Refresh Your Listings
Review the info in your listings and see if you can add or adjust it to make it more effective
Adjust the Public Remarks to reflect positive comments from other agents and customers
27. The Marks of a Professional:
Accuracy, Completeness, Timeliness, Care
Worthy of Special Attention:
Parcel ID # must be entered, and must be exactly as it appears in the property
record. This will affect the Property History
Lot size can only be entered in Square Feet. One acre = 43,560 SqFt
Room Levels and Dimensions are important to potential purchasers and are a
powerful marketing tool. Make sure they are accurate
Street Address is broken up into several separate fields. Make sure you are
entering and searching those fields properly
Always take time to determine and use the correct MLS Area
Include good directions to the property and add the nearest cross street. Also
make sure the map pin placement is accurate on MLS
Review your listing data before you submit it and regularly thereafter
28. Rapattoni MLS
by Rapattoni Corp
INTERFACExpress and INTERFACE
by RealtyServer
http://siouxempiremls.rapmls.com
http://siouxempiremls.rapmls.com/pda
Tech Support
1-866-730-7114 (ID: 1496)
mls@rapattoni.com
http://www.interfacexpress.com
http://www.pocketinterface.com
Tech Support
1-866-531-7065
support@realtyserver.com
Two RASE MLS Systems
29. For Future Reference
You can use a limited set of HTML tags to add effects to the
Public Remarks section on Rapattoni MLS. Below is one
example of a scrolling marquee.
Test your HTML code here:
http://www.play-hookey.com/htmltest/
30. MLS Data Compilation
Participation Agreement
Broker owns the listing data
MLS owns the compilation of listing data
Provides recourse in the event that the compilation is used or distributed improperly
RETS (Real Estate Transaction Standard)
IDX
Rules
Contract
Framing (public access links) vs. Data Download
HomeVIEW (www.homeviewsiouxfalls.com)
Currently operates with Rapattoni Frames
ListHub (www.listhub.net)
Provides a platform for Brokers to manage their listing distribution
No cost to MLS or Brokers for syndication and dashboard tools
Additional (optional) reports and analytics are offered to Brokers and Agents
Brokers have the option to grant control at the agent level
Direct RETS Feeds
31. Additional Resources
RASE-Inc.org - www.rase-inc.org
Rapattoni Corporation - http://rapattoni.com
SupraWEB – www.supraekey.com
REALTOR.org - www.realtor.org
SD Real Estate Commission - www.state.sd.us/sdrec
SDAR - www.sdrealtor.org
REALTORS Property Resource (RPR) - http://blog.narrpr.com
HouseLogic - www.houselogic.com
Real Estate Wiki - www.realestatewiki.com
How to clear your browsers cache - www.bnl.gov/itd/webapps/browsercache.asp
32. Thank you for your time and attention!
RASE Multiple Listing Service Orientation
October 25, 2010
Darci Haraldson, MLS |IT Administrator
REALTOR® Association of the Sioux Empire, Inc.
Darci@RASE-Inc.org
605.334.4752, Extension: 12
AIM: rasedarci
Facebook: www.facebook.com/darciharaldson
LinkedIn: www.linkedin.com/in/darciharaldson