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Are You Sending Accurate Listing Data to the RLS?
Here is everything you need to know to be in compliance.
November 30, 2018
New RLS Universal Co-Brokerage Agreement (UCBA): Based on the work of a special committee comprised of residential owners, managers, legal counsel and REBNY staff, the UCBA has been revised and updated. Details on the most important revisions and changes will be communicated separately in the coming days.
Listing Management Tool: A new listing management system will allow individual RLS members to confirm the status of their exclusive listings in the RLS. Listings and management personnel at various firms will be able to view their firm's listing inventory in the RLS.
New Compliance Monitoring System: The RLS has adopted a new state of the art system to monitor listing content for compliance with REBNY rules and applicable laws. Among the items the system will monitor are the following:
- Manditory Fields: Listings with missing mandatory fields will be rejected from the RLS. If your listing is rejected, a notification will be sent to the listing agent, as well as to the Broker A (Principal), and listing system vendor. The agent will be responsible for re-submitting the listing immediately after being notified.
- Follow the rules for listing description and FHA information. Listings with Fair Housing Administration (FHA) or other technical violations in the body of the listing description will be flagged and subject to fines. Below are the two violation notification processes. The agent will be responsible for correcting violations immediately after being notified.
Following a grace period through March 2019, the RLS Compliance system will begin to levy fines against agents and firms whose listings fail to comply with REBNY rules and applicable requirements. If you receive a violation notice, act immediately. Accurate listing information starts with you. You may be subject to additional penalties and suspension from participating in the RLS.
In the coming weeks we will be providing additional information via the Residential Newsletter, educational seminars for Broker A's, Agents and listings departments. REBNY RLS staff is available to attend your office meetings with your Broker A's approval. Please email RLSsupport@rebny.com.