Official Notice - MRED Rules and Regulations
Multiple Listing Services (MLSs) are known for data accuracy
- MRED real estate professionals have access to the very best listing information via their MLS
- Many factors make this possible: MLS system designs, automatic listing entry checking, etc.
- And MRED's Compliance Department spends thousands of hours each year reviewing each listing, photo, and making as many corrections as they possibly can
But sometimes, fines are an unfortunate but necessary method for enforcing data accuracy standards
- In the first six months of the year, the Compliance Department reviewed over 165,000 listings, investigated over 48,000 complaints, and where possible corrected thousands of listings. This has resulted in only 68 fines being issued.
- The result is the most accurate database of listing content and a higher standard of conduct for MRED real estate professionals
Recently, MRED reviewed the fines in our Rules and Regulations, and as a result MRED's Board of Managers has just passed new fine levels. Why?
- For fines to remain effective, they must be at a level high enough NOT to be regarded as a cost of doing business
There are a number of changes to fine amounts, including for:
- Failing to report status change, contingencies, or closed
- Not reporting price changes
- Conditions on cooperative compensation
- And more...
As a part of our Rules review process, we have also updated a number of other sections of our Rules and Regulations.
Spreadsheet of MRED's Fine Changes »
Compare Copy of MRED's Rules and Regulations »
Clean Copy of MRED's Updated Rules and Regulations »
Compare Copy of MRED's Updated Residential Glossary »
Clean Copy of MRED's Updated Residential Glossary »
DISCLAIMER: Please always check with your managing broker or office manager to ascertain if any of your office policies supercede any general rule, information, suggestion or offer about the MLS system, other MRED products/services or real estate in general contained in this communication. Nothing herein is legal advice.