The Real Estate Insider

MRIS® UPDATE Rules and Regulations Guidelines The MRIS® Rules and Regulations are found on the MRIS® Intranet (Compliance Department) and on Fax-on-Demand (Document #505). Follow these guidelines to avoid fines: Enter all new listings into the MRIS® system within 48 hours. Make listing revisions within 48 hours Make status changes within 48 hours. Never reveal your password to anyone. Enter all information into the MRIS® system accurately. Review converted listings to verify they are complete and accurate. (Active and Sold) Enter listings into the MRIS® database prior to advertising the listing. Verify that an expired or withdrawn property has not been relisted prior to calling seller  INTERPRETATIONS OF THE CODE OF ETHICS Article 1, Case #1-2 Honest Treatment of All Parties As the exclusive agent of Client A, REALTOR® B offered Client A's house for sale, advertising it as being located near a bus stop. Prospect C, who explained that his daily schedule made it necessary for him to have a house near the bus stop, was shown Client A's property, liked it, and made a deposit. Two days later, REALTOR® B read a notice that the bus line running near Client A's house  was being discontinued. He informed Prospect C of this, and Prospect C responded that he was no longer interested in Client C's house since the availability of bus transportation was essential to him. REALTOR® B informed Client A and recommended that Prospect C's deposit be returned. Client A reluctantly complied with REALTOR® B's recommendation, but then complained to the Board of REALTORS® that REALTOR® B had not faithfully protected and promoted his interests; that after Prospect C had expressed his willingness to buy, REALTOR® B should not have made a disclosure that killed the sale since the point actually was not of major importance. The new bus route, he showed, would put a stop within six blocks of the property.  In a hearing before a Hearing Panel of the Board's Professional Standards Committee, REALTOR® B explained that in advertising Client A's property, the fact that a bus stop was less than a block from the property had been prominently featured. He also made the point that Prospect C, in consulting with him, had emphasized that Prospect C's physical disability necessitated a home near a bus stop. Thus, in his judgment, the change in bus routing materially changed the characteristics of the property in the eyes of the prospective buyer, and he felt under his obligation to give honest treatment to all parties in the transaction, that he should inform Prospect C and that in so doing he was not violating his obligation to his client. The Hearing Panel concluded that REALTOR® B had not violated Article 1, but had acted properly under both the spirit and the letter of the Code of Ethics. The panel noted that the decision to refund Prospect C's deposit was made by the seller, Client A, even though the listing broker, REALTOR® B, had suggested that it was only fair due to the change in circumstances.