What’s So Special About That?

NTREIS MLS Rules & Regulations Section 7.25 states the following: “A Participant or any licensee affiliated with a Participant who has an interest in Listed Property shall disclose that interest when the listing is filed with the MLS and such information shall be disseminated to all Participants.”

It is a good idea to disclose this information in the property description field, it should at least be disclosed in the Special Notes field on your listing.  The Special Notes field is to be used for the required disclosure from NTREIS MLS Rules & Regulations, Section 7.25 and should be designated by selecting either “Agent related to owner” or “owner/agent”. Both selections are self-explanatory.

Another “special” listing input field is the Special Listing Conditions field that you will see when entering a new listing. This field populates the “seller type” from the Showing Information tab of the listing input function. Most common are Standard/Individual and Builder. There is also a selection designated as “Real Estate (Bank) Owner” in this field otherwise known as “REO”.

“REO” listings are those listings where the bank or lender has foreclosed on the property and are now the owner/seller of a property. This field is not to be used for the requirement of NTREIS MLS Rules & Regulations Section 7.25 to disclose your vested interest in the listed property.

Your MetroTex MLS team has seen an increase in reported violations for “REO” as the seller type that are not owned by a bank or lender. We want to ensure that these special fields in the MLS are being used correctly since agents may search for “REO” listings for their clients.

Should you have a question related to the special fields or any other MLS concern, please feel free to reach out to your MetroTex MLS Team at mls@dfwre.com or 214-540-2755 (direct to MLS). Our members are special to us and we’re always happy to help you.

By  Sherri Godeaux, MLS Data Integrity Specialist