Compliance

Guidelines for Non-MLS (Comp Only) Properties

Responsibilities of the MLS Participant:

  • The participant is responsible for entering the information in the RealTracs database, once the permission form has been received from the current buyer.
  • The property must be listed, pended and closed in the MLS database.
  • A copy of the Non-MLS permission form and the H.U.D. must be faxed to 615-385-7872.

RealTracs will correct the list, pend, and closed dates, as well as the listing agent field.

Please Note:

  • The statement “For Comp Purposes Only” must be entered in the Remarks section of the property listing.
  • The Purchase Agreement must be made available to RealTracs upon request.
  • If requested, the participant must produce the documents within 24 hours.
  • Failure to provide requested documentation will result in a $100 fine and removal of the listing from the MLS.

Timeline for Adding a Non-MLS Property to the System

When a request to add a Non-MLS listing is received, the schedule below will be followed:

Date                                                                                                       Charge

Closed Date – Sixty (60) Days After Closing                                  Free
Sixty One (61) Days – One Year After Closing                             $30.00
Listings Over One Year From Closing Date                                      *

Closed Listings over a year old will not be accepted as Non-MLS

New Compliance Reporting Procedure In Place

When a suspected rules violation or other data integrity issue is discovered by a RealTracs user, a procedure has been put in place to ensure the potential issue can be documented and resolved more efficiently.

To report a suspected RealTracs listing rule violation or compliance issue, send an email to Compliance@RealTracs.com.

While individual reporting might not always be responded to directly, you can be assured that RealTracs takes the responsibility of data integrity very seriously, and will address each complaint accordingly.

Current RealTracs Rules & Regulations can be found by clicking the Member Info option on the main menu and scrolling to the middle of the page.