You Must Disclose Signed Offers

REALTOR Members: It is your obligation to the CODE OF ETHICS, please read and share with your fellow agents....

Standard of Practice 3-6
REALTORS shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)

THIS MEANS YOU MUST....NO MATTER WHAT! IT IS YOUR OBLIGATION TO YOUR FELLOW REALTOR IF THERE IS A SIGNED OFFER, TO DISCLOSE. According to the updated MLS rules, you MUST change the status to "K or P" if there is a signed offer. Active means NO signed offer exists. NOTE: In the new system, what is now "K", will be "C" = Continue to Show, Under Contract. (See below)

VIOLATORS WILL BE SEEING ETHICS COMPLAINTS ....Members are frustrated!!!  Heads up!!!

From MLS Rules:
Section 2.5 Reporting Sales To The Service: Status changes including final closing of sales, shall be reported to the multiple listing service by the listing broker within 24 hours (excepting weekends, holidays, and postal holidays) after they have occurred. If negotiations were carried on under Section 2a. or b. hereof, the cooperating broker shall report accepted offers to the listing broker within twenty-four (24) hours after occurrence and the listing broker shall report to the MLS within twenty-four (24) hours after receiving notice from the cooperating broker. In addition, no participant will report a single sale more than one time on any property filed with the Multiple Listing Service. (Refer to Appendix A for penalty fees)

Status Translation Explanation - IN NEW SYSTEM

On Market Statuses

A - Active- Property available to be shown, no signed contract exists.

C- Continue to Show - Under -Contract Property available to be shown, contract exists - See Realtor Remarks

Off Market Statuses

U - Under Contract - Do not show Property is not to be shown, contract exists - See Realtor Remarks

P - Pending Sale - Contract exists and is waiting for closing (Sale Information not requested.)

S - Closed Sale/Rented Property - Closed/Rented (Sale information added at this time)

T - Temporarily Off Market - Property temporarily unavailable, should be back on market

W - Withdrawn - Property no longer on the market, cannot be listed by another broker until expiration date

X - Expired Property - Expired, can be listed by another broker