How to Avoid FINES

1. The 48-Hour Rule

• Requirement: All additions, updates, and changes to listings must be reflected in MLS within 48 hours.

• Applies to: Acceptance, under contract, sold, back on market, hold, price change, temporarily off market, commission change, contract closed, or cancellation.

• Penalty: Failure to update within 48 hours may result in fines.

• Tip: Send requests immediately to the helpdesk with complete information and signatures to avoid delays.

2. General Ways to Avoid Fines

1. Ensure complete and accurate information in all submissions.

2. Verify owner’s name and phone number — must be accurate.

3. All listing paperwork must have names and signatures on every line.

4. All input and updates must be done within 48 hours.

   • LIMLS specifically requires owner signatures for all changes.

5. Ensure all paperwork for changes is uploaded to Dotloop when requests are made.

3. Required Paperwork per MLS System

BKMLS

Required Documents:

• Showing Instructions

• Privacy Request Form

• Listing Agreement

• Buyer and Seller Disclosure

• Lead Paint Disclosure (if built before 1978)

• Property Condition Disclosure (not required for co-ops)

Reminders:

• Use correct owner’s name and contact info.

• For LLCs, include the authorized person’s name.

• All forms must be filled, signed, and dated correctly.

• Upload everything to Dotloop.

SIMLS

Required Documents:

• Showing Instructions

• SIMLS Property Owner Information Form

• Input Form (Pages 1–3)

• Showing Time Appointment Form

• Listing Agreement Form

• Buyer and Seller Disclosure

• Lead Paint Form

Reminders:

• All owners (if more than one) must sign.

• Correct owner’s name and contact info are mandatory.

• If the owner has no email or phone, they must initial stating that.

• Everything must be filled, signed, dated, and uploaded to Dotloop.

LIMLS

Required Documents:

• Input Form (Pages 1–3)

• Listing Agreement Form

• Buyer and Seller Disclosure

• Lead Paint Form

• Showing Instructions

Reminders:

• Both owners must sign if applicable.

• Contact information must be correct.

• If no email/phone, owner must initial that they do not have one.

• Paperwork must be accurately filled, signed, and added to Dotloop.

4. Handling Changes

BKMLS

• Use BKMLS Change Form for:

  • Contract, Closed, or Cancellation (no owner signature needed).

• Owner signatures required for:

  • Temporarily Off Market

  • Back on Market

  • Listing Extension

  • Price Change

  • Commission Change

  • Sold Listing Report

  • Withdrawal

  • Release

  • Office Exclusive Certification

SIMLS

• Use SIMLS Change Form for:

  • Acceptance

  • Under Contract

  • Sold

  • Back on Market

  • Hold

• Owner signatures required for:

  • Price Change

  • Temporarily Off Market

  • Commission Change

LIMLS

• All changes must be signed by the owner.

• Unlike BKMLS & SIMLS, LIMLS requires owner signatures for every change.

5. Fine Structure

• Incorrect MLS information: $500 per incorrect item.

• Incorrect owner info (name/phone): $5,000 fine if the MLS contacts the owner and the information is inaccurate.

• Avoid fines by ensuring accuracy and timely updates.

6. Importance of Familiarizing Paperwork

• Helps ensure compliance with the 48-hour rule.

• Saves time by avoiding repeated follow-ups for missing documents.

• Keeps transactions on track and prevents errors.

• Allows quick identification and correction of missing or incorrect information.