The results from the Q3 audit are in! Check out the recap today.
The audit was conducted on Sept. 8 and identified 230 active CREB® listings with 365 days on market (DOM) or more, accounting for approximately 10 per cent of the Pillar 9™ active listings. The CREB® Member Practice Team randomly audited 46 of those listings (a 20 per cent sample size).
All 46 listings that were audited proved to be compliant, with accurate expiration dates, therefore no fines or advisories were issued.
Thank you to CREB® members and brokers for reviewing their listing expiry dates and achieving 100 per cent compliance during this audit!
As a reminder, CREB® Rule Part III 3.04 states:
An MLS® Listing may be extended to a new expiry date, provided that:
- Before the original expiry date, the Listing Brokerage obtains an Extension/ Amendment Agreement signed by the person(s) who signed the MLS® Listing Contract and
- The Listing Brokerage, if Brokerloading, makes the changes in the Board’s MLS® System to reflect the new expiry date or, if the Listing Brokerage is notifying the Board to make the changes in the Board’s MLS® System, that such notification, in the manner, as required by the Board, is made within two (2) Business Days of the signing of the Extension/Amendment Agreement, and, in any event, either action occurs no later than the original expiry date of the MLS® Listing.
Listing agents who are unable to support their MLS® expiration dates through signed listing contracts, amendments/ extensions may be in violation of CREB® Rule Part III 3.04 and could receive:
- An educational advisory for the violation;
- $250 fine for the second offence;
- $500 fine for the third offence; and
- Fourth and subsequent offences will result in a disciplinary hearing.
Contract change reminder
Written service agreements are fundamental to providing real estate services and delivering a transparent client experience. The importance of securing changes to the terms of a service agreement in writing is outlined in industry rules and regulations from RECA, CREA and CREB®.
Please remember that all changes to listing contracts must be in writing using the approved AREA forms in alignment with the CREB® Rules. Changes to those contracts must be reflected on the MLS® System within two (2) business days of the date the amendment/ extension/ addendum was signed.
About Quarterly Compliance Audits
To ensure CREB® members are meeting compliance requirements, and maintain data integrity in the MLS® System, CREB® Member Practice administers quarterly compliance audits each year.
In alignment with CREB®’s education first philosophy, audits are an opportunity to bring awareness to the rules and assist members in developing best business practices to reduce risk to the member for future violations.
The 2022 audits will focus on a different compliance requirement each quarter:
Q1 – Overdue pending – completed
Q2 – Overdue withdrawn – completed
Q3 – Over one year in active – completed
Q4 – Zero days on market – November 2022
If you have questions about quarterly audits, please contact Member Practice at crebmp@creb.ca for more information.
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