Announcements 2-01-2008 updated 3-4-08

MAIN LEVEL BEDROOM:

Main Level Bedroom (Y/N) is a new field in Tempo.  Any new listing added since the Tempo Publish on January 15, 2008 required a value for this field.  If you have an Active status listing that was entered prior to the January 15 Publish, we recommend that you update your listing with a value for Main Level Bedroom.  That way it can be retrieved when another broker is searching on Main Level Bedroom. 

SALE CONDITIONS:

Per a recommendation from the RSC legal counsel the choices in the Sale Conditions field have been identified with either an O-Optional, or M-Mandatory.  Mandatory choices must be disclosed.  Optional choices may be disclosed at the discretion of the listing broker. 

For example, if a property is subject to auction, then that fact must be disclosed as either the mandatory choice “Auction – Reserve” or “Auction – Absolute”.  Failure to disclose a mandatory choice is a violation of the PPMLS Rules. 

AUCTION PROPERTIES:

A recent change to the PPMLS Rules, Section 1.7 requires that the Listing Price for a property subject to auction be disclosed under these guidelines:
“For auctioned properties, the listing price will be equal to or greater than the Reserve price (where the Reserve price is the minimum price the seller will accept) unless it is an Absolute auction then one dollar should be used.  The type of auction, whether Reserve or Absolute, shall be disclosed in the Sale Conditions or Mandatory Disclosures fields.”