PropTx Status Changes
Navigating the real estate market can be complex, especially when it comes to understanding the various statuses a property may hold throughout its journey as an MLS® listing.
Statuses, such as New, Sold Conditional (SC or SCE), and Expired (EXP), are not just labels – they represent different stages in the life cycle of a listing, and provide insight into real estate transactions and the local market.
In this five-question quiz, we’ll review different statuses in the PropTx System, who can make status changes, and the process for doing so.
Let’s test your knowledge!
In the Search fields for each front-end interface, you can select (or deselect) statuses to narrow down your search or do property comparisons.
In REALM™, DFT stands for Deal Fell Through.
PropTx MLS® Rules - ARTICLE 4 – REPORTING
Rule 4.04 - The Listing Brokerage shall Report if a firm sale falls through, or if a conditional Offer does not become a firm sale, to the Association by 11:59 p.m. the next Business Day.
Any user assigned Full Permissions in PropTx by a Broker of Record can update status changes.
PropTx MLS® Rules - ARTICLE 4 – REPORTING
Rule 4.02 - The sale, lease or sub-lease of a residential or commercial MLS® Listing shall be reported by the Listing Brokerage through the MLS® System, whether conditional or firm, by 11:59 p.m. the next Business Day following acceptance of an Offer. Members shall not be permitted to avoid these notice obligations to the Association by, for example, cancelling an MLS® Listing between receipt (or anticipated receipt) and acceptance of an Offer, or encouraging a Seller to do so.
A commercial sale, lease, or sub-lease price shall be Reported:
a) Using the original unit of measure on the MLS® Listing;
b) At the time of Reporting a firm transaction; or
c) At the same time as Reporting a firm transaction, and request that the price be suppressed until after closing.
All changes in the status of a Reported conditional sale on the MLS® Listing shall be Reported by the Listing Brokerage on the MLS® System by 11:59 p.m. the next Business Day following the change.
Oops! Your knowledge of status changes could use some work!
Why not check out the status change rules here: PropTx MLS® Rules
Congratulations, you’re a status change master!
Why not head on over to LSTAR’s MLS® Compliance web page to learn more.