RE/MAX CROSSROADS RULES & REGULATIONS BULLETIN:
TREB MLS Listing Mandatory Fields & Realty Taxes
TREB Members are reminded of TREB Rules R-304 and R-390 regarding mandatory fields and taxes. To avoid unnecessary penalties TREB Members must complete all mandatory fields like the Seller’s name, lot size, tax information, etc.
TREB RULE R-304:
(b) Without limiting the generality of the foregoing and the other provisions of the MLS® Rules or Policies, any such MLS® Listing shall not be accepted by TREB as an MLS® Listing:(i) if it excludes any Members from showing the property;
(ii) if it excludes any Members from acting as a Co-operating Brokerage; or
(iii) if all Mandatory Fields have not been completed.
(c) If a submitted MLS® Listing is deemed invalid as hereinbefore provided, TREB shall send notice to the Listing Brokerage who shall, within two (2) TREB business days, remedy the information through a Re-run, or process a Cancellation. On an “Incomplete” MLS® Listing that requires changes to Mandatory Fields, the Listing Brokerage is required to process a Re-run by the date specified in the notification to the Member provided by TREB.
Common contraventions related to this rule:
The office and agent at fault receives TREB Contravention notices to this Rule when false / incorrect answers are inputted to bypass some of the mandatory fields they do not know how to answer or wish not to disclose in order to submit the MLS Listing during brokerloading.
Frequent contravention relates to:
• Instead of inputting the Seller’s name, they indicated “Contact Listing Agent”
• Inputting zero for lot measurements
• Inputting zero for realty taxes
In order for your listings to comply with the MLS® Rules, all mandatory fields must be completed. The realty tax field is one of the mandatory fields. There’s a specific TREB Rule to adhere to:
TREB RULE R-390:
Agents contravene this TREB Rule by putting a zero in the mandatory realty taxes field. Seller claims they do not know what their current / previous year’s annual taxes are or the Listing Agent fail to ask their Seller for the tax info. At times, agents do not know how to calculate or obtain the information.
Tax Information Can Easily Be Obtained.
1) Ask the Seller immediately upon obtaining a listing agreement.2) If the Seller does not have tax information at hand, direct your questions about tax assessment to the municipality/city in which the subject property is located.
3) For brand new properties, there really might not be any tax information available. In this exception, Listing Agents are permitted to put a zero in the mandatory field but must also input “Property taxes have not been assessed” in the Brokerage Remarks section (and not in any other sections).
4) When your Seller can’t find the tax information that you require, you can calculate it. You will need two pieces of information: the Phased In Assessed Value for the current tax year, and the Municipal tax rate for the property type. Then you can perform a simple calculation to establish the realty taxes.
To learn more about Calculating Realty Taxes, watch this e-training video.
As with all MLS® Rules and Policies, failure to comply may result in a complaint to Professional Standards. For a complete reading of the TREB MLS® Rules and Policies, please click here.