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From: ARMLScompliance@ARMLS.com
Date: Wed, 24 Jun 2009 18:24:27 -0400
To: Michele J Somers<msomers@westusa.com>
Subject: Revised Short Sale Policy Commission Language Enforcement
|  |  | Revised Short Sale Policy Commission Language Enforcement All Active and AWC status listings that are subject to short sale approval by a third party will have until July 31, 2009 to remove any and all statements or references to commissions that may have conditions on the stated commission in the actual compensation field(s). Other status listings will not be subject to removal of the language unless they are changed to be in Active or AWC status after July 31, 2009. On August 1, 2009 ARMLS will begin enforcing this policy per the procedures in the Penalty Policy. This violation is considered an automatic violation per the Penalty Policy. As such, the offending language will be removed by ARMLS staff upon its discovery and the list agent will be subject to whatever penalty corresponds to their current level on the penalty progression. Listings that are reported to the Compliance Department between June 24, 2009 and July 31, 2009 will receive a phone call with a reminder to the agent to remove the language prior to penalties being enforced. Please go to the Link section on the flexmls Dashboard, or www.armls.com in the Subscriber's area under the Rules & Policies link, for the entire Penalty Policy and Short Sale Policy. SYNOPSIS EFFECTIVE DATE OF REVISED SHORT SALE POLICY PROVISIONS: JUNE 24th, 2009 DUE DATE TO REMOVE CONDITIONAL COMMISSION LANGUAGE FROM LISTINGS AND ANY ATTACHMENTS OR LINKS: JULY 31ST, 2009 ENFORCEMENT OF THE REVISED SHORT SALE COMMISSION POLICY FOR NEW AND EXISTING LISTINGS: AUGUST 1ST, 2009
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