MLS Listing Information without an executed Listing Agreement (for example, FSBO or new home construction), and listings exempted from the MLS under Section 3.10, should be entered in the MLS System as COMP01 under List Broker/ID within thirty (30) calendar days of the date of sale. Participants must contact MLSOK to change MLS Listing Information to COMP01 within two (2) Business Days of entering the MLS Listing Information and must provide documentation evidencing the sale upon request.
Requirements to enter comparable data into the MLS system as COMP01:
- Property does not have an executed Listing Agreement (for example, FSBO or new home construction).
- Exempted listings from the MLS under Section 3.10.
- The close date is within thirty (30) calendar days of entering the MLS Listing Information into the MLS system.
- The comparable data must represent a sales transaction.
- Your brokerage participated on the transaction representing the buyer.
How to submit comparable data:
- Enter Listing as normal and use today’s date as the list date.
- Pend listing using your ID in selling Agent Field and use today’s date as the pending date.
- Close listing using your ID in Selling Agent Field and use today’s date as the close date.
- COMPS should be entered no later than 30 days from the time of sale.
- Send the comparable form or the ALTA Statement to mlstechsupport@okcmar.org with your request to change the listing to COMPS. (The Comparable Form can be found in Matrix under the “Links “ tab).
Compliance fines:
- Entering a property as COMP01 or COMP02 that has not sold. – $1,000.00
- Serious Violations – Failure to change a sold listing without a Listing Agreement to COMP01 within two (2) Business Days of entering the listing.
- Fines for Serious Violations are as follows:
- First Infraction: Warning notification
- Second Infraction: $250.00 fine
- Third Infraction: $500.00 fine
- Fines for Serious Violations are as follows: