SWMLS Rules Quiz: Answers Revealed

Last week, we posted a SWMLS Rules Quiz to find out how well you know the SWMLS rules.  Nineteen SWMLS members took us up on the challenge and participated in the five-question quiz.

Check out the correct answers below to see how you all measured up.

Question 1: Who is responsible for reporting accurate information on a listing and is held accountable if there are data errors?

Answer: The Participant.  94.7% of respondents got this question correct.  It means that the Qualfiying Broker (Participant) at an office is responsible for ensuring that SWMLS listing policies are followed by their agents (Subscribers).  SWMLS Compliance fines are always issued to the Participant.

Question 2: What attachments (if applicable) must be uploaded or faxed upon entry of the listing in MLS?

Answer: Lead Paint Addendum.  84.2% of respondents got this question correct.  A Seller's Discosure is not required by SWMLS rules to be added to a listing, but is encouraged.    The Lead Paint Addendum rule is found in Section 1.18.1 and states that the Lead Paint Addendum must be added to the listing within 24 hours of entry.  Lead Paint is the second highest SWMLS compliance issue.

Question 3: What property type would most likely have a Housing and Urban Developement Data Plate (HUD tag)?

Answer: Residential Manufactured.  79.0% of respondents got this question correct.  The prescence of a HUD plate is what identifies the construction type as an off-site built, manufactured dwelling.  Residential listings classified as Manufactured should ALL have a HUD data plate, indicating the home was built to HUD building standards.  Modular homes can be classified as Residential Detached since they are built to Uniform Building Code.

Question 4: Which of the following items are required disclosure fields in a SWMLS listing?  Contigencies, Short Sale, Bank Owned, and/or GRT taxes not paid by seller.

Answer: ALL of the ABOVE.  There are designated places on the listing input form that will ask if a property is Short Sale or Bank Owned.  Disclosure of whether GRT will be paid AND all contingenices should be noted in the LO/SO Remarks section of a listing.   

Question 5: Which of the following MLS reports could a SWMLS member provide a potential homebuyer?  ABQ Full Report, CMA, Client Summary, and/or Agent Summary.

Answer: CMA and Client Summary.  SWMLS does not permit members to share the confidential Agent reports with non-members.  This means that sharing an Agent Detail Report or Agent Summary with a client would be subject to a $5,000 fine for misuse.  This policy is covered in greater detail in Section 10 and 13 of the SWMLS Rules & Regulations.  An exception to this would be providing a seller an Agent copy of their own listing for sale.