CREB® Member Practice will run its next quarterly audit from Sept. 8 to Sept. 15.

Listings that have a DOM of 365 days or more will be selected at random and listing agents will be contacted to provide Member Practice with the listing contract or extension/amendment to confirm the expiration dates. To prepare for this audit, we recommend that listing agents who have MLS® listings that show DOM as 365 days or more ensure their brokerage file has the necessary documents that match the expiration date.

This audit will ensure the listing information available to members and their clients is accurate and helps to ensure changes to the contract haven’t accidentally been overlooked.

Written service agreements are fundamental to providing real estate services and delivering a transparent client experience. The importance of securing changes to the terms of a service agreement in writing is outlined in industry rules and regulations from RECA, CREA and CREB®© Please remember that all changes to listing contracts must be in writing using the approved AREA forms in alignment with the CREB® Rules. Changes to those contracts must be reflected on the MLS® System within two (2) business days of the date the amendment/ extension/ addendum was signed.

As a reminder, CREB® Rule Part III 3.04 states:

An MLS® Listing may be extended to a new expiry date, provided that:  

1. Before the original expiry date, the Listing Brokerage obtains an Extension/ Amendment Agreement signed by the person(s) who signed the MLS® Listing Contract and
2. The Listing Brokerage, if Brokerloading, makes the changes in the Board’s MLS® System to reflect the new expiry date or, if the Listing Brokerage is notifying the Board to make the changes in the Board’s MLS® System, that such notification, in the manner, as required by the Board, is made within two (2) Business Days of the signing of the Extension/Amendment Agreement, and, in any event, either action occurs no later than the original expiry date of the MLS® Listing.

Listing agents who are unable to support their MLS® expiration dates through signed listing contracts, amendments/ extensions may be in violation of CREB® Rule Part III 3.04 and could receive:

• An educational advisory for the violation;
• $250 fine for the second offence;
• $500 fine for the third offence; and
• Fourth and subsequent offences will result in a disciplinary hearing.

If you have any questions about CREB®’s quarterly audits, please contact CREB^® member practice at 403-781-1336 or crebmp@creb.ca.