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December 1, 2015

December 1 Brings A Few Changes to Flexmls

License #s to Aide with CFPB Closing Disclosure

Since the CFPB requires the Closing Disclosure must include the license numbers of the real estate brokerages/agents involved in the transaction, Flexmls is adding four required fields:

  • Listing Agent’s state of licensure (Will be a drop-down to select AL, GA or TN. Additional states will be added as needed.)

  • Listing Agent’s license number (Will be a manual input of numeric only, up to 6 characters.)

  • Listing Office’s state of licensure (Will be a drop-down to select AL, GA or TN. Additional states will be added as needed)

  • Listing Office’s license number (Will be a manual input of numeric only, up to 6 characters.)

Any add/edits to existing listings will require completion of these fields. Of course, these fields will be required of any new listing.

Real Estate Standards Organization (RESO) Compliance

RESO develops and implements data standards across all real estate transactions. NAR requires that all Realtor-owned MLSs be RESO certified by January 1, 2016. Thus, Flexmls is implementing the following minor yet necessary changes:

For ALL  Property Types

  • The Co-op Agent Commission will be a numeric-only entry and a second field will be added for the agent to enter whether the amount is $ or %.  Flexmls will map the existing data accordingly.

Residential

  • Baths ½: Flexmls will constrain this field to only allow entry of whole numbers to indicate # of 1/2 baths. Remaining will be the "Baths Full" to indicate # of full baths.

  • “Stories” will be changed to “Levels.”

  • “Lot Size” currently is a text field where many different items are being entered. We will have a “Lot Dimensions” field for the 100 x 200 entries and add a “Lot Sqft” field that is only numeric and where you will only enter sqft. Help text will be added next to these fields to guide you to the correct field for data entry. 

MultiFamily

  • # Units: Flexmls will constrain this field to only allow entry of whole numbers.

  • “Stories” (see above)

  • Property subtype: “Quad” will be changed to “Quadruplex.”

  • “Lot Size” (see above)

Land

  • Property Sub-Type: “Residential” will be changed to “Single Family Residence” and “Rural Farm” will be changed to “Farm.”

  • “Lot Size” (see above)