Rules and Regulations: SECTION 4: SELLING PROCEDURES
4.8 Reporting Under Contract
All purchase contracts signed by both the buyer and seller shall be entered in the MLS
System by the listing Participant as “Pending” within two (2) Business Days after acceptance
except as provided in Section 4.6, or unless the purchase contract has a Contingency, in which
case the listing shall remain as “Active” until the Contingency is satisfied.
Pending definition: “Pending” means that a parcel of property is under contract for sale and is
awaiting fulfillment of all Conditions Affecting Sale.
Contingency definition: “Contingency” means the sale of a property is conditioned upon the buyer first
selling his or her property, where the buyer’s property is not currently under contract.
Compliance Guidelines: SECTION 10: AUTOMATED VIOLATION SYSTEM
1. Failure to enter Pending status within two (2) business days of acceptance;
Fines for Non-Correctable MLS System Violations are as follows:
- First Infraction: warning notification
- Second Infraction: $50.00 fine
- Third Infraction: $100.00 fine and referral to the MLSOK Board for discipline