WFRMLS Sales Reporting Requirment
2.5 Reporting Sales.
Except as otherwise set forth in the Rules, within five (5) Business Days of the date of the sale of the property included in any Listing, a Participant or Subscriber shall change the status of the Listing in the MLS to Sold, and shall Submit to URE the final sales price, sale date, Seller Concessions, and any other sold information as required by the Rules. If the Cooperating Broker negotiates directly with the Seller pursuant to Section 2.1 of the Rules, any accepted offer, sales price, and/or other sales information must be reported to the Listing Broker within two (2) Business Days of occurrence, and the Listing Broker must then enter said information into the MLS within five (5) Business Days of receipt of such information. Note 1: Failure to report sale prices can result in disciplinary action because the MLS: (a) categorizes sale price information as confidential; and (b) limits use of sale price information to Participants and Subscribers in providing real estate services, including appraisals and other valuations, to customers and clients; and to governmental bodies and third-party entities only as provided herein. The MLS only provides sale price information to governmental bodies pursuant to these Rules and only for statistical purposes (including use of aggregated data for purposes of valuing property) and to confirm the accuracy of information submitted by Page 24 of 57 property owners or their representatives in connection with property valuation challenges; and to third-party entities only to be used for academic research, statistical analysis, or for providing services to Participants and Subscribers. In any instance, where a governmental body or third party makes sale price information provided by the MLS available other than as provided for in this provision, a Listing Broker may request the sale price information for a specific property be withheld from dissemination for these purposes with written authorization from the Seller, and withholding of sale price information shall not be construed as a violation of the requirement to report sale prices. Note 2: As established in the VOW policy, sale prices are categorized as confidential in the state of Utah.