Maintaining the Integrity of the NJMLS Data

Maintaining the Integrity of the NJMLS Data

Posted on 28. Aug, 2017 by in Rules and Regulations/Policies

If you’re relying on statistics to keep up to date on market trends and conditions, or you’re compiling listings for comparables to send to customers to assist them in buying or selling a home, you depend on the data you retrieve from XL Paragon.  This data comes from the information you provide when entering and managing your listings, so it is very important that this is timely and complies with the guidelines the NJMLS provides for you in our Rules and Regulations regarding putting listings into the system and status changes.

As a reminder, most of these follow the “24 Hour Rule.”  Although we don’t formally call it that, it’s an easy way to remember how long you have to complete certain tasks.  Basically, you have 24 hours from the time you have fully executed paperwork (all owners on the deed and your broker must sign) to:

  • Enter a listing into XL Paragon
  • Withdraw a listing from the system
  • Extend a listing (up to midnight on the date of expiration)
  • Make a price change

These two changes do not require paperwork but they do need to be made in the system within 24 hours:

  • Change the status of a listing from Active to Attorney Review in Progress (ARIP)
  • Change the status of a listing from ARIP to Under Contract (UC)

The one change that does not follow this rule is marking a listing from Under Contract to Sold.  We allow seven calendar days from the time of closing to make this change in the system.

If you have any questions regarding these changes, please call us or refer to the NJMLS Rules and Regulations, which can be found in the Toolkit in XL Paragon.

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