Helpful Definitions

Property Type -  In NTREIS, the following Property Types are available:  

• Residential -  for sale properties with single family homes
• Residential Income – for sale properties with two to four units
• Land – for sale properties for unimproved residential land or ranch properties
• Commercial – for sale properties that are used or can be used for commercial purposes
• Residential Lease – for lease single units (even if part of a multi-unit property
• Commercial Lease – for lease commercial properties

NTREIS rules and regulations require that all listings located within our service area be entered into the MLS system if they are Residential, Multi-family, or land for sale.

Property Subtype -  each property is also required to have an associated subtype:

• Residential
  • Single Family   (SFR detached or half duplex with unique parcel ID)
  • Condo (individually owned units in a complex)
  • Townhouse  (may be attached or zero/narrow lot line)
  • Mobile Home (may have a certificate or certificate exchanged)
  • Manufactured Home (pre-fab home)
  • Farm/Ranch – home with acreage for crops or livestock
• Residential Income
  • Apartment – individual owned unit in a mult-unit comples
  • Duplex – two units – both for sale
  • Triples – three units – all for sale
  • Quadruplex – four units – all for sale
  • Multiple Single Units – more than one single family detached home sold as a package
• Land
  • Improved land - includes a structure
  • Ranch – used or could be used for crops or livestock
  • Unimproved land = residential lots/acreage with no structures (commercial should be under the Commercial property type)
• Commercial – select the best description of zoning/use
  • Industrial
  • Office
  • Retail
  • Unimproved Land
  • Warehouse

MLS status -  NTREIS MLS Statuses must reflect the status of listing agreements and contracts of sale – changes must be updated within 72 hours of execution:

• Coming Soon--listing can be seen by all MLS Participants, but is not shared to public websites. Property cannot be shown and days on market are not counted. If not made active within 30 days, system will move to 
• Active - Listing is active and available to be shown and accept offers.
  • Active Contingent  - Listing has an accepted Contract with one or more contingencies (I.e. financing)
  • Active KO - Listing has an accepted Contract with a “Kick Out” clause – this is usually a contingency on the sale of another property, where 2^nd accepted offer would force the 1^st to remove their contingency or remove their offer
  • Active Option  - Listing has an accepted contract subject to an option period as specified in a Texas Real Estate purchase contract
  • Cancelled - The seller and the listing Broker have agreed to terminate a listing agreement early. Only Broker level staff can change a status to Cancelled.
  • Expired - The term of the listing has expired.  The system will auto-expire a listing at midnight on the date specified in the expiration date field.

• Pending - Listing has an accepted contract and all contingencies have been removed or satisfied to the point that the seller no longer wishes to show the property or accept backup offers.  (Note:  Pending listings do not auto-expire on the expire date)
• Closed  - The listing has closed, buyer and seller have signed deed and closing docs.
• Hold - The listing agreement is still in place, but the seller requests the property be held from the active market and no showings for a short period -  for repairs, a family emergency, holidays, etc.
• Withdrawn - The listing agreement is still in place but will no longer be marketed for the remainder of the agreement.   MLS staff may also use this status when a Broker ceases to be a Participant for any reason and the status of agreements is unknown.  The listing will auto-expire on the expire date.

Listing agreement type – must reflect the contractual agreement between the listing Broker and the Seller

• Exclusive Right to Sell –   The seller agrees to compensate the listing broker for any sale initiated during the agreement term
• Exclusive.. with Exception -  The seller has excluded one or more parties named as an exclusion in the agreement
• Exclusive Agency - the Broker is still the exclusive agency representative for the seller, but the seller retains the right to procure their own buyer outside of the Listing Broker’s efforts.
• Exclusive Agency with Exception -  The seller has excluded one or more parties named as an exclusion in the agreement
• Exclusive Right to Lease -  Seller agrees to compensate the listing Broker for any lease initiated during the agreement term

Definitions are for MLS parameters only and do not replace legal advice or contractual agreements.