Real estate is full of acronyms. One of this blog’s most viewed posts is “What Does Bumpable Mean?” and I wrote that back in 2006. Today we’ll review the associations, what RMLS statuses mean and the alphabet soup of Realtor designations:
- NAR- National Association of Realtors.
- PMAR- Portland Metropolitan Association Realtors
- RMLS- Regional Multiple Listing Service
- MDC- Million Dollar Club
RMLS Status (Agent has 72 hours to change status of listing)
- ACT- Active: listing is on the market and is available to show. Short sales remain active until there is bank approval and no more offers are being submitted to the bank.
- BMP- Bumpable: there is an accepted offer but it is contingent (usually the buyer has to sell an existing property). If the seller receives another offer the buyer either has to remove the contingency or will probably be bumped by the new buyer.
- PND- Pending: There is an accepted offer. The buyer will do their inspections and clear the contingencies in the EMA (earnest money agreement). The transaction will either close or go BOM (Back on Market). A second potential buyer cannot knock a buyer out of their position but can write a back-up offer.
- WTH- Withdrawn: The listing is not on the market but is under contract with the existing agent. It is not available to show. Reason to withdraw include work being done on the property that makes it impossible to show such as refinishing floors.
- CAN- Canceled: The contract between the agent and seller has been terminated. The property is not on the market but may be relisted by the same or another agent. Canceled and expired listings are the only statuses that an agent can solicit a seller for a potential listing.
- EXP- Expired: The listing term has expired. The listing is not available to show and is not on the market.
- SNL- Not Saturday Night Live in this case but Sold Not Listed. Used for comparable purposes where the listing was not in MLS. Might be a FSBO (For Sale By Owner) where there was an agent representing the buyer.
DOM and CDOM- Days on Market and Cumulative Days on Market. Not RMLS statuses but commonly used when talking about listings. DOM is the number of days the current MLS number of days the current MLS number has been on the market. CDOM counts any MLS history, including previous MLS numbers if the listing was not off the market for more than 30 days.
Designations (the industry loves putting letters after our names):
- MBA- Masters in Business Administration (Jenny (PSU) & Charles (Willamette))
- GRI- Graduate Realtor Institute (Charles, Jenny and Vicki)
- ABR- Accredited Buyer’s Representative (Jenny)
- CDPE- Certified Distressed Property Expert (Jenny)
- FSR- Short Sale & Foreclosure Resource (Jenny & Susan)
- STAR– Sustainability Training for Accredited Real Estate Professionals (Susan)
What’s embarrassing is when I find myself dumbfounded by some of the acronyms/terms that I think people assume I should know, but don’t! (e.g, “NNRMLS” our realtor association)…