Realtor FAQs – Printer Friendly

Will my personal information be sold?

No. NAR member information will never be sold or distributed.

Will my listing information be sold?

The RPR business model is based on the sales of analytics, or aggregated information. No listing-level information will be sold or distributed.

Is RPR designed to be a national MLS?

No. The RPR will carry no offers of cooperation and compensation. Its design is to provide a single source access for public record information such as tax assessments and comparable data, liens, zoning, permits, environmental, neighborhoods, school districts and community demographics. Its enhanced search features will allow nationwide depth of property searches, as well as market to market comparisons and referral opportunities not currently available.

Can REALTORS provide data from RPR to the consumer?

RPR will contain a wide variety of reports that members can provide to their clients and prospects. An interface will also be provided which allows NAR members to provide the reports from their Virtual Office Web sites to their registered users.

Will my data be sold back to me?

No. Access to the RPR is free for NAR members, and the company will not provide it to any entities which wish to resell it to NAR’s members.

Will I be charged for enhancements or preferred placement in the system?

No. The RPR will have no paid enhancement model.

If my MLS/CIE does not participate, will I still have access to the RPR system?

Yes. All NAR members will have access to RPR, either through their MLS/CIE system, or directly via their NRDS ID# at narrpr.com.

Will RPR provide an Application Programming Interface (API)?

RPR will provide MLSs with access to a free API in order to obtain public records (tax assessor and recorder) data for use in their MLS systems. A separate API will also be provided that will allow MLSs and their vendors to enable members to provide RPR reports on their Web sites to consumers.

When will the RPR application be available?

Beta testing will begin in March, 2010. Once the Beta phase is completed, the first MLS’s will begin their launches starting on May 1, 2010, with additional MLS’s to begin to be added to the RPR system during Q2 2010.

Beginning on July 1, 2010, individual NAR member logins will begin to be activated in geographic phases across the country with a phased roll-out which will occur of the coming months.

How can I participate in the Beta testing?

RPR is creating a User Advisory Council consisting of members from around the county. Brokers and agents may e-mail info@narrpr.com to volunteer, or recommend a member for the Council. These members will be involved with early beta testing, as well as assist with evaluations of future system enhancements and data layers.

Once the RPR application is in open beta phase, who will be eligible to use it?

All members of NAR may use the RPR system, regardless of whether their MLS is currently cooperating with RPR. However, only those users whos MLSs are cooperating will see their MLS data in the application.

Is support available for RPR users?

Yes. The RPR application will contain contextual help and tips for users. In addition, live support will be available between 8am and 8pm Eastern time. Support will be available by phone, email, and live chat during these hours.

Can I frame the RPR application for use on my public Web site?

No. Access to the RPR is provided for NAR members only.

Why would a REALTOR want property information for the entire United States?

The RPR database will include depth of data for all of the approximately 147 million parcels of property across the country. Nationwide demographic information along with enhanced search capabilities will allow a REALTOR® anywhere in the country to provide greater information for their clients. Advanced User Profile Features and social networking components will assist REALTORS with the creation of referral communities as well as reverse prospecting of specialized property types, such as vacation and waterfront to REALTORS throughout the country. On a more local level the RPR will cross local market boundaries, providing consistent depth of data across historic market areas, and eliminate county to county differences in access to valued information.

Is a NRDS number required for access?

Yes. A NRDS number is required for authentication against the NAR database. Access itself will have secure login structures via NAR and additional security systems for login through your participating MLS/CIE. In addition, those MLS/CIE

What if I don’t know my NRDS number?

During the registration process, you will be provided with access to a tool to securely look up your NRDS number. Help is also available from RPR Customer Service.

Does RPR include all property types?

RPR will be the most comprehensive property database in existence. It will include all parcels of residential and commercial property and vacant land in the United States.

Can I download information from RPR for use in my listing presentations?

RPR will contain advanced reports including CMA, buyer’s tour, property profile, and others which can be provided to consumers. Screen scraping private information from RPR is not permitted.
What types of information are available in RPR, other than MLS and public records?

Initially, the RPR database will include information available in the public domain, primarily tax assessment and property data, and licensed data from third parties, such as financial, lending, mapping, demographics, and school information. And, of course RPR will include licensed MLS data and photos. While much of this data is available, the value for the RPR will be the property-centric compilation of the data that will allow the REALTOR to see all the components with one search, in a well-organized fashion. This will be the foundation upon which we layer additional data in subsequent releases of the application. We will investigate sources and opportunities to add content such as new permits, documents like HOA and condo documents, and others.

How is RPR different than a traditional tax product?

A typical tax product has just property tax and assessment information, while RPR contains a much more comprehensive data bases from many sources, including public records, MLSs, third party content providers and REALTORS themselves.

Will RPR include FSBO data?

The RPR system is a parcel centric database which is not tied to whether or not a property is currently for sale. It will contain nationwide public records and tax assessments, which will include deed and transfer information. Currently “For Sale” information will be received from participating MLS/CIE’s and will not contain FSBOs. There is no consumer access to site, nor any ability for a FSBO to be entered into the RPR system.

What is an AVM?

An Automated Valuation Model, or AVM, is a statistical analysis of sales information that creates an estimated value for a property based on a variety of factors. AVMs are primarily used by lenders to make a preliminary determination in underwriting, or for a collateral-based loan. An AVM is a computer model based on available data, and is not an appraisal prepared by a licensed appraiser.

What is the RVM™?

The Realtors Valuation Model™, or RVM™, is an AVM that will be developed by RPR using licensed listing data. The use of MLS data will create an estimated value which is superior to the AVM products that are on the market today, which are derived from public records data.

Why is RPR developing the RVM™?

Mortgage information and service companies fulfilled approximately 200 million AVM requests in the past 12 months alone – and the market will increase as a result of the demand for more and more accurate collateral valuation products, spurred by the credit crisis. One of RPR’s key strategic goals is for REALTOR data to become central to the collateral valuation and risk process, thus helping to stabilize the markets through accurate pricing and valuations. The agent value of the RVM will be in working with consumers. The RVM will allow for the most advanced pricing tools available in the industry, all at the agents fingertips, as well as giving agents the ability to compare “apples to apples” for those consumers who are doing their own research and are questioning the differences in competing AVM values from third party sites.

Why display AVM and RVM™ estimates inside the RPR application?

REALTORS need to know what information is being viewed by all of the participants in the transaction, from the buyer and seller, to the mortgage broker, lender, servicer, investor, and secondary market. Having all such information in one place will ensure that the REALTOR is always the most knowledgeable party in the marketing and transaction process.

How is AVM accuracy measured?

There are a variety of independent benchmarks of accuracy that have been developed by lenders and third-party services. The typical measures of accuracy include the percentage of estimates within 5% and 10% of an appraised value, and the percentage which fall more than 20% outside this range. The AVMs displayed in the RPR – including the RVM – will all be tested using all standard third-party benchmarks, and the results will be published in RPR.

Will RPR work in non-disclosure states?

Yes. While sales data may not be available in non-disclosure areas, other key public records data will be incorporated into RPR. In addition, RPR features the entire MLS content of all cooperating MLSs in such areas.

Can the RVM™ be displayed on a consumer Web site?

No. For consumer display, the RVM will be provided through a PDF report from the RPR system – which is also available to registered VOW users. No other access to the RVM by non-Members is permitted.

What are the consequences for members who abuse their access to the system?

Use of RPR is governed by a comprehensive Terms of Use which are extensively monitored. Members who do not comply with the Terms are subject to having their access revoked.

What if the information displayed in the RPR application is inaccurate?

RPR will contain a variety or mechanisms for Members to report inaccurate data. The RPR Customer Care team will follow up on all such reports with the data source providers. Members will also be able to customize the data in the system for their own use.

If a property has been listed in multiple MLSs, how will it display?

The listing information from each MLS will be displayed side-by-side, so the Member can easily view how the listing is represented in each system where it appears.

How frequently will MLS data be updated in the RPR system?

RETS feeds will update in near-real time. Other formats will be updated within three hours of availability at each source.

Will RPR display listings that are opted out of Internet display?

Yes, because RPR is a private system for NAR members only, consumer advertising requirements do not apply.

What are the community features in RPR?

RPR will include a private community framework that promotes social interaction among members. Ranging from comment streams, Q & A, and expert forums, members will be able to determine who they share with and what they share. Members will also be able to annotate the information in RPR with their own comments, and choose whether to publish their comments or not.