As of Dec 1, 2007 MiRealsource, one of the 2 MLS services I belong to, will no longer allow agents to report sale prices at $1.
Sometimes called "Dollar deeds", buyers or sellers would sign a form and their sale price could be listed at the county as $1. This has always been a pain for agents and appraisers trying to place a value on subsequent comparable sales. This policy change doesn't mean the price will be available at the county, but now, at least in MiRealsource this is no longer allowed. As agents we will have to make our clients aware of this, especially in the higher price ranges where this happens more often.
I have to applaud MiRealsource for listening to it's membership and making this change.