Your MLS is governed by Rules and Regulations, with oversight by the National Association of REALTORS. Rules are periodically reviewed and updated as necessary. Take time to familiarize yourself with the MLS Rules and Regulations and make note of recent changes in 2016:
- 2.3 Limited Representation – A paragraph was added to clarify the definition of limited representation given that the original wording of the rule, particularly (b) and (d) of the “substantial services” definitions, might be read to imply that it is acceptable for a buyer’s agent to negotiate directly with a seller. Pursuant to Real Estate Licensing Act (RELA), this is not permitted.
- 7.15 DMCA Note – The Digital Millennium Copyright Act (DMCA) was added to mirror new NAR MLS Policy addressing penalties for copyright infringement. This note is recommended as it provides safe harbor from copyright infringement liability which may broadly include MLSs, participants and subscribers hosting an IDX display.
- 8.13 Display – Non-confidential pending (P) sale listing data may be provided in IDX feeds. Previously, the rule allowed for active statuses only (A, AC and PB). To comply with NAR changes to IDX policy, the statement “Display of expired, withdrawn, and sold listings is prohibited” was added to address prohibited statuses in IDX.
- 8.13 Display – “days on market” and “may not calculate or display a field that tracks time on Web site (or similar)” wording was removed from the rule. Tracking displays on website is a widely used and accepted practice and the restriction was removed to better enable member websites to compete with non-Realtor websites to meet consumer expectations.
We'll update this post with additional MLS rules and regulations made throughout the year.