MLS Rules and Regulations changes
Below are the changes to the MLS Rules and regulations for the 10-20 edition. The full rules and regulations can be found HERE
Addition of definitions:
Projected Closing Date
The date at which the parties estimate the property will be scheduled to close. As an estimate, should circumstances change so that the projected closing date changes (or has passed), the projected closing date should be updated to indicate a new future projected closing date to indicate that the property is still under contract and continuing to working toward a future closing date.
Sales Price or Sold Price
The amount of money or consideration paid and/or given at closing in exchange for the transfer of ownership of a property. In the event the recorded sales price differs from the actual sales price, the actual sales price shall be reported to the service. Under no circumstance shall the recorded sales price replace, supersede and/or substitute the actual sales price.
Section 1 Listing Procedures has been changed to read:
Listings of property of the following types for sale, lease or exchange which are listed subject to a real estate broker’s license, and which are located within the respective primary service area of the MLS and taken by Participants on listing contracts acceptable to MLS shall be electronically input or delivered to MLS or to the Commercial Property Database immediately but not later than three (3) business days, after all necessary signatures of Seller(s) have been obtained, or within one (1) business day of any public marketing of the listing, whichever is earlier
Inclusion of Rental Class in the list of property classes that can be input in the MLS
Rental: includes single family homes as well as single unit townhouses, condominiums, manufactured or mobile homes or other types of single unit single family residences for lease;
Addition of Section 1.01
Section 1.01 Clear Cooperation
Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.19 (Adopted 11/19) M
Removal of “• assist the seller in developing counter-offers,” from Section 1.2.1 to read:
Section 1.2.1 Limited Service Listings
Listings of property filed with MLS under which the listing Participant will not provide one or more of the following services:
- arrange appointments for cooperating Participants to show the listed property to potential buyers (but instead gives cooperating Participants authority to make such appointments directly with the seller),
- advise the seller as to the merits of agreements of sale,
- participate on the seller’s behalf in negotiations leading to the sale of the listed property,
must disclose that the listing Participant’s services to the seller are “limited” in the listing data field specifically provided for that information (“Limited Service Y/N”) and indicate which services will not be provided (“LA/LO Will Not”) such information shall be disseminated to all MLS Participants and their Authorized Affiliates.
Language added to Section1.3:
e) MLS Participants must distribute exempt listings within (1) one business day once the listing is publicly marketed. See Section 1.01, Clear Cooperation.
Addition of language to Section 13. Limitations on Use of MLS Information:
Use of information from MLS compilation of current listing information, from the association’s statistical report, or from any sold or comparable report of the association or MLS for public mass-media advertising by an MLS participant or in other public representations, may not be prohibited. Data obtained from any sold or comparable report shall be restricted to aggregated data for statistical analysis. Participants and, at their discretion affiliated subscribers, are allowed to use property data where they were the listing or selling agent. However, any print or non-print forms of advertising or other forms of public representations based in whole or in part on information supplied by MLS must clearly demonstrate the period of time over which such claims are based and must include the following, or substantially similar, notice:
Based on information from GBRAR/MLS for the period <date> through <date>. This information was extracted on <date>.
Section 24.2 Supra Lockbox and Key Services Participation changed to read:
The Electronic Keybox System is a service of the MLS. Each MLS Participant or Subscriber in good standing is entitled to one eKEY activation for the Electronic Keybox System. Electronic Keybox System participation requires the Participant or Subscriber to execute a Lease Agreement prior to being issued a Key or Keybox. GBRAR will also enforce all rules and regulations contained in the Lease Agreement. A Key may not be loaned to any person with the exception of loans made necessary due to electronic failure of a Key. In the event of an electronic failure of the Key, the Holder may only loan to, or borrow from, a Holder associated with the same company. GBRAR or Supra shall be notified immediately of an electronic failure. Keyholders are not permitted to loan Keys to licensed Agents, Appraisers or Brokers that are not members of MLS. All keyholders, shall agree, as a condition of issuance to be bound by these rules and procedures.
Section 24.2.13 Authorization Requirement changed to read:
Prior to installing or using the Lockbox on any property, the holder shall secure written authorization from the owner of such property. This authority may be established in the Listing Contract or in a separate document created specifically for the purpose. Upon request, Holder shall provide GBRAR with a copy of the written authorization from the owner. Any Holder using anything other than a Supra Electronic Key Box on listed properties may jeopardize their E&O Insurance coverage for any violation which occurs on the listed property.
Section 24.2.16 Proper Use of Key System changed to read:
Keyholders shall not remove contents of the keybox for purposes other than showing the home and shall promptly return the contents to the keybox upon exiting no later than leaving the property. The keybox and/or contents shall not be removed from the property without prior consent of the listing agent.
No one shall enter a listed property without authorization. All appointments with the seller of listed property must be authorized through ShowingTime or the listing agent/broker, or as otherwise indicated in the REALTOR® Remarks of the MLS.
Once a licensed agent/broker grants access to the property to any third party, they MUST remain onsite while the third party they have granted access to the property is on the premises. Third parties may include, but are not limited to, clients, client’s family and friends, appraisers, inspectors, contractors, roofers, etc. If a listing agent obtains authorization from the seller or responsible party, they may allow third parties to remain on the premises without the presence of a licensed agent.
Unauthorized access to a property or Keybox is strictly prohibited. In the event there is evidence that an unauthorized access violation has occurred, punitive action may be issued in accordance with Section 25 of these rules. Showings are approved for a specific person. It is a violation for anyone to show the property on behalf of, or in place of, someone else that has been approved for the showing without prior authorization.
Lockboxes shall be removed within 48 hours of listing expiration, termination or settlement. Lockboxes not removed within 48 hours of listing expiration, termination or settlement may be deemed abandoned, at the sole discretion of GBRAR. Upon receipt of a complaint regarding the abandonment of a Keybox at a property, GBRAR will verbally notify the Keybox holder that a complaint has been filed. The Keybox holder shall have 48 hours from the notification to remove the Keybox from the property. If the Keybox is not removed within such 48 hour period, the shackle code of that Keybox shall be released to the keyholder who filed the complaint (or the representative of the person(s) who filed the complaint), and that Keybox shall be transferred into such Keyholder’s name upon the completion and receipt by GBRAR from such keyholder of an appropriate transfer form.
Addition of Section 24.2.18 Termination of Service
A Keyholder may terminate the lease at any time provided all fees are paid to date, and all other obligations as outlined in the Keyholder’s contract have been met. The Keyholder must notify the GBRAR, in writing, of their desire to terminate service. Keyboxes may ONLY be transferred to other MLS Participants or Subscriber Members for use within the Electronic Keybox System. Keybox owners must complete and submit the Keybox Transfer Form available online.