A Few MLS Rule Changes from NAR

1. Properties listed on MLS must identify an address

NorthstarMLS already required a property address, but the requirement has been added to the rules.

Section 3.22, Property Addresses

At the time of filing a listing, participants and subscribers must include a property address available to other participants and subscribers, and if an address doesn’t exist a parcel identification number can be used. Where an address or parcel identification number are unavailable, the information filed with the MLS must include a legal description of the property sufficient to describe its location.

2. Participants cannot advertise their services as “Free”

Section 5.9, Services Advertised as “Free”

MLS participants and subscribers must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the participant or subscriber will receive no financial compensation from any source for those services.

3. Changes to display and sorting on offer of compensation

Agents are not allowed to filter listings based on the amount of compensation offered. Participants must share information about any MLS listing when it serves the best interest of their client. MLS systems will remove the option of searching based on the compensation fields.

The offer of compensation will be available for display on broker and agent public websites (but not required). If it is displayed, there is a required disclosure:

Section 6.3, Display of Listing Broker’s Offer of Compensation

Participants and subscribers who share the listing broker’s offer of compensation for an active listing must display the following disclaimer or something similar.

The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.

By Mandy Boldt