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Table of Contents
Part One: Key Definitions
Section 1 Multiple Listing Service (MLS) Defined
Section 2: Definition of MLS Participant
Section 3: Definitions of Various Types of Listing Agreements
Section 4: Listing Content Defined
Part Two: Policies
A. MLS Antitrust Compliance Policy
MLS Antitrust Compliance Policy
B. Structure
Section 1: Types of Multiple Listing Services
Section 2: Association and MLS Compliance with National Association Policy
Section 4: Relationship of Association with Independent Multiple Listing Service in Association Area
Section 5: Information Related to Listings of Commercial and Industrial Property
Section 6: Jurisdiction of Association Multiple Listing Services
C. Administration
Operational Issues
Section 4: Inclusion of Exclusive Agency Listings in MLS Compilations and Databases
Section 5: Effective Date of Changes in Multiple Listing Policy
Section 6: Factual Data Submitted by Appraisers
Section 7: Names of Multiple Listing Services
Section 8: Categorization of MLS Services, Information, and Products
Section 9: Changes in MLS Rules and Regulations
Section 10: Nonmember Broker/Appraiser Access
Section 11: Removal of Listings when Participant Refuses/Fails to Timely Report Status Changes
Section 12: Real Estate Transaction Standards (RETS)
Section 13: Orientation and Other Training
Section 14: Submission of Photographs or Other Graphic Representations
Section 15: Submission of Legally Required Seller Disclosure Information
Section 16: Price Change Information
Section 17: Days/Time on Market Information
Finance
Section 1: Waivers of MLS Fees, Dues, and Charges
Section 2: Assessment of MLS Fees, Dues, and Charges
Section 3: Merger or Dissolution of Association or MLS
Law
Postal Regulations
Section 1: Compliance with United States Postal Codes
Tax Exempt Status of An Association of REALTORS®
Section 2: Limitation on Content of Association Advertising
Registered Multiple Listing Service Mark of the NATIONAL ASSOCIATION OF REALTORS®
Section 3: Nature of Service Mark and Necessity to Effect License Agreement to Use
Section 4: How to Secure Authorization to Use a Service Mark
Section 5: Special Note Concerning MLS Service Mark
Section 6: Use of MLS Logo by Nonmember Participants
Other Legal Issues
Section 7: Compliance with Law by Association and MLS
D. Data
Current Listings
Section 5: Office Exclusive Listings
Section 6: Listing Prices Specified
Section 8: Limited Service Listing
Section 9: MLS Entry-only Listings
Section 10: Listings of Suspended Participants
Section 11: Listings of Expelled Participants
Section 12: Listings of Resigned Participants
Section 13: Submission of Offers
Section 14: Reporting Resolutions of Contingencies
Section 15: Reporting Cancellation of Pending Sales
Section 16: Information Included in Any Association MLS Compilation
Section 17: Protection Clauses in Association MLS Standard Listing Contracts
Section 18: Compilation of Current Listing Information
Section 19: Reproduction of MLS Information
Sold/Comparable/Off-market Information
Section 1: Reporting Sales to the MLS
Statistical Reports
Section 1: Statistical Reports
Section 2: Statistical Reports Should Be Kept
Advertising
Print and Electronic
Section 1: Internet Data Exchange (IDX) Policy
Section 2: Use of MLS Information in Advertising and Other Public Representations
Section 3: Transmittal of Participants’ Listings to Aggregators
Section 4: Electronic Display of Other Participants’ Listings
Homes Magazines
Section 5: Regulation of Advertising in Association or Commercial Publications
E. Participants’ Rights
Section 1: Participation Should be Optional
Section 2: Association Membership as Prerequisite to MLS Participation
Section 4: MLS Participation by Brokers Acting as Agents of Potential Purchasers
Section 5: Facilitators/Intermediaries as MLS Participants
Section 6: Immediate Access to MLS by Association Members if Provided to Nonmember
Section 7: Presentation of Offers
Section 8: Showings and Negotiations
Section 9: Rights of Cooperating Brokers in Presentation of Offers
Section 10: Rights of Listing Brokers in Presentation of Counter-offers
Section 13: Lease of MLS Compilations
Section 15: Ownership of Listing and Listing Content
F. Enforcement of Rules
Section 1: Appropriate Procedures for Rules Enforcement
Section 2: Rules and Regulations
Section 3: The Use of Fines as Part of Rules Enforcement
Section 4: Financial Penalty Not to Exceed $15,000
Section 5: MLS Disciplinary Guidelines
G. Commission/Cooperative Compensation Offers
H. Lock Box/Key Repositories
Section 1: Lock Box Security Requirements
Section 2: Lock Box Key Deposits
Section 3: Centralized Key Repositories
I. Virtual Office Websites: Policy Governing Use of MLS Data in Connection with Internet Brokerage Services Offered by MLS Participants
Part Three: Model Governance Provisions
- Model Association Bylaw Provisions Authorizing MLS as a Committee of an All-REALTOR® Association
- Model Association Bylaw Provisions Authorizing MLS as a Committee of an Association with REALTOR® and REALTOR-ASSOCIATE® Members
- Model Rules and Regulations for an MLS Operated as a Committee of an Association of REALTORS®
- Model Association Bylaws Provisions Authorizing a Multiple Listing Service as a Wholly-owned Subsidiary Corporation of the Association
- Model Bylaws for a Multiple Listing Service Separately Incorporated but Wholly-owned by an Association of REALTORS®
- Model Rules and Regulations for an MLS Separately Incorporated but Wholly-owned by an Association of REALTORS®
Part Four: Appendices
Appendix 1: History and Background
Appendix 2: Merging an Independent MLS with an Association of REALTORS®
Appendix 3: Protecting the Tax-exempt Status of the Association of REALTORS®
Appendix 4: License Agreement for Use of MLS Service Mark by Member Board
Appendix 7: NATIONAL ASSOCIATION OF REALTORS® Association Donated Services Record, Miscellaneous