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Table of Contents

Preface

Purpose

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 3: Multiple Listing Service Reciprocal Agreements between Association Contract Service for Multiple Listing Service, or Other Association Agreements Concerning the Association Multiple Listing Service

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 1: Procedures to Be Followed by an Association of REALTORS® Upon Demand for Access to the Association’s Multiple Listing Service without Association Membership

Section 2: Prerequisites for Participation in or Access to a Commercial/Industrial Multiple Listing Service of an Association of REALTORS®

Section 3: MLS Indoctrination Requirements Relating to Individuals Entitled to Participation without Association Membership

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

Section 18: Need to Disclose if Property is a Foreclosure, is Bank-owned, or is Real Estate Owned (“REO”)

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 1: Standard Forms

Section 2: Termination Dates

Section 3: Net Listings

Section 4: Open Listing

Section 5: Office Exclusive Listings

Section 6: Listing Prices Specified

Section 7: Auction Listings

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

Section 2: Withdrawn Listings

Section 3: Inclusion of Expired or Withdrawn Listings in an Association’s Comparable or Other Report of Statistical Information

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 3: Participation in an Association Multiple Listing Service of a Branch Office Manager Who Is Not a Principal of the Real Estate Firm

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 11: Code of Ethics

Section 12: Arbitration

Section 13: Lease of MLS Compilations

Section 14: Caravans

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

Section 1: Information Specifying the Compensation on Each Listing Filed with a Multiple Listing Service of an Association of REALTORS®

Section 2: Agency

H. Lock Box/Key Repositories

Section 1: Lock Box Security Requirements

Section 2: Lock Box Key Deposits

Section 3: Centralized Key Repositories

Section 4: Minimum Security Measures for Centralized Key Repositories of Association Multiple Listing Services

I. Virtual Office Websites: Policy Governing Use of MLS Data in Connection with Internet Brokerage Services Offered by MLS Participants

Virtual Office Websites: Policy Governing Use of MLS Data in Connection with Internet Brokerage Services Offered by MLS Participants

Part Three: Model Governance Provisions

  1. Model Association Bylaw Provisions Authorizing MLS as a Committee of an All-REALTOR® Association
  2. Model Association Bylaw Provisions Authorizing MLS as a Committee of an Association with REALTOR® and REALTOR-ASSOCIATE® Members
  3. Model Rules and Regulations for an MLS Operated as a Committee of an Association of REALTORS®
  4. Model Association Bylaws Provisions Authorizing a Multiple Listing Service as a Wholly-owned Subsidiary Corporation of the Association
  5. Model Bylaws for a Multiple Listing Service Separately Incorporated but Wholly-owned by an Association of REALTORS®
  6. 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 5: Model Multiple Listing Service Subscription Waiver for Use by Association Multiple Listing Services, NATIONAL ASSOCIATION OF REALTORS®

Appendix 6: NATIONAL ASSOCIATION OF REALTORS®Association Donated Services Record for Committee Meetings

Appendix 7: NATIONAL ASSOCIATION OF REALTORS® Association Donated Services Record, Miscellaneous

Appendix 8: Model Lock Box Authorization Addendum

Appendix 9: Select Interpretations from the Official Interpretations of Article I, Section 2 of the NATIONAL ASSOCIATION OF REALTORS® Bylaws as Referred to in this Handbook

Appendix 10: Index of Policy Statements Approved by the Board of Directors, NATIONAL ASSOCIATION OF REALTORS®