Automated Valuation Models
At the May 2014 Board of Directors meeting, the Board approved an amendment to NAR’s MLS Policy Handbook clarifying that MLSs are required to supply participants with the information necessary to create Automated Valuation Models.
In order to assist MLSs and members, NAR Legal Affairs created a "Checklist of Issues to Address in MLS Data License Agreements" and a sample "Data License Agreement." The Checklist is a non-exhaustive list of issues to be considered prior to entering into a license agreement and the sample Agreement should be modified as necessary to fit the particular needs of the parties:
Checklist of Issues to Address in MLS Data License Agreements
This checklist includes a variety of topics and issues that an MLS and its participants may want to address in a licensing agreement with a third-party software vendor. This checklist is not exhaustive but should provide the MLS and its participants with a good foundation for understanding the terms of such an agreement.
AVM Sample Data License Agreement
This document is provided as a sample, and is not intended to be and does not constitute legal advice, or a substitute for specific legal advice or opinions. The user of this sample document should not use this document without consulting legal counsel. The use of this document should be modified to address the specific legal needs of the user.