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Monday, February 24, 2020
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July MLS Rules and Policy Updates

The following MLS-related rules, policies, and recommendations were recently approved by your MLS User Committee and approved by your Realcomp Board of Governors during their June 2019 meeting and will be effective July 15, 2019:

  1. DISCLOSING THE EXISTENCE OF OFFERS
    For the purposes of clarifying Realcomp’s rule on disclosing the existence of offers, Realcomp will remove from Realcomp’s MLS Rules, Section 2.11: “Listing brokers, in response to inquiries from buyers or cooperating brokers, shall, with the seller’s approval, disclose the existence of offers on the property. Where disclosure is authorized, the listing broker shall also disclose, if asked, whether offers were obtained by the listing licensee, by another licensee in the listing firm, or by a cooperating broker.”

    This rule caused confusion as the Code of Ethics, Standard of Practice 3-6 already states: “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”

    Section 2.11 of the Realcomp Rules and Regulations will be removed effective July 15, 2019. Additionally, Realcomp’s MLS Rules will now require that the existence of an accepted offer must be disclosed by the listing agent by including “Accepted Offer - Available for Back-up Offers” in the Agent Remarks of the listing.
  2. REQUIREMENT FOR DOCUMENTS ON PENDING LISTINGS
    Effective July 15, 2019 Realcomp will amend the policy regarding the requirement of documents to include any listings that were originally entered as pending and come back on the market. The 48-hour window for adding the documents will begin as soon as the property is placed back on the market.
  3. TRAINING REQUIREMENTS FOR OFFICE & PERSONAL ASSISTANTS Many office and personal assistant users are responsible for inputting listings and performing other important system functions. Effective July 15, 2019 Realcomp will require all assistants (personal assistants and office assistants) complete at least one MLS Basics webinar or training class before receiving their MLS system login information. Attending a webinar or a class will help office and personal assistants to not only learn foundational information, it will also help assistants learn how their work impacts others using the MLS system.


Last Modified: Thursday, June, 27, 2019

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