NAR Mandated Changes and Other Revisions to the MLS Rules & Regulations
The National Association of Realtors (NAR) recently introduced mandatory rule changes for adoption by the MLS. At the same time the RLCAR MLS rules were updated so that all NAR mandated rules are up to date and adopted.
The revisions are below:
REVISED Section 1. Listing Procedures
Single family homes for sale or exchange
Vacant lots and acreage for sale or exchange
Two-family, three-family, and four-family residential buildings for sale or exchange
NEW Section 1.2.0, Accuracy of Listing Data: Participants and subscribers are required to submit accurate listing data and required to correct any known errors. (Adopted 3/2021)
REVISED 2.3 Submission of Written Offers and Counteroffers
REVISED 5.1 5.0.1 Short Sales (M). Participants must disclose potential short sales (defined as a transaction where title transfers, where the sale price is insufficient to pay the total of all liens and costs of sales and where the seller does not bring sufficient liquid assets to the closing to cure all the deficiencies) when reasonably known to the listing participants. When disclosed, participants may at their discretion, advise other participants whether and how any reduction in the gross commission established in the listing agreement, required by the lender as a condition of approving the sale, will be apportioned between listing and cooperating participants. (Amended 6/09, 3/2021)1)
REVISED Section 6. Service Fees & Charges. Recurring Subscription Fee: The annual participation fee of each participant shall be an amount equal to $587.90 $673.34+ applicable New Mexico Gross Receipts Tax times each salesperson and licensed or certified appraiser who has access to and use of the service, whether licensed as a broker, sales licensee, or licensed or certified appraiser who is employed by or affiliated as an independent contractor with such participant. Payment of such fees shall be made on or before the first day of the fiscal year of the multiple listing service. Fees shall be prorated on a monthly basis basis.
REVISED Section 7, Compliance with Rules — Authority to Impose Discipline: Note 2: MLS participants and subscribers can receive no more than three (3) administrative sanctions in a calendar year before they are required to attend a hearing for their actions and potential violations of MLS rules, except that the MLS may allow more administrative sanctions for violations of listing information provided by participants and subscribers before requiring a hearing. The MLS must send a copy of all administrative sanctions against a subscriber to the subscriber’s participant and the participant is required to attend the hearing of a subscriber who has received more than three (3) administrative sanctions within a calendar year. (Adopted 3/2021)
REVISED Section 9, Consideration of Alleged Violations: When requested by a complainant, the MLS will process a complaint without revealing the complainant’s identity. If a complaint is subsequently forwarded to a hearing, and the original complainant does not consent to participating in the process, the MLS will appoint a representative to serve as the complainant. (Adopted 3/2021)
NEW Section 11. MLS Compilations* and Copyrights (M)
11.1. All right, title, and interest in each copy of every multiple listing compilation created and copyrighted by the Ruidoso/Lincoln County Association of REALTORS® and in the copyrights therein, shall at all times remain vested in the Ruidoso/Lincoln County Association of REALTORS®. (Adopted 3/2021)
NEW 11.2 Display (M). Each participant shall be entitled to lease from the Ruidoso/Lincoln County Association of REALTORS® a number of copies of each MLS compilation sufficient to provide the participant and each person affiliated as a licensee (including licensed or certified appraisers) with such participant with one copy of such compilation. The participant shall pay for each such copy the rental fee set by the association.* (Adopted 3/2021)
Participants shall acquire by such lease only the right to use the MLS compilation in accordance with these rules.
* This section should not be construed to require the participant to lease a copy of the MLS compilation for any licensee (or licensed or certified appraiser) affiliated with the participant who is engaged exclusively in a specialty of the real estate business other than listing, selling, or appraising the types of properties which are required to be filed with the MLS and who does not, at any time, have access to or use of the MLS information or MLS facility of the association.