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MLS Rule Changes – Effective June 1, 2023
The Board of Directors approved the following changes to the MLS Rules and Regulations as proposed by the MLS Committee.
Below is the word-by-word notice of changes with fines included (new language is underlined, strikethrough is removed language). Click here to see the current MLS Rules and Regulations with these changes incorporated.
Section 1.1 - Types of Properties: Following are some of the types of properties that may be published through the MLS, including types described previously that are required to be filed with the MLS and other types that may be filed with the MLS at the Participant’s option provided, however, that any listing submitted is entered into within the scope of the Participant’s licensure as a real estate broker:
• Commercial / industrial
• Commercial vacant land
• Mobile homes with real property
• Non-residential rental and lease property
• Commercial lease
• Business opportunity
• Other income property
Listings taken may only be listed under one property type. but are allowed to be listed for sale and rent at the same time. The only exception Exceptions to this rule are as follows: unless the property is zoned accordingly to allow it to be marked under more than one property type. If the property is listed under more than one property type, then it must be disclosed in the agent remarks section of all applicable listings filed with the MLS with the applicable MLS numbers.
Properties may also be listed for sale and for rent/lease at the same time. If the property is listed for both sale and rent, then it must be disclosed in the agent remarks section of all applicable listings filed with the MLS with the applicable MLS number(s). ex “property is also listed for sale/rent, see MLS number: XXXXX”.
Section 1: Listing Procedures See Fine Section 22.2
Listings of real or personal property of the following types, which are listed subject to a real estate broker’s license, are located within the territorial jurisdiction of the MLS, and are taken by Participants on an MLS approved listing form shall be entered into the MLS within five business days after all necessary signatures have been obtained, or such later listing date as is agreed to by the Seller and set forth in the Listing Agreement:
a. Single family homes, including condominiums or townhouses for sale or exchange.
b. Vacant lots and acreage for sale or exchange.
c. Two-family, three-family, and four-family residential buildings for sale or exchange.
d. Residential rental listings.
Properties may also be listed for sale and for rent/lease at the same time. If the property is listed for both sale and rent, then it must be disclosed in the agent remarks section of all applicable listings filed with the MLS with the applicable MLS number(s). ex: “property is also listed for sale/rent, see MLS number: XXXXXX”.
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