MLS PIN’s rules exist to enable our Participants and Subscribers to serve their clients in the sale, purchase, and leasing or rental of real property. With these goals in mind, we would like to make you aware of a number of recent changes to our Rules and Regulations adopted by the Board of Directors of MLS PIN as follows:
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Lockbox
In order to accommodate new business models, there is a new rule related to lockboxes. If a properly licensed real estate broker or salesperson requests access to a lockbox on a property listed in MLS PIN, the listing broker must notify the seller within 24 hours of receiving the request. Once the listing broker communicates the request to the seller, it is entirely up to the seller as to whether, and when, to respond. The seller, at any time after being notified, may elect to grant or deny the request or may elect to not respond at all. If and when the seller elects to grant the request, the listing broker must allow the requesting broker or salesperson access to the lockbox within three (3) calendar days of the seller’s granting the request. This procedure applies whether or not the requesting broker or salesperson is a subscriber to MLS PIN. Violation of this rule may subject the violating Participant or Subscriber to a $1,000 fine and/or suspension of service. If you have any questions or concerns, please submit them to us at lockbox@mlspin.com.
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Distribution of Listings
In keeping with real estate professionals’ obligation to circulate all listings to customers regardless of the compensation being offered, Participants and Subscribers may not filter, suppress, hide, or not display or distribute any MLS PIN listing data, information, or images based on (i) the level of compensation offered to cooperating brokers, or (ii) the name or other identifier of the listing broker or agent affiliated with the listing broker. Violation of this rule may subject the violating Participant or Subscriber to a $1,000 fine and/or suspension of service.
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Disclosure of Offered Compensation
For each listing requested or viewed by a client with whom a Participant or Subscriber is contracted or otherwise has an agency or legally recognized non-agency relationship with respect to the purchase or sale of real property, the Participant or Subscriber must provide the client with the information, as it appears in MLS PIN, for all of the fields labeled “Sub-Agent Compensation,” “Buyer Agent Compensation,” “Facilitator Compensation,” “Compensation Based On,” and “Sub-Agency Relationship Offered.” The required data for the aforementioned compensation-related fields must either be displayed on all of the Participant’s or Subscriber’s IDX websites or be provided to clients through some other means. Violation of this rule may subject the violating Participant or Subscriber to a $1,000 fine and/or suspension of service.
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Advertisement of Services
In no event may a Participant or Subscriber represent that its services are free or available at no cost to a client with whom the participant or subscriber is contracted or otherwise has an agency or legally recognized non-agency relationship with respect to the purchase or sale of real property. Violation of this rule may subject the violating Participant or Subscriber to a $1,000 fine and/or suspension of service.
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Website Displays
MLS PIN has made some updates with respect to data fields that are displayed on Participant and Subscriber IDX and VOW websites. First, the old list of data fields that are permitted on IDX has been replaced with two lists: a list of the fields that are mandatory for display on IDX, and a list of the fields that are prohibited from inclusion on IDX. Second, we have created a new list of data fields that are mandatory for display on a VOW. All of these lists are available for reference in the newly updated Attachment C.
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Showings and Buyer Representation
A listing in MLS PIN may not advertise an open house (or other showing) to which access is limited based on whether a buyer is represented by a broker or salesperson.
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Please note that the above is an informal summary of the updated Rules and Regulations. This summary is not intended to be, and may not be referred to or relied on as, a comprehensive or definitive statement of any of the topics it addresses or to address all of the topics covered in the Rules. The Rules alone must be consulted and relied on for a complete and accurate statement of the subject matter that they address. |
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We’re proud of all that the New England real estate community has accomplished over the past year. Through all the changes, we’ve prospered together, and we appreciate your understanding and anticipated cooperation. You will find our updated Rules and Regulations on our website and can contact our Quality Assurance team at qa@mlspin.com or 800-695-3000, option 6, with any questions.
-Your MLS PIN Team
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