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MLS Rule Changes Effective April 25, 2016

Effective April 25, 2016, the CRMLS Rules and Regulations and Citation Policy was updated and published on both OCAR's website and the CRMLS website. Below is a list of the changes:

  • Section 7.12 Withdrawal of Listing Prior to Expiration has been revised to require that a listing must be withdrawn by listing agent if seller instructs withdrawal in writing and that it may be withdrawn by listing agent in instances of a dispute with seller 48 hours after listing agent provides seller with notice of intent to withdraw. The MLS can require listing agent to produce a copy of notice of dispute or written instruction from the seller. There is an ongoing obligation to report solds. 

  • Section 7.18.3 Auction Listings has been revised to disallow right of reservation auctions because by their no minimum bid/ “confidential” reserve amount nature, they don’t fit MLS requirements requiring disclosure of an actual list price. Reference to compensation in the auction rule has also been removed since rules governing the offer of compensation are already set forth elsewhere in the MLS Rules. 

  • Section 8.3 Accuracy of Information; Responsibility for Accuracy has been revised to give the MLS the right to remove a listing that has been flagged for inaccuracy when an agent has refused or failed to correct. 

  • Section 9.9 Physical Presence of Participant or Subscriber has been revised to clarify that a participant or subscriber must be “physically” present when providing access to a property. 

  • Section 10.1 Statuses has been revised to change the title “Back-Up” to the RESO (Real Estate Standards Organization) “master” heading of “Active Under Contract.” [*Note: correlating language changes also made to Section 10.2 Reporting of Sales.] 

  • Section 11.10 Indemnification; Limitation of Liability has been added to provide a broad stand-alone indemnity provision. 

  • Section 12.22 Email Address Required; An Email Address requirement has been added as a new provision.

If you have any questions about these changes, feel free to contact our MLS Department for assistance.

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Guest Thursday, 16 August 2018