Important Changes to MLS Rules

Bob Jones DABR Members Only

Revisions to take effect January 2

The Dayton REALTORS® Board of Directors recently made a number of revisions to clarify and update violations of the MLS rules and regulations. The revisions will take effect beginning in January 2018. Here is a detailed breakdown of those changes, along with a brief explanation for each change. If you have any questions about these changes, please contact MLS support at (937) 610-1467.

Listing Agreement Changes

Motion to update the MLS Listing Agreement effective date and time by changing the effective date and time of the agreement from the date listed at the top of the agreement (current) to the last date and time listed beside the signatures at the bottom of the MLS Listing Agreement (new form).

Motion was made to update the MLS Listing Agreement by adding a time field to the effective date of the agreement after obtaining all necessary signatures of all persons with interest to the property and adding a time field to the MLS for calculation of the beginning of the listing agreement time period.

In summary: Prior to placing a listing in the MLS or marketing a property in any manner, this new policy requires all persons with interest in the property to first sign the listing agreement. If multiple parties are needed to sign the agreement, the most recently-dated signature will act as the beginning of the listing agreement. Only then will it be permissible to market the property. The signature time field will be used to calculate a true 72-hour period (excluding weekends and holidays) for MLS entry.

Withdrawn Status Change

Motion to have members send in a Property Change Report to MLS staff, signed by the seller, authorizing withdraw of a listing from the MLS. Placing listings into the withdrawn status will be system restricted to MLS staff only. Once staff places a listing in “Withdrawn” status, agents will have the ability to place the listing into another status themselves.

In summary: MLS fines were being levied against MLS users who were not following proper NAR-mandated MLS policy regarding withdrawals of listings, so in order to reduce errors and avoid members receiving fines, placing a listing into withdrawn status can only be performed by MLS staff who have received a completed Property Change Report.

Status Change Time Frame

Motion to change the required time period of status change to sold from 24 hours to 72 hours in order to be consistent with other 72 hour rule requirements. Immediate fine would be imposed upon an agent’s account for failing to update the sold status of a listing when the sold status can be verified on the county recorded site. For any reports which cannot be verified, a courtesy notification will be sent out to the listing agent requesting a status update.

In summary: In order to alleviate confusion regarding the various deadlines for MLS policies, this rule now allows the grace period to enter a property status as “sold” to 72 hours, making it consistent with other MLS rules. Immediate fine will be levied against an agent for failing to update the sold status of a listing when the status can be verified through county records.

Property Change Report Authorized Signatures

Motion to Change the listing agent signature required on the Property Change Report to the authorized signature for the office (such as Office admin or Power of Attorney).

In summary: This allows an authorized representative of the brokerage to sign and submit a Property Change Report.