| New MLS Rules Real Estate |
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In order to clear confusion the following changes are as they appear on the Canadian Real Estate Association website additional questions please do not hesitate to contact Eryn Richardson at (905) 960-7355.
RULE AMENDMENTS | | RULE 17: OPERATION OF A BOARD'S MLS(r) SYSTEM | | | | 17.1: Acceptance of Listings | | 17.1.1: The Three (3) Pillars of the MLS(r) Mark | | Only listings that comply with the following three (3) pillars of the MLS(r) Mark can be placed on a Board/Association's MLS(r) System. | | 17.1.1.1: Membership | | Only REALTORS(r) may place a listing on a Board/ Association's MLS(r) System. | | 17.1.1.2: Agency | | A listing REALTOR(r) must act as agent for the seller in order to post, amend or remove a property listing in a Board's MLS(r) System. The nature of any additional services to be provided by the listing REALTOR(r) is determined by agreement between the listing REALTOR(r) and the seller, subject to applicable regulatory requirements and the Rules of CREA and Boards/Associations. | | 17.1.1.3: Compensation to Co-operating Broker | | The listing REALTOR(r) agrees to pay to the co-operating (i.e. selling) REALTOR(r) compensation for the co-operative selling of the property. An offer of compensation of zero is not acceptable. | | | | 17.2: Interpretations of the Three Pillars of the MLS(r) Mark | | 17.2.1: The listing REALTOR(r) shall be available to provide professional advice and counsel to the seller on all offers and counter offers unless otherwise directed by the seller in writing. | | 17.2.2: The listing REALTOR(r) is responsible and accountable for the accuracy of information submitted to a Board/Association for inclusion in the Board's MLS(r) System, and the Board/Association is responsible for ensuring that the data submitted to it meets reasonable standards of quality. | | 17.2.3: Only REALTORS(r) are permitted to display the MLS(r) trademarks in signage, advertising, etc. | | 17.2.4: Where the seller directs the listing REALTOR(r) in writing to do so, the seller's contact information may appear in the REALTOR(r) only remarks (non-public) section of a listing on a Board/Association's MLS(r) System. The seller's contact information shall not appear on REALTOR.ca or in the general (public) remarks section of a listing on a Board/Association's MLS(r) System. The listing REALTOR(r) may include a direction in the General Description section on REALTOR.ca or on websites operated by CREA or a Board/Association to visit the REALTOR(r) website to obtain additional information about the listing (but the nature of such additional information shall not be specified). | | 17.2.5: Where the seller has reserved the right to sell the property himself/herself, that fact shall be specified in the Board/Association's MLS(r) System | |
