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Understanding the NAR Settlement: Key Steps for MLSs

The National Association of Realtors (NAR) reached a significant settlement impacting multiple listing services (MLSs). Key changes include a strengthened "Participant" requirement, revisions to the Virtual Office Website (VOW) policy, and updates to MLS rules. MLSs should familiarize themselves with these modifications and prepare for upcoming deadlines. Important timelines range from the settlement on May 27 to anticipated MLS rule adoptions by November. This summary outlines what has changed, what remains, and necessary steps for compliance.

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Understanding the NAR Settlement: Key Steps for MLSs

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  1. It’s Settled: US v NAR Next Steps for MLSs

  2. Today’s Agenda • Timeline for NAR • Timeline for MLSs • What did not change: IDX • MLS Participation Rule Strengthened • Changes to VOW Policy • What’s new • What’s gone

  3. Timeline for NAR May 27 Settlement reached June 12 CIS filed with Court {Mid-June } Comment period begins {Late Aug} Comments/responses filed {Early Sept.} Court approval requested {Sept.} NAR notifies MLSs {Nov.} MLSs adopt policy & rules

  4. Timeline for MLSs • Take no action now. • Become familiar with modified policies and future steps. • Sept. – Nov. • Adopt VOW policy, • Select options / adopt VOW rules • Adopt revised “Participant” definition • Return certification form to NAR

  5. IDX remains unaltered

  6. Highlights of Policy Changes “Participant” requirement strengthened • Must actively endeavor to list or sell property of the type in the MLS on a continual basis • No minimum # of transactions required (must be trying) • Seasonal and part-timers OK • Limited service brokers OK if comply with state law

  7. Implementation • Include affirmative representation on MLS application • MLS may evaluate if MLS has basis to believe Participant fails to qualify • One year “wait” before terminations (5/27/09)

  8. Revised VOW Policy • Broker opt out is gone • Sellers’ rights: • No Internet display • No address displayed on Internet • Turn off blogging • Turn off automated valuations • Deletion of false information

  9. Revised VOW Policy • New VOW Obligations • Maintain means of communication to receive comments on accuracy of information on VOW • Correct or remove false information when notified by listing broker • Able to respond knowledgeably about properties in market area served by Participant and displayed on VOW.

  10. New VOW Policy • Sold Data • Sold information can be displayed on a VOW unless the MLS is in a state where sales prices are not publicly available. • If sales prices not publicly available, MLS can elect to prohibit display on VOWs.

  11. New VOW Policy • Affiliated VOW Partners (“AVPs”) • Participants can have a vendor operate their VOWs (AVP) • AVP subject to Participant’s oversight and accountability • MLSs may require license agreement • MLS provides same feed, same manner, same frequency, same cost

  12. New VOW Policy • Participants’ VOWs must comply with new policy 180 days after MLS’s adoption of VOW rules.

  13. Timeline for MLSs • Take no action now. • Become familiar with modified policies and future steps. • Sept. – Nov. • Adopt VOW policy, • Select options / adopt VOW rules • Adopt revised “Participant” definition • Return certification form to NAR

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