DOJ vs. NAR Proposed Settlement
June 3rd, 2008 by admin
RUMOR #1. MLSs will be open to the public to list properties for sale (FSBO). WRONG!
RUMOR #2. MLS information will be made public. WRONG!
The proposed settlement applies to “Brokers”, not the consumer.
The proposed settlement is designed:
(1) to permit “Brokers” to provide the consumer with MLS information with multiple listing services, listing information, etc. The proposed settlement
(2) is designed to prevent MLSs from limiting the services and information provided to the consumer by Brokers who operate VOWs.
“Broker” means a Person licensed by a state to provide services to a buyer or seller in connection with a real estate transaction. The term includes any Person who possesses a Broker’s license and any agent or sales associate who is affiliated with such a Broker.
Under the new policy, brokers participating in a NAR-affiliated MLS will not be permitted to withhold their listings from brokers who serve their customers through virtual office websites (VOWs).
brokers will be able to use VOWs to educate consumers, make referrals, and conduct brokerage services.
A. “Broker” means a Person licensed by a state to provide services to a buyer or seller in connection with a real estate transaction. The term includes any Person who possesses a Broker’s license and any agent or sales associate who is affiliated with such a Broker.
M. “VOW” or “virtual office website” means a website, or feature of a website, operated by a Broker or for a Broker by another Person through which the Broker is capable of providing real estate brokerage services to consumers with whom the Broker has first established a Broker-consumer relationship (as defined by state law) where the consumer has the opportunity to search MLS data, subject to the Broker’s oversight, supervision, and accountability.
Don’t listen to rumors. If you have any questions about the proposed settlement, read it. It’s clear that the settlement:
is narrow in scope,
will not affect the way most brokers and agents do business,
is meant to prevent MLSs from restricting the operation of VOWs,
and
should never have been brought in the first place.
Courtesy, Lenn Harley, Broker, Homefinders.com.
This entry was posted on Tuesday, June 3rd, 2008 at 6:11 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
