Following the settlement of the commissions lawsuits, all Association-owned MLSs must make major policy changes regarding offers of compensation, including CRMLS.
Buyer’s Agent Compensation (BAC) fields will no longer be a part of the MLS starting August 8 for Flexmls and August 13 for Matrix and Paragon.
To ensure the quality and legality of MLS listings, violations of the following rules will result in a $2,500 fine:
- Rule 7.15: Offering or Conveying Buyer’s Agent Compensation in the MLS
- Rule 7.16: Insufficient Disclosure of Compensation to Seller/Landlord
- Rule 7.19: Disclosure of Listing Broker’s Compensation
- Rule 9.1: Showing Listed Property w/o Written Compensation Agreement w/ Buyer; Insufficient Compensation Agreement w/ Buyer
- Rule 19.2.21: Display of Offer of Compensation – IDX
- Rule 19.3.26: Display of Offer of Compensation – VOW
Join CRMLS for a live webinar:
CRMLS Industry Update and MLS Changes
CRMLS CEO Art Carter and Vice President & General Counsel Ed Zorn will host live updates for all CRMLS users.
Learn all about these important rule changes, their associated fines, Concessions in Price, use of new/revised C.A.R. forms, and how to address common transaction scenarios.
Register Now:
Thursday, 8/8 @ 9:00 AM PT
Friday, 8/9 @ 1:00 PM PT
Tuesday, 8/20 @ 2:30 PM PT
Creation and enforcement of these rules is to ensure no one enters an offer of compensation in any MLS. This includes entering compensation-related words in Private Remarks, Public Remarks, or Showing Instructions, which would violate Rule 7.15, resulting in the immediate removal of the offending language and subsequent $2,500 fine.
As CRMLS changes their policies, we don’t want our users to incur any fines by accident. On August 13, users will find warning messages in bold red text within listing inputs on the Private Remarks, Public Remarks, and Showing Instructions text fields. Private Remarks will also display a pop-up message titled “Private Remark Warnings and Errors,” indicating that a prohibited word was entered and that it may result in a violation.
Adapting to change can be difficult but, following the NAR settlement, it is necessary. CRMLS is taking these industry-wide changes seriously and is focused on full transparency so our users know what to expect.
For the latest on all things related to CRMLS and the commissions lawsuits, consult the CRMLS Settlement Resource Page. Thank you for your continued support.
