NAR reached an agreement with the Antitrust Division of the U.S. Department of Justice to make changes to the Code of Ethics and MLS Policies regarding providing information about commissions and MLS participation. The elements include (1) transparency to buyers about the amount of commission offered through the MLS including making the offered commission published, (2) prohibiting licensees from claiming services as “free” or “at no cost” if being compensated through the MLS, (3) prohibitiing sorting in the MLS by commission offered or name of a brokerage to select properties to show, and (4) requiring lockbox access of MLS listings to any licensee with seller approval. The comment period ends January 19, 2021 after which NAR will be proposing changes to rules and policies, subject to DOJ approval, for presentation to the NAR Board of Directors.
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sue@tahoemls.com
