The Northern Nevada Regional Multiple Listing Service updated its Policy Manual and its Rules and Regulations in June 2021 in order to modernize the rules, make them more understandable, maintain compliance with the National Association of REALTORS® and better facilitate the multiple listing marketplace. Click here for the MLS Rule Book Resource Page.
MLS Like a Pro: Know Your MLS Rule Book
As an esteemed member of Northern Nevada Regional Multiple Listing Service, you know the MLS Rule Book. You know it’s all about facilitating a marketplace where you help your clients make informed decisions. Recently, your NNRMLS Trustees approved important updates as recommended by the Governing Documents Workgroup. In this post, we’ll highlight some key changes to our Rules and Policy, to help you stay in bounds and keep the ball moving down the field.
Continue reading for important details on:
- Changes to Required Listing Information: The violation type for failing to report a SOLD listing within two business days of closing has been changed from a Level 2 citation to a Level 4 citation with an automatic fine.
- IDX Rules Strengthened: Our IDX Rules have been strengthened to prevent abuse by third parties
- Citation Policy Updates: The Citation Policy has been streamlined, reducing the violation timeline for Level 1-3 citations from 28 days to seven days. Compliance information has been relocated to the Members Website. Click here for that new webpage.
- Property Re-list Policy Loophole Closed: Inner-office Property Re-list Policy Loophole has been closed. Listings can no longer be entered as “NEW” by a different agent within the same firm unless the property has been Off-Market for at least 30 days.
- Listing Categories and Property Types: Listing Categories and Property Type definitions have been relocated from the NNRMLS Rules & Regulations to the Members website. Click here for that new webpage.
- Billing and Refund Policy: Billing and Refund Policy details have been relocated from the Policy Manual to the Members Website. Click here for that new webpage.
Attention Brokers: The MLS Rule Book is going on tour!
We’re offering a free 30-minute office training to bring you and your agents up to speed on the latest rule changes and our compliance process. NNRMLS Director of Marketing Andrew Cristancho and Director of Compliance Misty Burch are taking the Rule Book on the road! Bookings are available July 19 2021 – August 13 2021. Schedule a virtual visit for your team today!
Background on 2021 Changes to NNRMLS Rules and Policy
In March of 2019, the NNRMLS Board of Trustees created a Governing Documents Workgroup to review the NNRMLS Rules and Regulations and the NNRMLS Policy Manual and recommend changes. With support from NNRMLS staff and legal counsel, the Workgroup met over a two-year period and conducted a comprehensive review of both the NNRMLS Rules and Regulations and the NNRMLS Policy Manual. The Workgroup identified issues and explored various solutions. Areas for improvement were also identified. The Workgroup produced recommendations to help modernize and streamline Rules and Policies, strengthen the organization, and increase Member benefit. The Board of Trustees approved the changes to NNRMLS Rules and Policies as recommended by the Governing Documents Workgroup. The updated Rules and Policies have been posted to the Member Launchpad. For comprehensive details on all the recent changes, visit the MLS Rule Book Archive.
Changes to Required Listing Information Rules
- Not reporting a closed transaction within two business days of closing is now a Level 4 violation with an automatic fine of $1,000.
- To accommodate new technologies, the rules regarding listing photographs have been updated to include “Media.”
- IDX Rules Strengthened
- The Board has strengthened our IDX rules to curtail abuse by third-party advertisers and prevent use of our members’ listings to attract clicks on non-real estate related advertisements. IDX is a data-licensing framework that allows participating brokers to display one another’s listings on their public facing websites.
- Citation Policy Updated
- The escalation process timeline for most citations has been reduced from 28 days to seven days.
- We developed a new Citation Policy webpage! Click here to find up-to-date details on NNRMLS’s Citation Policy, including the Citation Matrix.
Property Re-list Policy Loophole Closed
- A listing can no longer be bounced between agents within the same firm to effect a perpetual “NEW” status for the listing, circumventing the 30-day off-market requirement.
Listing Categories and Property Types
- We developed a new webpage for Listing Categories and Property Types! Click here to access up-to-date definitions for Listing Categories and Property Types.
- We updated the description and label of Commercial/Industrial property to better align with the Nevada Revised Statutes definition.
- We updated the description of Farm and Ranch property to accommodate the definitions that vary between counties.
- These updated definitions are on the Listing Categories and Property Types webpage linked above.
Billing and Refund Policy
- We developed a new webpage that serves as a convenient resource for our Billing Policy. Click here to find details for Billing Policy, including a schedule of fees and important dates.
The Rules are the Framework
The MLS is fundamentally a system of cooperation among competitors. Our system of organized real estate is built upon this foundation. The Rules of the MLS are the framework behind this unique system. Because the world changes, so too must the framework. Most of the changes adopted by the Board of Trustees come as a result of National Association of REALTORS® mandates; Clear Cooperation Policy, for example. Rule changes can also come from the Board itself.
The Policies are mechanisms to carry out the Rules
From time to time, the Board of Trustees will approve changes to the Policy. While NAR does not mandate specific Policy changes, a local MLS’s policies must be consistent with NAR’s Rules.
A framework that supports your professionalism
The Rules and the Policy of the NNRMLS are intended to support our Members as the trusted source of real estate expertise. Accurate and timely listing data is essential in your mission to represent the best interest of your clients. The same data is indispensable to your clients so they can make informed decisions when buying and selling real estate.
A big thank you to the Governing Documents Workgroup for their extensive efforts in improving our Rules and Policy and a big high-five to all of you MLS PROs for knowing your MLS Rule Book!
MLS Rule Book Resource Page – includes the current versions of the Rules and Policy, archived Rule changes and other helpful information about NNRMLS’s governing documents
MLS Rule Book – Data Accuracy – blog post detailing the NNRMLS compliance process, includes background on the program and how to report a potential violation
Compliance Information Page – Compliance process details and Citation Matrix
MLS Rule Book Archive – Redlines and summaries of changes to NNRMLS governing documents