Rule Updates

Rule Updates

Posted on 04. Jan, 2021 by in News, Rules and Regulations/Policies

Keep up-to-date on the most recent rule changes.

Modified Rule
The following Rule has been modified to include requirements needed to clarify whether Market Share Statistics are for an individual, team, office, or company, and to include all of the search criteria used to determine the published ranking. This rule change appears in blue below:

Section 13
Limitations on Use of MLS Information
Use of information from MLS compilation of current listing information, from the Service’s statistical report or from any sold or comparable report of the Service for public mass-media advertising by a Service Participant or in other public representations may not be prohibited.

However, any print or non-print forms of advertising or other forms of public representations based in whole or in part on information supplied by the Service must clearly demonstrate the period of time over which such claims are based and must include the following, or substantially similar, notice:

“These properties were listed and sold by various Participants of the NJMLS based on information from the New Jersey Multiple Listing Service, Inc. for the period (date) to (date).”

In addition, sold advertisements must contain the name of the Listing Broker and Selling Broker unless the Broker is a party to the transaction. Failure to comply will result in a five hundred ($500) dollar fine.

In addition, advertisements which contain Market Share Statistics must indicate whether the ranking is based on individual, team, office, or company statistics, and must include all the search criteria used to determine the published ranking. Failure to comply will result in a $500 dollar fine for the first offense, $1000 fine for subsequent offenses.

Attorney General’s Memorandum
In September, the state published an updated Attorney General’s Memorandum which required separate signatures of the seller(s) to acknowledge receipt. The state has eliminated this separate requirement and the updated version without seller signature fields, dated 10/7/20, is now included with all listing agreements. The acknowledgement of receipt of the memorandum remains on our listing agreements.

Clarification to New Rule
A recent addition to the NJMLS Rules and Regulations, Section 1.17, requires each member participating in a transaction to be listed as co-listing agent or co-selling agent. Fields were added to accommodate the reporting of up to four co-listing agents and up to four co-selling agents.

Based on questions and feedback received by our membership about this new rule, the Board of Directors approved the following changes:

  • Amending the rule to define participation in a transaction. This new language is highlighted below in blue.
  • Formalizing a team structure within our system. System changes will be made to allow Designated Realtors to set up teams in their offices, and separate Market Share Statistics for teams will be created. Specific details on these system changes to follow.
Section 1.17
Listings with Multiple Listing/Selling Agents

Each Participant must list each Subscriber participating in the transaction in the appropriate co-listing or co-selling agent field in the MLS.

Participation is defined as the licensed Realtor® or Realtors® who is/are a Subscriber(s) to the Service and is/are the predominant interacting Realtor® or Realtors® with the client in the transaction. If more than one, all Subscribers must be represented as co-listing or co-selling agents. Participation is NOT defined as someone who provides only the following or similar services:

1)     Administrative assistance in a transaction
2)     Access to the property for an inspection
3)     Preparation of paperwork
4)     Coordination of showings

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