The NJMLS Board of Directors recently approved an amendment to Section 13 of the NJMLS Rules and Regulations regarding the use of Market Share Statistics in advertising. In addition to disclosing whether ranking is based on individual, team, office, or company statistics, and disclosing the criteria upon which the ranking is based, the rule has been further amended to prohibit identifying competitors by name or other identifiable characteristic; comparisons can only be made generically. This additional amendment to the rule is bolded below:
Limitations on Use of MLS Information
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. Further, when competitive statistics are used in advertising, whether agent, team, office, or company statistics, the competitor cannot be identified or inferred in the advertising, either by name or by any other identifiable characteristic such as company color scheme, logo, tag line, etc. Comparisons can only be made generically, with permitted language such as Office 1, Office 2 or Agent 1, Agent 2, etc. Failure to comply will result in a $500 dollar fine for the first offense, $1000 fine for subsequent offenses.