Reminder: Compliance and the National Association of Realtors Rule Regarding MLS Rule Violations
It is imperative for MLS data to be accurate and timely. Recently, the National Association of Realtors (NAR) introduced new rules regarding MLS Participants (Designated Realtors) and Subscribers (Agents) in regard to policy compliance. This new rule outlines procedures which need to be taken for violations of our Rules and Regulations, including hearings conducted by members of our Board of Directors and Technology Committee, which will be conducted virtually at this time.
Possible outcomes for non-compliance, to be determined at a hearing, include:
- completion of appropriate training
- appropriate, reasonable fines
- suspension or termination of MLS rights, services, and privileges
You can find a complete description of this new rule and possible outcomes from a hearing in the NJMLS Rules and Regulations; these are found in XL Paragon > Toolkit > Forms, Docs & Gen Info.