CRMLS Rules & Policy Changes Effective January 13, 2025
To keep participants informed and compliant, CRMLS has announced several rule updates and policy changes that will take effect on January 13, 2025. Below is a summary of the rules and the updates, explained in plain language.
Rule 7.15 - Restrictions on Sharing Commission Information
What the rule says:
Listing Brokers cannot use the MLS to state or imply the amount of commission they are willing to share with a Buyer Broker. This includes fields, documents, or media uploaded to the MLS. Additionally, Sellers cannot use the MLS to offer specific compensation amounts to Buyer Brokers.
What's new:
- A new sentence was added, requiring any mention of seller concessions (such as financial incentives for buyers) to be placed in the Public Remarks/Property Description field.
- These concessions can be shared as long as they are not tied to paying a Buyer Broker or buyer representative.
Key takeaway:
- Sellers and Listing Brokers can include seller concessions in the Public Remarks, but these cannot specify or be conditioned upon compensating a Buyer Broker.
Rule 10.2(e) - Reporting Sales for Comparable Purposes
What the rule says:
Brokers can report sales information for properties that wouldn’t normally qualify for MLS input, as long as:
- The property is located within the MLS service area.
- The reporting broker was involved in the transaction (representing either the buyer or the seller).
- Authorization from the party they represented is obtained, and supporting documentation is available if requested.
What's new:
- A new sentence requires brokers to submit this sales information to the MLS within 30 days of closing escrow.
Key takeaway:
- Sales data for properties used for comparable purposes must be reported promptly—within 30 days of the close of escrow.
Policy Changes to Citation Rules
CRMLS has revised the fines and penalties for certain violations. Here’s what has changed:
-
Rule 11.5(e) - Branded Media
- Old fine: $100
- New fine: $250
- This rule prohibits branded media (media containing names, logos, or contact information) in MLS listings.
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Rule 12.5 - Misuse of Public Remarks
- Violations, where agent or broker contact information appears in the Public Remarks field, will no longer receive a warning.
- Fine: $250 for the first offense.
- This rule ensures the Public Remarks field is used only for property descriptions, not for advertising agent or broker contact details.
Key takeaway:
- Be mindful when uploading media or filling out the Public Remarks field. Fines for violations have increased, and warnings are no longer issued for including agent contact information.
Why These Changes Matter
These updates are designed to improve the transparency and accuracy of the MLS, ensuring fair practices for all participants. Adhering to these rules helps maintain professionalism, fosters trust, and reduces misunderstandings in real estate transactions.
If you have questions about these changes or need further clarification, reach out to CRMLS or your association for guidance. Stay informed and compliant to avoid unnecessary fines and disruptions to your business.
Remember: The updated rules take effect on January 13, 2025. Make any necessary adjustments to your practices to stay compliant.
You can print his page here
You may also review the complete CRMLS Rules & Policies here.
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