| What is the mechanism for non-association MLSs to obtain releases of liability in seller litigation?
For MLSs that are not wholly owned by a REALTOR® association, the agreement includes a mechanism to obtain a release efficiently if they so choose. Broadly speaking, the agreement provides two paths:
- The MLS can elect to pay an amount based on a pre-determined formula based on number of MLS subscribers.
- The MLS can elect to participate in non-binding mediation within 110 days following preliminary approval of the settlement.
Under both options, participating non-association MLSs would agree to be bound by the practice changes set forth in the settlement agreement, including and not limited to the adoption of a rule prohibiting offers of compensation on that MLS. Non-association MLSs can also choose not to participate in this settlement. Get more facts about the settlement at facts.realtor.
The National Association of REALTORS® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
Posted by: Byron King on 04/12/24 (This information is only accurate as of 04/12/24. You must contact SCR for updates and changes to this information after 04/12/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.
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