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It’s Settled: US v NAR

It’s Settled: US v NAR. Next Steps for MLSs. Today’s Agenda. Timeline for NAR Timeline for MLSs What did not change: IDX MLS Participation Rule Strengthened Changes to VOW Policy What’s new What’s gone. Timeline for NAR. May 27 Settlement reached June 12 CIS filed with Court

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It’s Settled: US v NAR

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  1. It’s Settled: US v NAR Next Steps for MLSs

  2. Today’s Agenda • Timeline for NAR • Timeline for MLSs • What did not change: IDX • MLS Participation Rule Strengthened • Changes to VOW Policy • What’s new • What’s gone

  3. Timeline for NAR May 27 Settlement reached June 12 CIS filed with Court {Mid-June } Comment period begins {Late Aug} Comments/responses filed {Early Sept.} Court approval requested {Sept.} NAR notifies MLSs {Nov.} MLSs adopt policy & rules

  4. Timeline for MLSs • Take no action now. • Become familiar with modified policies and future steps. • Sept. – Nov. • Adopt VOW policy, • Select options / adopt VOW rules • Adopt revised “Participant” definition • Return certification form to NAR

  5. IDX remains unaltered

  6. Highlights of Policy Changes “Participant” requirement strengthened • Must actively endeavor to list or sell property of the type in the MLS on a continual basis • No minimum # of transactions required (must be trying) • Seasonal and part-timers OK • Limited service brokers OK if comply with state law

  7. Implementation • Include affirmative representation on MLS application • MLS may evaluate if MLS has basis to believe Participant fails to qualify • One year “wait” before terminations (5/27/09)

  8. Revised VOW Policy • Broker opt out is gone • Sellers’ rights: • No Internet display • No address displayed on Internet • Turn off blogging • Turn off automated valuations • Deletion of false information

  9. Revised VOW Policy • New VOW Obligations • Maintain means of communication to receive comments on accuracy of information on VOW • Correct or remove false information when notified by listing broker • Able to respond knowledgeably about properties in market area served by Participant and displayed on VOW.

  10. New VOW Policy • Sold Data • Sold information can be displayed on a VOW unless the MLS is in a state where sales prices are not publicly available. • If sales prices not publicly available, MLS can elect to prohibit display on VOWs.

  11. New VOW Policy • Affiliated VOW Partners (“AVPs”) • Participants can have a vendor operate their VOWs (AVP) • AVP subject to Participant’s oversight and accountability • MLSs may require license agreement • MLS provides same feed, same manner, same frequency, same cost

  12. New VOW Policy • Participants’ VOWs must comply with new policy 180 days after MLS’s adoption of VOW rules.

  13. Timeline for MLSs • Take no action now. • Become familiar with modified policies and future steps. • Sept. – Nov. • Adopt VOW policy, • Select options / adopt VOW rules • Adopt revised “Participant” definition • Return certification form to NAR

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