Posted by Dawn Barrier on August 3, 2009 at 5:16am
Las Vegas New MLS RULE & REGULATIONS (GLVAR) will affect REO & Bank owned listingsNEW MLS RULE & REGULATIONS will affect REO & Bank owned listingsSOURCE: Direct from GLVAR Go here to read articleMLS Rules & Regulations have been modified to add the following verbiage to Section 1.0 Listing Procedures:The Service shall not accept any listing agreement that provides that cooperative compensation cannot be offered or paid to a cooperating broker if the purchaser holds a particular license or credential, engages in a particular trade or profession, or if the range of potential purchasers is otherwise arbitrarily restricted. This does not affect specifically named prospects in listing agreements as set forth below.If a member is found in violation of the new rule they will receive a letter stating that they must modify their listing to be in compliance. If not modified within a thirty (30) day time period, the listing in question will be removed from the MLS.--------------------------------------------------------------------------------How to Contact the GLVAR MLS Department:(702) 784-5050 - Department Line
This is a first for me to see a MLS prohibit this practice. It is pretty standard language throughout the county. It will be interesting to see how this plays out. Please keep up updated.
Comments
Terrence, yes, that is the way I understand it.