NAR issued new guidance clarifying what explanations and disclosures agents and brokers must make when a seller elects an office-only listing or a pre-market listing, as well as rules regarding active listing status and adherence to clear cooperation policies.
Sellers seeking privacy rather than widespread publicity will need to follow a trail of paperwork.
The National Association of Realtors on Thursday released a new guidance document clarifying the responsibilities of agents and brokers when sellers choose office-only listings or pre-marketing options, according to the association. This resource is the sixth the association has added to the facts.realtor library this year and explains NAR’s MLS policy.
What is office limited?
Per the guidance, office-only listings are filed with local MLSs but are not sold to the public or shared with participants or subscribers other than the listed company. All association-owned MLSs are required to offer the option, but the decision to use it rests with the seller. NAR cites health, safety, and privacy as reasons why sellers choose NAR over broad market exposure.
According to NAR, premarket options such as Coming Soon Status and Delayed Marketing Exemption List follow a different structure. These listings are filed with the MLS and available to other participants and subscribers, so brokers using the listings remain subject to MLS rules. Option availability will depend on your local MLS, per guidance.
Responsibility
Based on this guidance, agents should explain how each marketing option serves the seller’s interests. Brokers have other obligations. Obtain a signed disclosure from the seller explaining the pre-marketing options available locally and waiving MLS benefits.
According to the NAR, that disclosure must cover three points: the professional relationship between the participant and the seller, the seller’s approval that MLS benefits are waived or delayed, and confirmation of the seller’s decision not to sell the listing to the public.
The guidance also refers to a clear cooperation policy that requires participants to submit listings to the MLS within one business day of selling a property to the public. NAR said the one business day filing requirement applies when office-only listings are sold to the public. Brokers may discuss the listing of office-only properties with outside agents through one-on-one communication, provided the seller permits and the receiving broker is not selling real estate.
The guidance does not define a “public sale” or specify which MLS benefits agent should represent the seller, nor does it explain how a listing broker can prevent a receiving broker from marketing a property after a one-on-one introduction.
Active and inactive listings
The guidance also covers virtual office websites and states that all active listings within the MLS must be made available through the VOW data feed based on prior consultation with the Department of Justice, according to NAR. While MLS has local discretion to classify listings as active or inactive, NAR said the status must accurately represent whether the property is available.
According to the guidelines, some MLSs will treat a property as inactive or off-market if it cannot be published, does not track days on market, does not require a list price, or does not track price change history.
NAR noted that additional state laws and local MLS rules may apply, citing Wisconsin, Washington, and Connecticut as states that have passed or are considering laws requiring public marketing of listings.
NAR CEO Nikia Wright told attendees at the June Realtors Legislative Conference that the association monitors MLS-related questions from members. Raffi Williams, NAR’s vice president of public affairs, said the new resources were born out of that oversight.
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