10/25/2010 IBN monthly meeting presentation on NTREIS Rules & Regulations

1. NTREIS Rules & Regulations
Broker/Manager Overview
Prepared for:
The Independent Broker Network
Presented by:
Stacey Buettner
Last Amended January 29,2009

2. 01/29/15 Prepared for: Independent Broker Network 2
Broker/Manager Responsibility
Each Broker/Manager should become familiar with
the entire NTREIS Rules & Regulations so they
may answer questions that may come up in their
offices.
It is encouraged that you study the document and
contact the MLS Director for any questions or
clarifications you might have.

3. 01/29/15 Prepared for: Independent Broker Network 3
Purpose of MLS
The primary purpose of the MLS is NOT to be a
vehicle for advertising to the general public.
Any uploads to Realtor.com and other sites are a
secondary optional benefit to participants.

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Quick Definitions
● Participant – is an eligible “Designated
REALTOR®”
● Other Participant – is a Participant other than the
listing Participant working with prospective
buyers.
● Subscriber – a “user of the MLS” who is a non-
principal broker, sales associate, or licensed or
certified appraiser affiliated with a Participant

5. 01/29/15 Prepared for: Independent Broker Network 5
Participation Policies
Participants must hold a current, valid real estate
broker's license or be licensed or certified to engage
in real estate appraisal
Participants must pay required dues and fees
Participants shall be liable for all obligations to the
MLS and to your firm.

6. 01/29/15 Prepared for: Independent Broker Network 6
Listing Procedures
-Only an “exclusive right-to-sell” (or lease) or
“exclusive agency”
No open listings, net listings or non-agency listings
Type of listing must be designated in the MLS
-Valid, binding, and enforceable listing agreements
must have the signature of the property owner(s),
an adequate legal description and otherwise satisfy
other legal requirements.

7. 01/29/15 Prepared for: Independent Broker Network 7
Listing Procedures cont'd
Each listed property
must be filed with the
MLS within 3 days of
the effective date of the
listing unless otherwise
directed in writing by
the owner(s)

8. 01/29/15 Prepared for: Independent Broker Network 8
Listing Procedures cont'd
- Expired listings may be extended upon written
agreement within 3 days of expiration. After 3
days a new listing must be secured for the listing to
be entered into the MLS
- Any changes to a listing must be filed within 3
days.
- Listing can only be withdrawn from MLS prior to
the expiration date with written agreement by the
owners and Listing Participant

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Listing Procedures cont'd
- Only photos/drawings of or maps to real
property will be accepted in the MLS system
-No contact information can be placed in the
Property Description
Property Photograph
Picture Description
Driving Directions
NO SELF BRANDING

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Selling Procedures
- Appointments for showings and ALL
negotiations must be conducted exclusively
through the listing Participant.
-Listing Participants shall submit ALL offers to the
owner(s) unless otherwise specified in writing.
-Status Changes MUST be made within 3 days

11. 01/29/15 Prepared for: Independent Broker Network 11
Prohibitions
MLS login information cannot be shared with
others
Key Cards cannot be shared with others

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Other Participant Compensation
VARIABLE RATE COMMISSION – is a
commission agreement whereby the owner agrees to
pay a specified commission if the property is sold or
leased by the listing Participant and a different
commission if it is sold or leased by an Other
Participant

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Confidentiality
All information relative to a listed property provided
by the MLS to Participants and Subscribers is official
confidential information of the MLS and MLS
Providers and exclusively for the use of Participants
and Subscribers.

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Use of Copyrighted MLS
Compilations
- MLS compilations available to Participants shall
not be distributed to persons who are not
subscribers.
- Single copies of MLS listing data can be
provided to prospective buyers and tenants who
may have an interest in the property in the
judgment of the Participant or Subscriber.

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Use of MLS Information
- Aggregated MLS sold information may be used
in public mass advertising, but information about
specific properties listed or sold by Other
Participants may not be included in any
advertising.
- Any information obtained from NTREIS and
utilized in advertising must contain a notice
identifying NTREIS as the source.

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Standards of Conduct for
Participants
- Participants shall not solicit a listing currently listed
exclusively with another Participant.
- Participants shall not solicit buyer/tenant agency
agreements from buyer/tenants who are subject to
exclusive buyer/tenant agency agreements
- Prior to entering into a rep agreement, Participants are
obligated to determine if a prospect is currently in one
for the same type of real estate service.

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Resources

18. NTREIS Rules & Regulations
Table of Contents
Section 1 – Name
Section 2 – Authority
Section 3 – Purpose
Section 4 – Definitions
Section 5 – Participation Policies
Section 6 – Dues &Fees
Section 7 – Listing Procedures
Section 8 – Selling Procedures
Section 9 – Prohibitions
Section 10 – Other Participant Compensation

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NTREIS Rules & Regulations
Table of Contents
Section 11 – Compliance with the Rules
Section 12 – Enforcement of Rules or Disputes
Section 13 – Confidentiality
Section 14 – Ownership of MLS Compilations & Copyrights
Section 15 – Use of Copyrighted MLS Compilations
Section 16 -Use of MLS Info
Section 17 – Internet Data Exchange & Downloading

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Section 18 – Computer Messaging
Section 19 – Virtual Office Website Rules
Section 20 – Amendments
Section 21 – Arbitration of Disputes
Section 22 – Standards of Conduct for Participants
NTREIS Rules & Regulations
Table of Contents