Rules & Regs 1) Authority 2) Purpose 3) Multiple Listing Service

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  1. AUTHORITY

MLSListings Inc. (“MLSListings”) may maintain for the use of its participants and subscribers a Multiple Listing Service (hereinafter referred to as “MLS” or “Service”), which shall be subject to the bylaws of MLSListings and such rules and regulations as may be hereinafter adopted by the Board of Directors of MLSListings (hereinafter “Board of Directors”).

  1. PURPOSE

A Multiple Listing Service is a means by which cooperation among brokers is enhanced; authorized MLS broker participants establish legal relationships with other participants by making a blanket unilateral contractual offer of compensation and cooperation to other broker participants; a means by which information is accumulated and disseminated to enable authorized participants to prepare appraisals, analyses and other valuations of real property for bona fide clients and customers; a means by which Pparticipants engaging in real estate appraisal contribute to common databases; and is a facility for the orderly correlation and dissemination of listing information among the participants so that they may better serve their clients, customers and the public. Entitlement to compensation is determined by the buyer broker’s performance as a procuring cause of the sale or lease.

     2.1 Client or Customer Defined 

A “customer” or “client” means a seller client of a participant/subscriber or a person who has expressed to a participant/subscriber an interest in purchasing real property, and who has described the type, features or location of the property in which he or she has an interest. This may include those with whom a prior business relationship exists.

  1. MULTIPLE LISTING SERVICE

The MLS shall be governed by the Board of Directors in accordance with the bylaws of MLSListings and rules and regulations as developed by the MLS Rules Committee. All actions of the MLS Rules Committee shall be subject to the approval of the Board of Directors.

 

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