What is changed by the revised MLS “membership” rule?
The revised membership rule is similar to the longstanding definition of MLS “Participation” except that it requires that Participants “offer or accept cooperation and compensation to and from other Participants”. This differs from the earlier policy that merely required that Participants be “capable of offering and accepting cooperation and compensation”. The official definition of MLS “Participant” can be found in Multiple Listing Policy Statement 7.9, Definition of MLS “Participant”. The new requirement that a Participant be engaged in making or accepting offers of cooperation and compensation to other Participants is explained further in the informational “Note” that accompanies Section 3, Participation, in the model MLS Bylaws, which provides: Mere possession of a broker’s license is not sufficient to qualify for MLS participation. Rather, the requirement that an individual or firm ‘offers or accepts cooperation and compensation’ means that the Participant actively endeavors durin
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