- NAR Policy Statement 7.23 requires MLS participants to specify the compensation offered by the listing broker for each listing,
- MLSOK Rules and Regulations requires that only descriptions of the property are entered into the MLS System remarks (§ 3.5) and requires participants to specify the cooperating commission offered in each listing (§7.1.2). Under 3.7, a listing agreement authorizes the listing participant to make blanket unilateral offers of compensation.
- The MLSOK Compliance Guidelines issue a fine where compensation is entered in any field other than the designated cooperating commission field, except for potential court- mandated compensation or bonus details. Therefore, participants cannot enter compensation terms in the remarks, only in the compensation field.
The compensation should be stated in the listing agreement.
Avoid the following to stay in compliance:
- Submitting 0 in the compensation field
- Mentioning compensation in the Public Remarks or REALTOR Remarks fields