Special Edition: Open MLS, Practice Changes, NC and SC Forms FAQs will be Covered at Upcoming General Membership Meetings
Tuesday, March 3, 2015 3:55:21 PM
Canopy MLS to Transition to Open MLS The Canopy MLS Board of Directors voted to become an Open MLS effective Jan. 1, 2025. Canopy MLS will share more details on the transition to an Open MLS this fall as outlined below.
In making the decision to move to an Open MLS, which has been allowed by NAR policy since 1994, the Canopy MLS carefully considered the potential benefits and risks.
Currently, Canopy MLS is an all Realtor® MLS, which means that in order to have access to the MLS, a real estate brokerage must have a Broker-in-Charge (“BIC”) who holds Realtor® membership. In an Open MLS, the BIC has the option of remaining a Realtor® member who subscribes to the MLS or choosing to drop their Realtor® membership and just subscribe to the MLS.
Two Broker-in-Charge Briefings Will be Held in Sept. via Zoom Tues., Sept. 3 from 1:00 – 2:30 p.m. and Mon., Sept. 9 from 10:00 – 11:30 a.m.
Join Charisma Southerland, President, Anne Marie DeCatsye, CEO and Michele McCaskill, General Counsel for an overview of the transition to an Open MLS, updates and best practices regarding the recently implemented practice changes and the new Canopy MLS Category II violations. Byron King, Chief Legal Officer, SC REALTORS® and John Wait, NC REALTORS® Legal Counsel, Martin & Gifford, PLLC will address some frequently asked questions on forms.
Do you have North Carolina or South Carolina Forms questions that you would like addressed? Please send questions before the Broker-in-Charge Briefing to marketing@canopyrealtors.com by Weds., Aug. 28.
Two General Membership Meetings Will be Held in Sept. via ZOOM Register to learn more about the transition to an Open MLS, as well as updates and best practices regarding the recently implemented practice changes and the new Canopy MLS Category II violations.
Weds., Sept. 11, from 10:00 - 11:30 a.m. John Wait, NC REALTORS® Legal Counsel, Martin & Gifford, PLLC and Jay Rinehart, CEO of Rinehart Realty Corp. and attorney licensed in SC and NC, will address some frequently asked questions on forms.Register: Sept. 11 morning session (10:00- 11:30 a.m.)
Weds., Sept. 11 from 2:00 -3:30 p.m. Caitlin Thompson, NC REALTORS® Chief Legal Officer and Jay Rinehart, CEO of Rinehart Realty Corp. and attorney licensed in SC and NC, will address some frequently asked questions on forms. Register: Sept. 11 afternoon session (2:00 - 3:30 p.m.)
Do you have North Carolina or South Carolina Forms questions that you would like addressed? Members can email their questions to marketing@canopyrealtors.comby Weds., Aug. 28.
Four New Canopy MLS Category II Violations Due to Practice Changes For the remainder of 2024, Canopy MLS compliance staff will manage violations of the new rules as warning with no fine except as noted in #4 below. Beginning Jan. 1, 2025, violations will carry an immediate $100 fine.
Making an offer of compensation on the MLS.
Failure to provide required consumer disclosures.
Failure to enter into a written buyer agreement prior to touring a home.
Using MLS data or data feeds to establish a platform to make offers of compensation from multiple brokers. NOTE: This violation will be enforced immediately and will result in the immediate suspension of the respondent’s access to any MLS data and data feeds until the violation is corrected.
Seller Contribution Field Modified in Matrix Canopy MLS has made a slight modification to the Seller Contribution field to help clear up confusion. Language has been added to clarify that the amount listed in the Seller Contribution field in Matrix should reflect Seller Contributions excluding amounts paid towards buyer agent compensation.
Canopy’s Clarification on NC REALTORS’ Q&A (#7) on Navigating Compensation The North Carolina Realtor® Legal Q&A, Navigating Cooperative Compensation in Compliance with North Carolina License Law and the Code of Ethics, provides a FINAL RESORT that has left agents confused.
Ideally, buyer agents will continue to determine and confirm compensation prior to the submission of any offers. Buyers are also free to ask for seller concessions in their offer, which can include amounts that go towards buyer agent compensation.
Buyer agents continue to be prohibited from putting the terms of their compensation in the pre-printed North Carolina Offer to Purchase. In addition, buyer agents cannot “attach” their compensation agreement to the Offer to Purchase itself. The compensation agreement must never become part of the Offer to Purchase. Read about Canopy's clarification on NC REALTORS' Q&A (#7). Reminders to Keep Compliant with MLS Rules Watch theStay in Compliance with Canopy MLS video or read Important reminders to help you stay compliant with MLS rules.
Important Reminders to Help You Stay Compliant with MLS Rules
Review Your Listings for References to Compensation Although the compensation fields have been removed from Matrix, many listings still reference compensation in the Remarks fields, attachments, web URLs, etc. Making an offer of compensation anywhere in the MLS is strictly prohibited.
To avoid receiving a compliance notice, we recommend reviewing all of your current listings for references to compensation, commission, and bonuses in remarks, attachments, web URLs, etc.
Remember that the MLS listing MAY link to the main homepage of the listing brokerage or agent’s website, or to a specific listing on the listing brokerage or agent’s website, or to a virtual tour, as long as there is no offer of compensation on the linked page.
Canopy Resources Bookmark brokerrelations.canopyrealtors.com to access NAR proposed settlement resources, 2024 NC and SC forms information, Realtor® value resources, compliance education, and more.
