The National Association of Realtors’ board of directors approved an amendment today requiring multiple listing services to make it easier for brokers to use listing data to produce automated valuation models for their clients, after a push by some members to send the amendment back to the drawing board failed.
Before voting on the amendment, members first tacked on a provision that requires NAR to provide support to MLSs that will help the MLSs ensure that MLS data “is used by MLS participants and their third-party technology providers only for specified, authorized users.”
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The provision, like clarifications added to the proposed amendment earlier this week, was designed to ease concerns that the amendment could spur MLSs to lose control of their data.
It requires NAR staff and counsel to develop information and resources including model third-party license agreements, checklists of key issues and concerns and educational materials.
The text of the approved amendment reads as follows:
- None of the foregoing shall be construed to prevent any individual legitimately in possession of current listing information, sold information, comparables or statistical information from utilizing such information to support valuations on particular properties for clients and customers. Any MLS content in data feeds available to participants for real estate brokerage purposes must also be available to participants for valuation purposes, including automated valuations. MLSs must either permit use of existing data feeds, or create a separate data feed, to satisfy this requirement. MLSs may require execution of a third-party license agreement where deemed appropriate by the MLS. MLSs may require participants who will use such data feeds to pay the reasonably estimated costs incurred by the MLS in adding or enhancing its downloading capacity for this purpose. Information deemed confidential may not be used as supporting documentation. Any other use of such information is unauthorized an prohibited by these rules and regulations.
A motion to refer the amendment back to NAR’s Multiple Listing Issues and Policies committee for additional review was narrowly defeated.