Got RETS?

The Real Estate Transaction Standard, or RETS, which is designed to facilitate real estate data standardization and make for smoother data transfer, may soon get a new governance structure. A RETS workgroup has drafted a document proposing the creation of a Real Estate Standards Organization to oversee activities related to RETS. One possible application of RETS is to help multiple MLSs seamlessly share their data with their members.

This week, RETS workgroup participants will discuss and consider adoption of the RESO Governance Policies and Procedures. RESO, as proposed, would "govern the standards development, promotion, and maintenance activities of Real Estate Transaction Standard and any other Standard that RESO deems appropriate."

The National Association of Realtors will set the annual funding levels for RESO and hire an executive officer for the group, "until non-NAR RESO funding reaches 50 percent, at which time the Board of Directors Business Committee will establish funding levels and select the executive officer," according to the proposal.

Under this proposal, the group's board of directors will initially include 11 members, including the executive officer, MLS vendors, transaction management system vendors, third-party software development companies, residential brokerage company owners or officers, and MLS operators.

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