WASHINGTON — A committee of the National Association of Realtors approved a proposed policy amendment today that would require multiple listing services to provide data feeds to brokers wishing to use the data to create automated valuations of properties for clients.

However, the committee made tweaks to the amendment to clarify that MLSs may restrict how third parties use the data if they obtain it through brokers.

“Now we’re very clear that they can limit third-party uses that are appropriate,” Bill Lublin, chair of the Multiple Listing Issues and Policies Committee and CEO of Century 21 Advantage Gold, told Inman News.

The amendment text, which now heads to NAR’s Executive Committee, reads as follows (bolded text indicates changes to the amendment approved today):

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 a reasonable amount of such information to support an estimate of value valuations on a particular propertyproperties for a particular clients. 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 and where deemed appropriate by the MLS, subject to a third-party license agreement. 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 purposeHowever, only such iInformation that an association or association-owned multiple listing service has deemed to be nonconfidential and necessary to support the estimate of value may not be reproduced and attached to the report used as supporting documentation. Any other use of such information is unauthorized and prohibited by these rules and regulations.

The Executive Committee will review the language of the proposed policy amendment approved today by the Multiple Listing Issues and Policies Committee. The Executive Committee could endorse the proposal and place it on the agenda for approval by NAR’s board of directors at a meeting scheduled for Saturday, recommend further changes to the wording, or block it from coming to a vote altogether.

As originally proposed, the policy amendment generated considerable debate among industry leaders, raising thorny questions about whether listing brokers would be able to opt out of providing their listing data for use by other brokers to create automated valuation models (AVMs), enforcement of MLS rules, and whether AVMs could threaten real estate deals, among other issues.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Inman Connect is LIVE today! Join us and thousands of your peers from wherever you are.Register Now×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription