**GSMLS UPDATE**

Here are the three key changes related to the NAR Anti-Trust settlement that will be coming to the MLS on August 13th, 2024:

Removal of All Compensation Fields from the MLS

To be in compliance with the NAR settlement, Greater Southern MLS will be removing all references to offers of compensation. This includes, but is not limited to, Public Remarks, Private Remarks, Compensation Fields, and any other areas where compensation might be mentioned.

Automatic Fines for Brokers and agents for Including Compensation in the MLS

Greater Southern MLS will now issue AUTOMATIC fines to both the Listing Broker and Agent if compensation is inadvertently mentioned in any form. This applies to all listing details, including public/private remarks, text fields, photos, virtual tours, etc.

The automatic fines will be as follows:  

Broker: $1,500

Agent: $1,000

Post-Close Concessions Required 

To assist appraisers in accurately determining the true value of a home, our system will continue to allow the inclusion of concessions that were part of a transaction post-close. The system will now also allow you to specify whether concessions were included and to categorize the types of concessions.