Every participating organization helped create the Bright rules, through a collaborative process. The rules follow the NAR model rules, so they will be very familiar to many subscribers. Of course, there are some details that may be different, based on which MLSs you use.* Here are the top 6 most notable changes:
- All changes to listings, including initial entry, status changes, and price changes, must be completed within 3 business days of the effective date.
- Every listing must include at least one listing photo. This is across all property types, but must include a curbside photo (for residential – non-new construction), an architectural rendering (for new construction) or a plat/survey (for unimproved non-residential).
- If requested, you must provide copies of listing agreements and all related addenda to Bright within 3 business days.
- A transaction that is not marketed in Bright may be added to the MLS after it has sold in 3 instances: if the property wasn’t listed or was listed with a non-Bright participant but sold by a Bright participant; or if it was subject to an open listing agreement.
- Cooperative Compensation may not be based upon Net Sales Price. Cooperative Compensation must be offered as a percentage of the Gross Sales Price, as a flat dollar amount, or combination of the two. For new construction only, cooperative compensation may be offered as a percentage of the base sales price, which is defined as the price before any buyer upgrades.
- Since Bright MLS allows non-REALTORS®, if deemed necessary non-REALTOR® participants will be required to participate in the REALTOR® complaint and arbitration process, and may have their MLS access suspended if they refuse to pay an award as the non-prevailing party in an arbitration decision.