On February 25, 2021, the Board of Directors approved the following recommendations from the MLS Committee to amend the MLS Rules, as outlined below, and are effective immediately. For questions, please call 423.698.8001 and ask to speak with MLS Director Tonya Bell or MLS Coordinator Rheta Beck.
As outlined below, the MLS Rules, Sections 18.9 and 18.11 were amended due to no Participants currently leasing an additional key(s) and to reduce the potential future risk of additional keys in the marketplace:
Section 18.9. Limit of One Key Per Keyholder. With the exception of a Participant* desiring an additional key(s) for the sole purpose of to real estate licensees affiliated with his/her firm, eEach keyholder will be limited to leasing one (1) key. When issued on a temporary basis to a real estate licensees affiliated with his/her firm, the Participant is responsible for advising the MLS within twentyfour (24) hours in writing (email is acceptable) that the key has been issued, to whom and the date/time of issuance. After possession of the previously issued key has been reassumed, the Participant is responsible for advising the MLS within twenty-four (24) hours in writing (email is acceptable) that the key has been returned. For failure to advise the MLS in writing within twenty-four (24) hours after a Key has been issued on a temporary basis to a real estate licensee affiliated with his/her firm, the Participant’s key(s) may be put on hold for up to ninety (90) days. Each Participant shall be limited to no more than two (2) additional keys. *A Participant, who has no licensees (real estate or appraiser) affiliated with his/her firm, is not eligible to lease an additional key(s).
Section 18.11. Possession, Loaning or Sharing of Key. With the exception of a Participant who leases an additional key(s) for the sole purpose of loaning to real estate licensees affiliated with his/her firm, Keyholder shall not loan or share his/her key with any person for any period of time. Alleged violations of this rule shall be referred to the Chief Executive Officer for appropriate action in accordance with the professional standards procedures established in the Code of Ethics and Arbitration Manual. Sanctions which may be imposed on users include suspension of MLS rights and privileges and a fine not to exceed fifteen thousand dollars ($15,000).