In order to be eligible for coverage under NAR's blanket E&O insurance program, the MLS adopted new rules regarding keyboxes and leasing of keys. These rules are in compliance with NAR's required security measures and include the following:
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Eligibility to lease a key is limited to MLS Participants, Subscribers and GCAR Affiliate Members, who are licensed either as home inspectors or pest controllers.
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Each keyholder will be limited to one (1) key, with the exception of a Participant (managing broker) who desires an additional key(s), which shall be loaned only to real estate licensees affiliated with his/her firm.
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Alleged violations of loaning or sharing a key will be processed in the same manner as ethics complaints, for which sanctions imposed may include suspension of MLS privileges and/or a fine up to $15,000.
The MLS is aware that a lack of written rules up until now resulted in a few instances in which non-Participants were allowed to lease more than one (1) key and/or in which GCAR Affiliate members other than home inspectors or pest controllers were allowed to lease a key. GCAR Staff will work individually with those persons to ensure compliance with the new rules before March 20, 2016, which is the beginning of the next Supra billing cycle.