Section 12: Definitions (12.13–12.26)
This article contains Section 12 of the MLS Now Rules and Regulations (Definitions 12.13–12.26), effective 08/03/2026. The text below matches the official MLS Now Rules and Regulations. Definitions 12.1–12.12 are in this article.
The following defined terms apply in these Rules:
12.13 MLS Now Database
The compilation of listing content and related information that MLS Now collects, validates, maintains, and disseminates to authorized users.
12.14 Monitoring Code
Code or mechanism provided by MLS Now that must be implemented on IDX/VOW displays to support monitoring and compliance.
12.15 Net Listing
A listing agreement under which the broker’s compensation is the amount by which the gross sales price exceeds a specified net amount to the seller.
12.16 Office Exclusive
A listing withheld from dissemination to other Participants at the seller’s written direction, subject to Clear Cooperation rules if publicly marketed. (Please see section 2 for mandatory submission requirements.)
12.17 Open Listing
A non-exclusive listing where multiple brokers may be authorized and compensation is paid only to the procuring cause of the sale.
12.18 Participant
A principal broker or appraiser who meets the qualifications for participation in MLS Now and is responsible for compliance by affiliated Subscribers.
12.19 PREP
The PREP listing offers options for the broker authorized by the seller. Showings are optional, as are IDX feeds to public portals (the internet). Public marketing is permitted, allowing for yard signs, social media posts, etc. per the entry rules stated within the guidelines of these Rules. Price history and days on market are suppressed during the PREP pre-marketing period of 7 business days. Please see section 2 for mandatory submission requirements. (Added 05/26)
12.20 Sanction
A penalty or disciplinary measure, including fines, mandatory education, suspension, or termination, imposed for a violation of the Rules, as permitted by these Rules and MLS Now policy.
12.21 Seller
The owner(s) of record or authorized representative(s) who have engaged a listing broker.
12.22 Service Area
MLS Now’s service area includes the territorial jurisdictions of its shareholder associations and any additional areas defined by the MLS Now Board, including areas supplied by reciprocal or data share agreements.
12.23 Short Sale
A transaction where the sale price is insufficient to pay the total of all liens and costs of sale, and the seller’s lienholder(s) agree to accept less than the amount owed.
12.24 Subscriber
A principal broker, non-principal broker, sales associate, or licensed/certified appraiser affiliated with a Participant who is authorized to access MLS Now. Subscribers may be REALTORS® or non-REALTORS®, provided they are properly affiliated with a Participant and meet eligibility requirements.
12.25 Virtual Staging
The digital addition, removal, or modification of images within media to depict how a property might appear when furnished or decorated.
12.26 VOW
Virtual Office Website, providing password-protected access to MLS data to registered consumers in a bona fide broker-consumer relationship.