Section 12: Key Definitions (12.13–12.24)
12.13 Listing Content
All information and media associated with a listing, including photos, text, virtual tours, floor plans, and other materials submitted to MLS Now.
12.14 MLS Now Compilation
The aggregated collection of all listing content submitted to and maintained by MLS Now in any format.
12.15 Non-Principal Broker
A licensed broker affiliated with a Participant who does not hold principal status.
12.16 Open Listing
A listing in which the seller may engage multiple brokers, paying a commission only to the broker who produces a buyer.
12.17 Participant
A REALTOR® principal broker or licensed/certified appraiser, or a principal broker or appraiser who meets the qualifications for participation in MLS Now, who has access to MLS Now and is responsible for compliance by their affiliated Subscribers.
12.18 Seller
The owner(s) of record or authorized representative(s) who have engaged a listing broker.
12.19 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.
12.20 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.
12.21 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.
12.22 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.
12.23 Virtual Staging
The digital addition, removal, or modification of images within media to depict how a property might appear when furnished or decorated.
12.24 VOW
Virtual Office Website, providing password-protected access to MLS data to registered consumers in a bona fide broker-consumer relationship.