Rules & Regulations
The Big Sky Country Multiple Listing Service (BSC MLS) is a wholly-owned subsidiary of the Gallatin Association of REALTORS® (GAR), a Montana nonprofit corporation.
REALTORS® in good standing shall be eligible to participate in the BSC MLS provided that the Broker in Charge (BIC) of the office or firm shall agree in writing to conform to these Rules and Regulations, including the payment of MLS Fees, fines, and assessments.
Adherence to the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS® shall be a privilege and obligation of each member of the BSC MLS.
These rules and regulations are modeled after the National Association of REALTORS® (NAR) Handbook on Multiple Listing Policy, which is intended to guide local REALTOR® associations in the operation of multiple listing services consistent with the policies established by the National Association’s Board of Directors.
MLSs must conform their governing documents to the mandatory MLS policies established by the National Association’s Board of Directors to ensure continued status as member boards and to ensure coverage under the master professional liability insurance program. Mandatory provisions from NAR adopted by the BSC MLS are denoted in these rules and regulations with the following symbol: M
Multiple listing is an evolving concept. For this reason, new procedures, needs, operational facilities, and organizational arrangements must evolve to respond to its role and function. It is not the purpose of NAR’s Handbook to arrest this evolution, rather, it is to assure that it proceeds in a manner that satisfies the requirements of the law, the needs of participating REALTORS®, and the interests of the buying and selling public.
These rules and regulations are somewhat residential in focus because most multiple listing services are residential-oriented. However, policy information related to the operation of all types of multiple listing services and commercial information exchanges is included. Specific governing document provisions related to the establishment and operation of commercial/industrial multiples and exchanges can be found in the Handbook on Multiple Listing Policy — Commercial/Industrial Supplement, available online at REALTORS.org
A Multiple Listing Service (MLS) is a means by which authorized Participants make blanket unilateral offers of compensation to other Participants (acting as subagents, buyer agents, or in other agency or non-agency capacities defined by law); by which cooperation among Participants is enhanced; by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals, analyses, and other valuations of real property for bona fide clients and customers; by which Participants engaging in real estate appraisal contribute to common databases; and is a facility for the orderly correlation and dissemination of listing information so Participants may better serve their clients and the public. Entitlement to compensation is determined by the cooperating Broker’s performance as procuring cause of the sale (or lease). (Amended 11/04) M