Real Estate is very dynamic and the needs of the MLS are constantly changing. Here is one example, short sales created a whole set of challenges that had never been dealt with before. Rules had to be established, a new status had to be agreed upon, legal issues regarding compensation being up to the lenders had to disclosed etc. There is the constant policing of these listings that needs to be addressed. What is disclosed in the MLS creates legal liability and the $’s at stake are obviously very significant. The language you put in a listing is subject to Federal Fair Housing laws. You can get fined significant amounts for violating and there is also the potential for jail time if you use certain discriminatory language.
What is contained in the MLS listings is not a simple matter of telling people about houses. The legal burdens are enormous and must be complied with.
There are plenty of other issues and I am far from an expert on these matters. I just follow the rules they lay out for me.
