1. It’s Settled: US v NAR Next Steps for MLSs

2. Today’s Agenda Timeline for NAR Timeline for MLSs What did not change: IDX MLS Participation Rule Strengthened Changes to VOW Policy –What’s new –What’s gone

3. Timeline for NAR May 27 Settlement reached June 12 CIS filed with Court {Mid-June }Comment period begins {Late Aug } Comments/responses filed {Early Sept.}Court approval requested {Sept.}NAR notifies MLSs {Nov.}MLSs adopt policy & rules

4. Timeline for MLSs Take no action now. Become familiar with modified policies and future steps. Sept. – Nov. –Adopt VOW policy, –Select options / adopt VOW rules –Adopt revised “Participant” definition –Return certification form to NAR

5. IDX remains unaltered

6. Highlights of Policy Changes “Participant” requirement strengthened Must actively endeavor to list or sell property of the type in the MLS on a continual basisMust actively endeavor to list or sell property of the type in the MLS on a continual basis No minimum # of transactions required (must be trying)No minimum # of transactions required (must be trying) Seasonal and part-timers OKSeasonal and part-timers OK Limited service brokers OK if comply with state lawLimited service brokers OK if comply with state law

7. Implementation Include affirmative representation on MLS applicationInclude affirmative representation on MLS application MLS may evaluate if MLS has basis to believe Participant fails to qualifyMLS may evaluate if MLS has basis to believe Participant fails to qualify One year “wait” before terminations (5/27/09)One year “wait” before terminations (5/27/09)

8. Revised VOW Policy Broker opt out is gone Sellers’ rights: –No Internet display –No address displayed on Internet –Turn off blogging –Turn off automated valuations –Deletion of false information

9. Revised VOW Policy New VOW Obligations –Maintain means of communication to receive comments on accuracy of information on VOW –Correct or remove false information when notified by listing broker –Able to respond knowledgeably about properties in market area served by Participant and displayed on VOW.

10. New VOW Policy Sold Data –Sold information can be displayed on a VOW unless the MLS is in a state where sales prices are not publicly available. –If sales prices not publicly available, MLS can elect to prohibit display on VOWs.

11. New VOW Policy Affiliated VOW Partners (“AVPs”) –Participants can have a vendor operate their VOWs (AVP) –AVP subject to Participant’s oversight and accountability –MLSs may require license agreement –MLS provides same feed, same manner, same frequency, same cost

12. New VOW Policy Participants’ VOWs must comply with new policy 180 days after MLS’s adoption of VOW rules.

13. Timeline for MLSs Take no action now. Become familiar with modified policies and future steps. Sept. – Nov. –Adopt VOW policy, –Select options / adopt VOW rules –Adopt revised “Participant” definition –Return certification form to NAR