The current Cooperating Brokerage Commission field allows up to 22 characters. Beginning on May 23, 2019, the field will be expanded to allow up to 200 characters. This change is being made to ensure the cooperating brokerage commission data is available for Virtual Office Websites (VOWs), as set out by the Competition Tribunal Order.
Along with the change to the number of characters allowed in this field, the Board of Directors have approved the following new MLS® policy that will also take effect on May 23, 2019 as follows:
23. The Cooperating Commission field must contain either a dollar amount and or a percentage. “See Remarks” is not acceptable. Any additional comments or details pertaining to the cooperating brokerage commission must be entered in the Cooperating Commission Comments field, not the REALTOR® remarks.
This means on May 23, 2019, any current active listings on the MLS® system and any new listings entered should ensure the cooperating brokerage commission is appearing ONLY in the “Commission to Cooperating Brokerage” field, not in the REALTOR® remarks. Not following the new MLS® policy will mean your listing may not be in compliance with the Competition Tribunal Order.
This is right decision, it will be helpful to clarify the cooperating brokerage commission.