LEGAL CORNER: NAR’s Updated Clear Cooperation Policy: Seller Options, Listing Requirements and Brokerage Responses

In 2020, the National Association of Realtors introduced the Clear Cooperation Policy, which mandated that properties publicly marketed by Realtors be listed on a Multiple Listing Service within one business day. In response to industry feedback, litigation, and evolving market dynamics, NAR announced a significant update on March 25, 2025, introducing the “Multiple Listing Options for Sellers” policy. This update complements the existing CCP, offering sellers greater flexibility while maintaining transparency.

 Seller Options Under the Updated Clear Cooperation Policy

The updated CCP, effective March 25, 2025, with an implementation deadline of Sept. 30, 2025, introduces a new category called “delayed marketing exempt listings” alongside the existing “office exclusive listings” option. These options provide sellers with more control over how their properties are marketed, addressing privacy concerns and strategic marketing preferences while ensuring compliance with MLS rules.

 Delayed Marketing Exempt Listings

The “Delayed Marketing Exempt Listings” option allows sellers to instruct their listing agent to delay public marketing of their property through Internet Data Exchange (IDX) feeds and syndication platforms (e.g., Zillow, Realtor.com, Homes.com) for a certain period of time to be determined by the local MLSs by Sept. 30^th. During this time, the listing is filed with the MLS and accessible to other MLS participants (agents and brokers) but not visible to the public on consumer-facing websites. This option allows sellers to test the market discreetly, prepare the property (e.g., staging, renovations), and/or maintain privacy temporarily.

Sellers must sign a disclosure form acknowledging they are waiving or delaying the benefits of immediate public marketing. This ensures informed consent and transparency about the potential trade-offs, such as reduced exposure to buyers. This option is ideal for sellers who want a strategic pre-marketing phase, such as high-profile individuals, those in sensitive situations (e.g., divorce), or sellers testing pricing without public scrutiny.

 Office Exclusive Listings

 The “Office Exclusive Listings” option is also still available to sellers. This option allows sellers to opt for an office exclusive listing, where the property is not disseminated through the MLS to other participants or publicly marketed. Marketing is restricted to within the listing brokerage, typically through direct promotion among the brokerage’s agents and their clients. One-to-one broker-to-broker communications outside the brokerage are also permitted without triggering CCP requirements.

When electing to have their property marketed via the “office exclusive listing” option, sellers must provide a signed certification confirming they do not want the listing disseminated through the MLS. The listing must still be filed with the MLS but is not shared with other participants unless it is publicly marketed. This option suits those sellers prioritizing maximum privacy (e.g., celebrities, high-profile individuals, etc.) or those individuals in unique personal circumstances, who would like to limit exposure of their property to a select group of buyers.

 Listing Requirements and Time Frames

Both “Delayed Marketing Exempt Listings” and “Office Exclusive Listings” require the listing to be filed with the MLS, ensuring that even private listings are documented, maintaining the integrity of the MLS as a cooperative platform. If a seller or agent publicly markets the property (e.g., via yard signs, social media, or email blasts), the CCP mandates that it be fully listed on the MLS within one business day, regardless of the chosen option. The CCP and its complementary “Multiple Listing Options for Sellers” policy impose strict requirements to ensure transparency and cooperation among MLS participants. Key requirements include:

 • Mandatory MLS Submission: All listings, including delayed marketing exempt and office exclusive listings, must be filed with the MLS. This applies to property types mandated by local MLS rules, typically single-family homes, condominiums, multi-family properties and vacant land.

 • One Business Day Rule: If a property is publicly marketed—defined broadly to include yard signs, flyers, digital marketing on public websites, brokerage displays (IDX/VOW), email blasts or multi-brokerage networks—it must be submitted to the MLS for cooperation with other participants within one business day (excluding weekends and holidays). This rule remains unchanged from the original CCP.

 • Disclosure and Certification: For both delayed marketing exempt and office exclusive listings, brokers must obtain signed documentation from the seller. For delayed marketing, this is a disclosure form outlining the implications of delayed public marketing. For office exclusives, it is a certification that the seller opts out of MLS dissemination.

 • Local MLS Discretion: The duration of the delayed marketing period is set by individual MLSs, allowing flexibility based on local market needs. MLSs must come up with an appropriate timeframe before the Sept. 30, 2025 implementation deadline.

 • Non-Public Marketing Clarification: One-to-one broker-to-broker communications about a listing do not trigger the CCP’s one-day submission requirement. However, sharing a listing with multiple brokerages constitutes public marketing, requiring immediate MLS submission.

 These requirements aim to balance seller choice with the need for a transparent, cooperative marketplace, ensuring buyers and agents have equitable access to property information.

 Brokerage Industry Reaction to the Updated CCP

The updated CCP has elicited varied responses from real estate brokerages, reflecting differing business models, market strategies and philosophies on transparency versus seller control. Some brokerages favor the new flexibility (and also desire even more added flexibility), while others are reinforcing strict adherence to public MLS listings.

 Redfin, eXp Realty and Zillow Move to Ban Private Listings

Zillow, eXp Realty and Redfin have come out in recent days and have indicated that they will enact rules banning listings that are not submitted to the MLS and published on listing sites. As Claire Boston, Senior Reporter at Yahoo Finance, states the CCP “and the delayed marketing compromise have sparked fierce debate within the industry.” [See https://bit.ly/3YxIs2g]. According to Housingwire, eXp Realty’s CEO, Leo Pareja, has publicly supported the CCP, stating “that he and his firm are ‘putting their money where their mouth is.’” [See https://bit.ly/43Xnv4q]. These brokerages argue that private listings risk fragmenting the market, reducing transparency, and potentially violating fair housing principles by limiting access to select groups. They see the MLS as a critical tool for ensuring equitable and widespread access to properties, and enabling competitive bidding.

 Brokerages in Favor of Private Temporary Off-Market Listings

Compass, one of the largest U.S. real estate brokerage firms, has been a vocal critic of NAR’s original CCP. While Robert Reffkin, CEO of Compass was “pleased” with the changes to the newly updated CCP, Housingwire reports that “he made it clear that these changes were not enough.” [See https://bit.ly/3Ek5wLd]. Compass has been a supporter of private listings and seller privacy rights and choice. Compass has leveraged “Private Exclusive” listings and a large percentage of its active listings are marketed internally before being listed on the MLS. Under the updated CCP, Compass is likely to capitalize on the delayed marketing exempt listings option, which would allow agents to market properties within their network for the MLS-determined delay period. Reffkin has described the updated CCP as a “small step in the right direction” toward greater seller choice, although he advocates for even more flexibility, such as a 30-day (or even greater) unrestricted marketing period.

Compass and others argue that sellers should have the freedom to control how their properties are marketed, especially in luxury or niche markets where privacy is paramount. They view private listings as a competitive advantage, allowing them to attract clients and potentially close more transactions within their networks.

NAR Resources Regarding the New CCP

 NAR has provided the following information regarding the updated CCP. Key materials and forms include:

 • NAR’s Facts.realtor page on the “Multiple Listing Options for Sellers” policy [see https://bit.ly/4iooxdo].

 • NAR’s FAQ on Multiple Listing Options for Sellers [see https://bit.ly/4lwKmtW].

 • A detailed article on the CCP policy update, which provides context on the development process and industry reactions [see https://bit.ly/4cvjJRW].

 R’s video, “Window to the Law: Understanding the MLS Clear Cooperation Policy” [see https://bit.ly/4jz8kmq ].

 Exempt Listing Disclosure Form Guidelines

While NAR does not provide a standardized form, it does offer a guideline for MLSs to create disclosure forms for delayed marketing exempt and office exclusive listings. These forms must document the seller’s informed consent and understanding of marketing trade-offs. MLSs are expected to develop these forms by Sept. 30, 2025. NAR provides the following guidance:

“The filing of an exempt listing (office exclusive or delayed marketing) with the MLS must be pursuant to a certification obtained by the listing broker from the seller which includes:

 • disclosure about the professional relationship between the Participant and the seller;

 • acknowledgement that the seller understands the MLS benefits they are waiving or delaying with the exempt listing, such as broad and immediate exposure of their listing through the MLS; and

 • confirmation of the seller’s decision that their listing not be publicly marketed and disseminated by the MLS as an office exclusive listing or that their listing will not have immediate public marketing through IDX and Syndication as a delayed marketing listing.”

 Conclusion

The updated Clear Cooperation Policy is NAR’s attempt to balance seller flexibility with the transparency and cooperation that define the MLS system. Sellers can now choose delayed marketing exempt listings or office exclusive listings, but both options require MLS filing and signed disclosures. The one-business-day rule for publicly marketed properties remains a requirement. As the industry adapts by Sept. 30, 2025, ongoing debates and market data will likely shape future iterations of the policy. For Realtors, understanding these options and their implications is critical to serving clients effectively in a dynamic market.

 Legal Column author John Dolgetta, Esq. is the principal of the law firm of Dolgetta Law, PLLC. For information about Dolgetta Law, PLLC and John Dolgetta, Esq., please visit http://www.dolgettalaw.com. The foregoing article is for informational purposes only and does not confer an attorney-client relationship and shall not be considered legal advice. The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views or positions of HGAR, its affiliates, or any other entity.