LSDR / LTC Capital

Compliance Reference

Off-MLS & private-listing compliance

State laws are moving two ways: public marketing by default with a written seller opt-out, or concurrent public marketing required, with narrow exceptions. Under either, a separate question remains: how the seller's choice among the permitted options was explained and documented. This reference breaks down where each state stands, where liability sits for brokers, what informed consent to a listing strategy involves, and how to document the decision.

Published by LTC Capital, LLC, alongside the Listing Strategy Decision Record (LSDR) — a documentation tool that records how a seller reached an informed decision about listing strategy. The LSDR is not a registry, portal, or gatekeeping system; it is a structured record of seller deliberation.

National guidance

NAR's guidance applies nationwide and sets the baseline broker duties for office-exclusive and pre-marketing listings. State laws below are overlays on top of it.

NAR office-exclusive & pre-marketing guidance

The two broker duties in NAR's July 2026 guidance — explaining how each option serves the seller, and securing the required signed disclosure — and where a documented listing decision fits.
Bright MLS's July 2026 rulebook

The Bright disclosure form is removed July 22; the two-day entry deadline moves to signing. Why the question of how the seller's choice was explained and documented is unaffected.
Bright MLS display controls

What Bright's listing entry form shows for price, price history, days on site, and the other display fields, what is not yet documented, and where the seller's instruction is recorded.

State laws

Four states have passed or advanced private-listing laws, following an opt-out model or a concurrent-marketing model.

State-by-state overview

How WA, WI, CT, and NY compare — and which model each follows.
Washington — SB 6091

Concurrent public marketing required, with a health-or-safety exception. In effect June 11, 2026.
Wisconsin — 2025 Act 69

Public marketing as default. Effective January 1, 2027.
Connecticut — SB 340

Opt-out model. Effective October 1, 2026.
New York — Fair & Transparent Listings Act

Opt-out model. Passed both chambers; awaiting the governor's signature.

Liability & consent

The documented listing decision: five criteria a brokerage can check

Five criteria a brokerage can check its own forms against, how they map to the four elements, and what to know if your brokerage adopts the LSDR as its own policy.
Broker-of-record liability

The stacked liability picture for managing brokers: E&O, supervision, fair housing, and civil exposure.
Documenting the decision when MLS rules change

MLS documentation requirements vary and are shifting. Why the question of how the decision was documented sits with the broker regardless, and how to build a process that survives a rule change.
Informed consent to a listing strategy

What informed consent to a listing strategy involves — procedural vs. substantive, and the initiation-source question.

Tools & implementation

For listing agents: nobody asked you to remember the conversation

Written for the agent having the conversation rather than the broker auditing it. What the listing contract and the MLS status each record, what neither holds, and what the four elements are for.
Off-MLS compliance tools compared

How transaction-management and form tools handle the decision record — and the gap they leave.

 Free template
Brokerage SOP template

A ready-to-adapt SOP for reviewing and documenting restricted and off-MLS listings. Free PDF + editable Word.