LSDR / LTC Capital

Compliance Reference

Off-MLS & private-listing compliance

State laws are converging on a single rule: market residential listings publicly by default. This reference breaks down where each state stands, where the liability sits for brokers, what informed seller consent actually requires, and how to document it.

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 marketing path. 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 duty to document an informed listing-strategy decision is unaffected.

State laws

Four states have passed or advanced private-listing laws, splitting into opt-out and prohibition models.

State-by-state overview

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

Prohibition model. Effective 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 plus fair-housing acknowledgment. Awaiting signature.

Liability & consent

Broker-of-record liability

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

MLS documentation requirements vary and are shifting. Why the duty sits with the broker regardless, and how to build a process that survives a rule change.
Informed seller consent

What consent actually requires — 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 compliance-audit SOP for brokers of record. Free PDF + editable Word.