LSDR / Compliance Reference / Listing decision standard
The seller decides. What should the record show?
Updated October 22, 2026
A documented listing decision should let anyone reviewing the file see what the seller was shown, what mattered to the seller, what the seller chose, and when. This page publishes five criteria a brokerage can check its own forms against. Any brokerage can meet them with its own forms and procedures. The Listing Strategy Decision Record (LSDR) is one tool built to produce a documented listing decision.
To see what a finished record looks like, open the demonstration or the sample records: public-MLS decision (PDF) and restricted-marketing decision (PDF).
The five criteria
A documented listing decision, wherever the rules land, should show:
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The available approaches and their tradeoffs, as presented to the seller, and the seller’s acknowledgment of them. This includes the tradeoffs and any warnings the seller acknowledged.
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What mattered most to the seller, in the seller’s own ranked priorities. The seller ranks the priorities. The agent does not rank them for the seller.
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The strategy the seller selected, and any field-level display settings. When marketing is restricted, this includes the seller’s stated reasons, and the record says plainly when none of them is a specific circumstance.
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When marketing is restricted, the condition on which the listing moves to public MLS marketing. For example, a number of days, a number of qualified showings, a deadline for the seller to reaffirm in writing, or another stated condition.
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The signatures of the seller or sellers and the listing agent, and the broker of record’s acknowledgment. One record, reviewed by all three before the marketing plan moves forward.
The record documents the seller’s decision, not the agent’s advice. Agents advise. Sellers decide.
The standard does not prefer one strategy. A seller may begin with immediate public MLS exposure, with restricted marketing, or with limits on what appears on public websites. Different priorities can reasonably produce different decisions. The expectation is the same for all of them: the record shows what the seller was shown, what mattered to the seller, and what the seller chose.
To use the LSDR for your own listings, start configuration or see pricing.
How the five criteria relate to the four elements
The four elements remain the definition of a documented listing decision. The five criteria are a checklist for checking a file against them. They do not add a fifth element or replace any of the four.
| Criterion | Corresponds to |
|---|---|
| 1. Approaches, tradeoffs, and the seller’s acknowledgment | Element 1: Documented deliberation |
| 2. The seller’s ranked priorities | Element 1: Documented deliberation |
| 3. The strategy selected and, when restricted, the seller’s reason | Element 2: A specific, lawful reason. Applies only when marketing is restricted. |
| 4. The condition for moving to public MLS marketing | Element 3: A defined fallback trigger. Applies only when marketing is restricted. |
| 5. Signatures and broker acknowledgment | Element 4: Signatures from everyone with a stake (tri-party signatures) |
Field-level display settings are recorded as a separate line, and they are not a restricted-marketing path. Where a seller limits which listing fields appear on public websites, the record shows that the seller was made aware of the choice and what was selected. It does not decide whether any setting is advisable. How display settings work varies by MLS and changes over time; the Bright MLS display controls reference sets out what is documented so far.
Check your own forms
Take a completed file and ask five questions:
- Does it show the approaches and tradeoffs the seller was shown, and that the seller acknowledged them?
- Does it show what mattered most to this seller, ranked by the seller?
- Does it show the strategy the seller chose, and any display settings, with the seller’s reason when marketing is restricted?
- When marketing is restricted, does it show when and how the listing moves to public MLS marketing?
- Is it signed by the seller and listing agent, with the broker of record’s acknowledgment?
A brokerage that can answer yes to all five meets the standard, whether or not it uses the LSDR.
What the standard does not do
The standard describes what a record should show. It is not required by law, it is not a safe harbor, and it does not guarantee any outcome. It is a record of the process used to seek and document the seller’s informed decision; it does not certify that any consent was legally valid. A contemporaneous record can show that the seller was told the tradeoffs and made the choice. It can equally show a departure from the seller’s instructions. It does not replace the listing agreement, MLS forms, brokerage policy, supervision, or E&O coverage, and it records the decision only; execution and outcomes are documented separately. Review the approach with your broker and counsel. For the risk picture, see broker liability for non-compliant private listings.
If your brokerage adopts the LSDR as its own policy
A brokerage can meet the standard with its own forms, or by using the LSDR. Whether a brokerage suggests the LSDR to its agents, makes it part of its own policy, or does neither is the brokerage’s decision. No law or MLS rule requires the LSDR, and LTC Capital does not set any brokerage’s policy.
- The LSDR is licensed per agent. Each agent configures a record for their own MLS, state, brokerage and broker of record, and enrolls separately.
- The record carries a broker of record acknowledgment, so a broker can ask to see a completed record at listing intake.
- Agents can review the demonstration, then start configuration. Pricing is published.
Questions about the standard? Use the form below.
Why not build the form yourself?
You can. The five criteria are published so that any brokerage can check its own forms against them. What a licensed LSDR adds is a finished record configured for the agent’s MLS, state and brokerage, a side-by-side comparison of the available approaches with the seller’s ranked priorities, the display-settings line, and a build that is checked before it is delivered. See the pricing and terms for what the annual update includes.
Frequently asked questions
Does a brokerage need to use the LSDR to meet the standard?
No. A brokerage can meet the five criteria with its own forms and procedures. The LSDR is one structured way to produce a record that shows all five.
Does the standard apply only to private or restricted listings?
No. It applies to the seller’s decision on any listing. Two items apply only when marketing is restricted: the seller’s stated reason and the condition on which the listing moves to public MLS marketing.
Does the record capture what the agent recommended?
No. The record documents the seller’s decision, not the agent’s advice. The listing agent signs the record, but the agent’s recommendation is not part of it.
What are the limits of a documented listing decision?
A record is evidence of process, not immunity. It can show the seller was told the tradeoffs and made the choice, and it can equally show a departure from the seller’s instructions. It is a record of the process used to seek and document the seller’s informed decision; it does not certify that any consent was legally valid. It is not a safe harbor or a guarantee of any outcome, and it does not replace required forms, brokerage policy, supervision, or E&O coverage. Review the approach with your broker and counsel.
Does the standard change the four elements of the LSDR?
No. The four elements remain the definition of a documented listing decision. The five criteria are a checklist for checking a file against them.
Can a brokerage make the LSDR part of its own policy?
Yes. Whether a brokerage suggests the LSDR to its agents or adopts it as its own policy is the brokerage’s decision. No law or MLS rule requires it. The LSDR is licensed per agent, so each agent configures and enrolls separately.
Ask a question about the standard
This form is for brokers, compliance staff, and attorneys. It reaches LTC Capital, not a listing agent.