Lock Box/Key Repositories, Section 4: Minimum Security Measures for Centralized Key Repositories of Association Multiple Listing Services (Policy Statement 7.47)

  1. A centralized key repository is defined as a system operated by a multiple listing service which enables a participant to place keys to listed property in a central location to be made available to other participants and their affiliated sales licensees to facilitate the showing of listed property.
  2. Use of the system must be strictly limited to participants and their affiliated sales licensees.
  3. Keys to listed property may not be submitted unless the property is exclusively listed by the participant and the listing agreement includes a provision whereby the seller specifically authorizes the listing participant to place keys in the system. In lieu of such authorization in the listing agreement, the MLS may require the seller’s authorization be provided on a separate document prepared by the MLS.
  4. All keys to listed property must be stored in a locked, secure area in the association or MLS office.
  5. All keys become the property of the association or MLS.
  6. No key may be issued without the consent of the listing office. Any individual requesting a key must indicate, in writing, who in the listing office has authorized the showing.
  7. All keys must be coded in a manner which prevents their identification with a particular property until issued by an authorized representative of the association or MLS.
  8. Lost or stolen keys must be reported to the association or MLS as quickly as possible.
  9. A police report must be filed as quickly as possible whenever a key is lost or stolen.
  10. Any person losing a key must immediately advise the property owner and the listing broker and offer to have all necessary locks changed as quickly as possible.
  11. The issuance of keys must be discontinued immediately upon request of the seller.
  12. Keys must be issued for a specified period of time and failure to return a key within the allotted time shall be considered as a violation of the rules or procedures. When a key is more than twenty-four (24) hours overdue, the association or MLS must contact the person to whom the key was issued and the principal broker or branch manager of the firm to confirm the key has not been lost or stolen and to request its immediate return.
  13. Keys must be destroyed upon expiration of the listing or upon closing (whichever occurs first) or earlier at the direction of the listing participant.
  14. All rules and procedures for the operation of any centralized key repository must be in writing and be submitted to the National Association for review and approval prior to implementation.
  15. Any association member or employee involved in the administration or operation of the system shall be bonded. M