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Independent contractor agreements, copyright notices, terms of service, and privacy policies are often treated as routine paperwork. In 2026, those documents are increasingly becoming evidence. As AI, data governance, and privacy regulation evolve, outdated or misaligned policies expose brokerages and MLSs to real legal and regulatory risk.

The Homes.com debate misses the bigger picture. CoStar’s board-approved strategy, capital discipline, and accountability framework offer a clearer lesson in how long-term governance works at scale.