Tuesday, September 25, 2007

What is a Multiple Listing Service (MLS)?

The pooling in a central bureau of all properties listed for sale. Listings are held individually by members of a group of real estate brokers, with the agreement that any member may sell the property and the commission will be divided between the listing and selling broker. A service created and run by real estate professionals which gathers all of the property listings into a single place so that purchasers may review all available properties from one source. The MLS also deals with commission splitting and other relations between brokers and agents.