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Simple English definitions for legal terms
Multiple Listing Service
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A quick definition of Multiple Listing Service:
A Multiple Listing Service (MLS) is like a big database that real estate agents use to share information about houses that are for sale. It helps them find other agents who can help sell the house and get paid for it. Some of the information is public, but only licensed agents who pay for a subscription can see all the details, like how to contact the seller and when you can see the house.
A more thorough explanation:
A multiple listing service (MLS) is a database used by real estate brokers to share information about property listings. It allows brokers to find other brokers to help sell their clients’ properties in exchange for a commission from the property’s sale.
For example, if a real estate agent has a client who wants to sell their house, they can list the property on the MLS. Other agents who are members of the MLS can then see the listing and bring potential buyers to view the property. If the property sells, the listing agent and the agent who brought the buyer both receive a commission.
Access to the MLS is limited to licensed real estate agents and brokers who pay for a subscription. This allows them to see more detailed information about the property, such as the seller's contact information and when the property will be available for a showing.