MULTIPLE LISTING an arrangement among a group of real estate BROKERS; they agree in advance to provide information about some or all of their LISTINGS to the others and also agree that COMMISSIONS on sales of such listings will be split between listing and selling brokers. Example: A broker lists a home under an EXCLUSIVE RIGHT TO SELL. The broker belongs to a multiple listing association. After 5 days the broker turns in a description of the home to the association. Any cooperating broker can sell the home and will receive half of the commission. The broker who obtained the EXCLUSIVE RIGHT TO SELL is assured of earning half the commission upon the sale.
MULTIPLE LISTING SERVICE (MLS) an association of real estate BROKERS that agrees to share LISTINGS with one another. The listing broker and the selling broker share the COMMISSION. The MLS usually distributes a book with all listings to its members, updating the book frequently. Prospective buyers benefit from the ability to select from among many homes from any member broker. Example: Abel and Baker, both brokers, are members of the multiple listing service. A home that was listed by Abel under an EXCLUSIVE RIGHT TO SELL is sold by Baker. The two brokers share the commission.