Agency
In Michigan, 'broker reciprocity' in MLS allows:
ABrokers to share office space
BMLS member brokers to display each other's listings on their websites, with proper attribution✓ Correct
CBrokers to share clients without disclosure
DLicensees to transfer between brokerages freely
Explanation
Broker reciprocity (IDX—Internet Data Exchange) allows Michigan MLS member brokers and agents to display each other's listings on their own websites, subject to MLS rules on attribution and display, expanding exposure for all listed properties.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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