Missouri License Law
A Missouri 'pocket listing' (selling a property without MLS exposure) is:
AIllegal under Chapter 339 RSMo
BLegal but may conflict with the listing agreement and the broker's duty to market the property✓ Correct
CRequired by MREC for luxury properties
DOnly allowed if the seller is a licensed agent
Explanation
Pocket listings are legal in Missouri if the seller consents in writing to limited or no MLS exposure. However, agents must ensure the seller understands they may be receiving less than market value by limiting exposure, and the NAR Clear Cooperation Policy may apply to MLS member brokerages.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
State-Specific Concepts
License Law
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