Agency
What is a multiple listing service (MLS) and what are a member's obligations?
AA website for property listings
BA cooperative database of property listings where members share listing information and compensate cooperating brokers✓ Correct
CA government-run property database
DAn optional marketing tool
Explanation
An MLS is a cooperative database maintained by local Realtor associations where member brokers share listing information and offer compensation to cooperating brokers. Members have obligations regarding timely entry, accuracy, and fair cooperation.
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Key Terms to Know
Agency
A 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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