Agency
Vermont's Multiple Listing Service (MLS) allows participants to:
AMonopolize all listings in a market
BShare listing information and cooperate on transactions, expanding buyer access to all listed properties✓ Correct
CSet uniform commission rates for all transactions
DExclude buyers from certain listings
Explanation
The MLS is a cooperative system allowing member brokers to share listing information. This maximizes market exposure for sellers and gives buyers access to all cooperating brokers' listings, enhancing market efficiency.
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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.
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.
Math Concepts
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