IDX:Multiple Listing Service
Multiple Listing Service (MLS) (also Multiple Listing System) is a real estate (immovable property) listing service that combines the listings for all available properties in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database. The information is available online at various MLS websites (for example http://www.mls.ca/).
In general, MLS access is restricted to licensed real estate agents. Those agents pay a fee to view the listing database.
The general public only gains access to a portion of the overall listing database via a portal or other website (as in the example above). This portal only displays content that has been approved for display according to Virtual Office Website VOW or Internet Data Exchange IDX rules.
Currently, in the United States there is no one central MLS. MLS's are regional entities that can span several states, or just a single county. They are typically run by the local association of Realtors. The traditional model of pricing Real Estate Brokerage services has been to charge the Seller a fee, usually about 6% of the sales price, for listing a property on the local MLS system. This fee is usually split evenly between the Listing Agent and the Selling Agent (the Agent representing the Buyer).
In the last few years an alternative model for pricing Real Estate Brokerage services has emerged. Called discount brokerage, it differs from the traditional model by charging discounted or flat fees for providing real estate services. The discount brokerage model has has helped start an investigation by the U.S. Department of Justice (DOJ) into anti-competitive practices by traditional real estate brokers. Negotiations between the NAR National Association of Realtors and the DOJ have led to the development of a new MLS listing policy termed ILD or Internet Listing Display which primarily prevents traditional brokers from excluding their property listings from discount broker web sites. The NAR's ILD policy is intended to replace the Virtual Office Website VOW and Internet Data Exchange IDX rules.
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