Brokerage Cooperation
What Is the MLS in Real Estate?
The MLS is the backbone of real estate cooperation between agents. Here's how it works, who can access it, and what the 2024 rule changes mean for commission structures.
What Is the Multiple Listing Service?
The Multiple Listing Service (MLS) is a private database of properties listed for sale by member real estate brokers. It enables cooperation between listing agents and buyer's agents.
There is no single national MLS. There are hundreds of regional MLS organizations across the United States. Membership requires being a licensed broker or working under one.
MLS rules require listed properties to be submitted to the MLS within a set timeframe (typically 1 business day) after a listing agreement is signed, unless the seller signs an exclusion form.
MLS Key Facts for the Exam
Private Database
MLS is not public. Access is limited to licensed member brokers and their affiliated agents. Public sites like Zillow receive MLS data through licensed data feeds.
Cooperation & Compensation
MLS historically required listing brokers to offer buyer's agent compensation. After the 2024 NAR settlement, this requirement was removed.
IDX (Internet Data Exchange)
A system allowing MLS members to display each other's listings on their websites. Most agent websites use IDX to show all available listings.
Clear Cooperation Policy
NAR's Clear Cooperation Policy (2020) requires brokers to submit listings to the MLS within 1 business day of marketing to the public. Aimed at reducing 'pocket listings.'
MLS FAQ for the Exam
Can a homeowner list their property on the MLS without an agent?
Not directly. MLS access is limited to licensed member brokers. However, flat-fee MLS listing services allow sellers to pay a broker a small fee to list their property on the MLS while handling the rest themselves.
What is a pocket listing?
A pocket listing (or off-market listing) is a property being marketed to select buyers without being submitted to the MLS. NAR's Clear Cooperation Policy limits when pocket listings are permitted for member brokers.
What is the difference between MLS and Zillow or Realtor.com?
The MLS is the private, members-only database. Public portals receive MLS listing data through data feed agreements and display it publicly. Public sites may have slight delays and less detail than the actual MLS records.
Related Resources
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