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by Emerald
October 10th, 2010
A Multiple Listing Service is best defined as an agreement under which a market�s competing real estate brokerages cooperate with one another to help people buy and sell property. In most states, participation in the service requires local-board membership in the National Association of Realtors.
The term MLS listings refers to the compilation of all properties that are under contract to be sold by local members. There are likely other homes for sale in the market, but they are being sold by individuals not bound by the ethical codes, brokerage-compensation guidelines and other business practices established by the listing service.