Multiple Listing Service (MLS)
Definition - What does Multiple Listing Service (MLS) mean?
A multiple listing service (MLS) is a real estate tool that is used by real estate brokers to join together and create a database that contains real estate listings from different brokers. Multiple listing services often come in the form of software that is online. However, books are also commonly printed that display all of the listings within the service.
In the context of the law, the selling and the listing broker each get half of the commission for the sale of each piece of property in the service.
Justipedia explains Multiple Listing Service (MLS)
The reason why multiple listing services are used is because it is more economical for brokers to create a centralized database that contains many different listings from a number of different brokers. This way, it is easier for the brokers to connect buyers and sellers of real estate. Without multiple listing services, individual listings would have to be tracked down on a one-at-a-time basis. This could make the process of purchasing and selling real estate a lot more time-consuming and complicated.