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In
Canada, MLS is
a cooperative system for the 82,000+ members of the Canadian Real
Estate Association (CREA), working through Canada's 99 real estate
boards and 11 provincial/territorial associations.
The MLS website
is a publicly accessible and allows consumers to search the
MLS database of properties, providing limited details and
directing consumers to contact a Realtor for more information.
A Multiple Listing Service (MLS) (also Multiple
Listing System or Multiple Listings Service) is a group of private
databases which allows real estate brokers representing sellers
under a listing contract to widely share information about
properties with real estate brokers who may represent potential
buyers or wish to cooperate with a seller's broker in finding a
buyer for the property. There is no single authoritative "MLS",
and no universal data format.
The many local and private databases--some of
which are controlled by single associations of realtors or
groupings of associations (which represent all brokers within a
given community or geographical area) or by real estate
brokers--are collectively referred to as the MLS because of their
reciprocal access agreements.
Seen most widely in the US and Canada but spreading to other
countries in a variety of forms, the MLS combines the listings of
all available properties that are represented by brokers who are
both members of that MLS system and of NAR or CREA, (the National
Association of Realtors in the US or the Canadian Real Estate
Association).
The
purpose of the MLS is to enable the efficient distribution of
information so that, when a real estate agent is introduced to a
potential home buyer, s/he may search the MLS system and retrieve
information about all homes for sale in a given area or price
range, whether under a listing contract by that agent's brokerage
or by all participating brokers.
In North America, the MLS systems are governed by private
entities, and the rules are set by those entities with no state or
federal oversight, beyond any individual state rules regarding
real estate. MLS systems set their own rules for membership,
access, and sharing of information, but are subject to nationwide
rules laid down by NAR or CREA. An MLS may be owned and operated
by a real estate company, a county or regional real estate Board
of Realtors or Association of Realtors, or by a trade association.
Membership of the MLS is generally considered to be essential to
the practice of real estate brokerage.
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