arrangement among a group of real estate brokers who agree in advance to provide information about some or all of their listings to the others and also to split commissions on sales of such listings between listing and selling brokers.
listing agreement used by a broker who is a member of a multiple-listing organization that is an exclusive right to sell with an additional authority and obligation on the part of the listing broker to distribute the listing to other brokers in the organization. These listings then are distributed in a multiple-listing service publication. Generally, the listing broker and the selling broker will split the commission, but terms for division can vary. A multiple-listing agreement benefits the seller by exposing his property to a wider group of potential buyers than would be available from one exclusive broker, which should allow the sale to be completed more quickly, and for a higher price. The multiple-listing service, however, has come under close scrutiny by consumer groups and justice departments for alleged antitrust practices.
an arrangement among a group of real estate brokers; they agree in advance to provide information about some or all of their listings to the others and also agree that commissions on sales of such listings will be split between listing and selling brokers.
Example: A broker lists a home under an exclusive right to sell. The broker belongs to a multiple listing association. After 5 days the broker turns in a description of the home to the association. Any cooperating broker can sell the home and will receive half of the commission. The broker who obtained the exclusive right to sell is assured of earning half the commission upon the sale.
