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Real Estate Terms & Meanings | Real Estate Dictionary | Property Language Explained |    Oct 04, 2023
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multiple listing(US)

A listing agreement entered into with a member of a multiple listing organization in a particular area. In effect, an exclusive right to sell granted to the organization, but with the provision that the details will be circulated to other members of the organization. Instructions to sell a property are submitted by the seller to a broker who, as a member of the listing organization, is obliged to make details available to other members, although the seller remains contracted directly to the original listing broker. The listing broker then submits a list of properties on which he is retained either to a central bureau (a multiple listing service) or circulates the details to the other members of the organization who generally act as subagents. In the event of a successful sale, the commission is divided either (a) between the broker who introduced the purchaser (selling broker) and the broker to whom the listing was given (listing broker); or (b) between all the members of the organization on an agreed basis (Frisell v. Newman, 71 Wash.2d 520, 429 P.2d 864 (1967)). Multiple listing is sometimes used (incorrectly) as synonymous with multiple agency. Referred to sometimes as a 'compulsory listing', especially when the brokerage fraternity in a particular area are predominantly members of an organization that has a virtual monopoly on conducting property sales. Cf. exclusive listing, open listing. See also cooperating broker, franchise.

Anno: 45 ALR3d 190: Realtors—Multiple-Listing Agreements.
7 Powell on Real Property (Albany, NY: ©1997- ), § 84C.04[2].
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abandonment |  bargain |  commission |  cost approach |  démembrements(F) |  easement |  estoppel |  fixture |  good repair |  letter of intent |  licence by estoppel |  money
mortgage-backed security (MBS) | 3 multiple listing |  noscitur a sociis(Lat) |  police power(US)
 |  possibility of reverter |  quiet enjoyment |  real covenant(US) |  rent
spot zoning |  title insurance |  Torrens title system |  multiple listing service (MLS)(US)
 |  unvalued policy |  usufruit(F) |  value |  voluntary waste
 |  wraparound mortgage(US) |  zone a urbaniser (ZUP)(F)