1. Chapter 3: In This Chapter  Broker-to-Broker Cooperative  MLS Mechanics  Who Owns the MLS?  Benefits for Brokers, Buyers, and Sellers  MLS Participation  Commercial Information Exchanges and CommercialSource Page 46

2. MLS: Broker-to-Broker Cooperative  Foundation of efficient market  Cooperation among competitors  Brokers: Share listings Extend unilateral blanket offer of compensation Page 46

3. MLS Mechanics  Web-based systems  Listing data aggregated into standardized format  Core MLS services  Basic MLS services  Optional MLS services Page 46-48

4. Who Owns the MLS?  Almost 900 MLSs nationwide  Owned and operated by local associations  Jointly owned by several associations to create regional MLS  Several MLSs in area exchange data Real estate professionals can access each MLS  There is no nationwide MLS Page 48

5. HAR MLS Advanced Search Source: HOUSTON ASSOCIATION OF REALTORS ® Page 49-52

6. Benefits for Real Estate Professionals  Access to listings  Exposure for listings  Blanket offer of compensation  Showings  Searches  Standardized data  MLS rules  Fast dissemination of data  All participants, large and small, access same data  REALTOR.com ® and its global scope  Data for CMAs and appraisals Page 53

7. Benefits for Buyers and Sellers Buyers  Access to listings  Property search before meeting with agent  Agent can show any listing  Agent can search based on buyer’s parameters  Property comparisons  Supplemental information Taxes School ratings Neighborhood facilities Sellers  Market-wide exposure  Blanket offer of compensation encourages agents to show property  Data on comparable sales helps: Set price Evaluate offers Page 53-54

8. MLS Participation  Mandatory listing service  Voluntary listing service  NAR bylaws prohibit compulsory participation and listing submission Page 54-55

9. CIEs and CommercialSource  Commercial Information Exchanges (CIEs) Local associations Private companies  CIEs publish property listings, but no blanket offer of compensation  CommercialSource, an NAR service www.CommercialSource.com Page 56