MLS

Definition

Multiple Listing Service—a database where real estate agents share property listings and cooperate on sales. The original social network, except everyone's trying to sell you houses.

Example Usage

Once she entered the listing into the MLS, agents from across the region could show the property to their buyers.

Origin

Originated in late 1800s when real estate brokers began sharing listing information to expand market reach

Fun Fact

There's no single national MLS—over 600 local MLSs exist across the US, each with different rules and access.

Source: Real estate industry standard terminology

Related Terms

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Predatory services promising to magically fix credit scores for upfront fees, usually doing nothing illegal that borrowers couldn't do themselves for free. It's the housing market's equivalent of those 'lose weight without diet or exercise' ads.

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contingencies

The 'what if' scenarios that keep project managers up at night and pad contracts with extra zeros. In real estate, these are the escape clauses buyers insert into offers like 'contingent on inspection' or 'contingent on not discovering the basement is haunted.' Essentially, it's the professional way of saying 'but only if everything goes according to plan,' which it never does.

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easement

A legal right allowing someone else to use part of your property for a specific purpose, like utility access or a driveway. It's basically permanent permission to trespass, enshrined in your deed.

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cosmetic rehab

Property improvements limited to aesthetic updates like paint, flooring, and fixtures without addressing structural or mechanical systems. It's the difference between a facelift and actual surgery.

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subdivide

The real estate developer's favorite verb: to slice a large parcel of land into smaller, more profitable chunks like a capitalist playing Minecraft. This process transforms Farmer Joe's 40-acre field into 'Meadowbrook Estates,' featuring 200 identical homes and exactly three approved paint colors. It's the magic by which empty land becomes cookie-cutter suburbs and developers become very, very wealthy.

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gift letter

Written proof that down payment money from family is a gift, not a loan, satisfying lenders' paranoia about hidden debts. The documented promise that Mom won't ask for it back.

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