MLS (Multiple Listing Service)

Definition

A shared database that real estate agents use to list and access properties for sale in their area. Think of it as the social network where agents gossip about every house on the market.

Example Usage

The property listed on the MLS yesterday and already has three showings scheduled.

Origin

Established in the early 1900s as a way for agents to share listings

Fun Fact

The National Association of REALTORS® controls the MLS, and you typically need a real estate license to access it—making it the most exclusive real estate club ever.

Source: Real estate industry standard

Related Terms

Beginner

spec house

A house built by a developer on speculation without a specific buyer lined up. Building it and hoping they will come—the real estate field of dreams.

🏠 Real Estate

Advanced

leasehold estate

Ownership of the right to use and occupy property for a specific time period under a lease, but not ownership of the land itself. You own the building but rent the ground—common in Hawaii and making zero sense everywhere else.

🏠 Real Estate

Beginner

love letter

A personal note from buyers to sellers describing their emotional connection to the property and how they'll cherish it forever. They're increasingly discouraged or banned due to fair housing concerns, but still occasionally work to sway sentimental sellers.

🏠 Real Estate

Advanced

net rentable area

The actual square footage tenants can occupy and must pay for, excluding common areas, mechanical rooms, and structural elements. It's why your 'thousand square foot' office feels like eight hundred.

🏠 Real Estate

Advanced

MAI

Member of the Appraisal Institute—a prestigious professional designation for real estate appraisers. The PhD of property valuation, complete with extensive education and testing requirements.

🏠 Real Estate

Beginner

Curb Appeal

The art of making a house look irresistible from the street so buyers fall in love before noticing the interior looks like a crime scene. A fresh coat of paint and some petunias can apparently add fifty thousand dollars to a listing.

🏠 Real Estate

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