Multiple Listing Service

Definition

The MLS—a database of properties for sale that real estate agents access to show clients and coordinate sales—basically, the master catalog of homes up for grabs.

Example Usage

The agent listed the property on the MLS, and we had three showings by the next day.

Origin

American real estate innovation from mid-20th century

Fun Fact

The MLS is technically private (run by local real estate boards), but Zillow and Redfin now provide public versions that have disrupted traditional agent business models

Source: Real Estate Board and MLS standards

Related Terms

Intermediate

Tax Lien

A government claim on a property for unpaid property taxes—Uncle Sam's way of saying 'pay up or we're taking your house.'

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Intermediate

lock period

The guaranteed timeframe during which your mortgage interest rate won't change, typically 30-60 days. It's a race between closing and your lock expiring, with your financial future hanging in the balance.

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Beginner

Home Inspection

The process of paying someone $500 to tell you everything that's wrong with a house you already emotionally committed to buying. It's like a medical checkup for your dream home, except the diagnosis is always terrifying.

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Beginner

Seawall

A massive barrier or embankment constructed along a coastline to prevent erosion and protect inland areas from waves, storm surge, and flooding. Seawalls are engineered structures made from concrete, steel, or stone designed to withstand repeated wave impact and harsh marine conditions.

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Beginner

comparables

Recently sold properties used to determine market value, cherry-picked by whichever party needs to prove their point. The art of comparing apples to slightly different apples.

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Advanced

gazumping

When a seller accepts a higher offer after already agreeing to sell to someone else, legal in some markets and utterly infuriating everywhere. It's the real estate version of being left at the altar, except the bride married someone richer.

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