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DEFINITION of 'Multiple Listing Service (MLS)'. A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other's houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale.
The National Association of REALTORSÂ® has not defined what constitutes a pocket listing, nor do they have an official policy regarding the practice. However, there are objections to some of the ways these so-called pocket listings are used by some real estate professionals. Some practitioners argue that pocket listings violate local MLS rules. Others worry that keeping properties from the MLS may skew comparable listing numbers for appraisers.