Chapter 7

Question 1

Multiple Listing Service (MLS) is……?

Answer 1

An association of real estate agents providing for a pooling of listings and the sharing of commissions on a specified basis.

Question 2

What is Escrow?

Answer 2

Any transaction wherein one person, for the purpose of affecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instruments, money, or evidence of title to real or personal property, or other things of value to a third person, to be held by such third person until the happening of a specified event.