Which statement is true about multiple listing services (MLS)?

Multiple Listing Services (MLS) play a crucial role in the real estate industry by facilitating cooperation and collaboration among real estate brokers. The statement that they allow brokers to collaborate and share listings is accurate because MLS operates as a centralized database where various brokers can list properties for sale. By doing so, brokers can access a wider audience of potential buyers and market their listings more effectively.

The collaborative nature of MLS encourages competition among agents, which can ultimately benefit sellers through increased visibility of their properties. It also helps buyers since they gain access to a broader range of available properties, regardless of which broker holds the listing. This system fosters an environment of shared information that benefits all parties involved in real estate transactions.

In contrast, the other statements do not accurately reflect the purpose or functionality of MLS. They do not limit listings to in-house agents; they are accessible to any member broker, promoting wider distribution of listings. While MLSs may have operational fees, they do not typically charge a fee specifically for the use of an exclusive contract. Furthermore, they are not limited to residential properties, as many MLSs also include commercial, agricultural, and other types of real estate listings.