Section 12: Key Definitions (12.1–12.12)
12.1 Appraiser
An individual holding a current, valid appraiser license or certification under applicable state law.
12.2 Auction
A sale method in which a property is sold to the highest qualified bidder under published terms and conditions.
12.3 Broker
A person or firm holding a current, valid real estate broker license under applicable state law.
12.4 Business Day
Monday–Friday, excluding federal and Ohio state holidays.
12.5 Buyer
A prospective purchaser or tenant, or their authorized representative, in a real estate transaction.
12.6 Clerical User
A non-licensed assistant or staff member who, under a written agreement and the supervision of a Participant, is authorized for limited access to MLS Now.
12.7 Cooperating Broker
A Participant who assists in a transaction as the buyer's broker, tenant's broker, or in another cooperating capacity.
12.8 Days on Market (DOM)
The number of days a listing has been in Active status in MLS Now.
12.9 Exclusive Agency Listing
A listing in which the seller retains the right to sell the property themselves without paying a commission, while the listing broker earns a commission if any broker produces the buyer.
12.10 Exclusive Right to Sell Listing
A listing in which the listing broker earns a commission regardless of who produces the buyer.
12.11 IDX (Internet Data Exchange)
A system allowing Participants to display each other's listings on their websites, subject to MLS Now policies.
12.12 Listing Agreement
A contract between a Participant and a seller authorizing the Participant to offer the property for sale or lease through MLS Now.