MLS Data Licensing

1. Houston Association of REALTORS®Real Estate Information Symposium Brian Larson March 30, 2010

2. Speaker introduction Larson online Blog at www.MLSTesseract.com Twitter: @BLarsonMpls “Miranda” warning Not legal advice Seek business and legal counsel Views are of presenter, not sponsors or clients

3. MLS data licensing: Legal/strategic view Agreement must embody the cost and benefit characteristics that prompted MLS to enter relationship Why? “Integration,” “merger,” and “parol evidence”

4. Benefit and cost characteristics Per the three agreements... What doesMLS get? Principal benefits Ancillary benefits What costs to MLS? Direct costs “Opportunity costs” Risks

5. MLS’s principal benefits

6. MLS’s ancillary benefits

7. MLS’s direct costs

8. MLS’s “Opportunity costs”

9. MLS’s risks

10. Questions More discussion at www.MLSTesseract.com