For house hunters that new property listing may not be so new, after all.
We all know back in late of 2006 the hot topic and ethical question was all about 're-listing' practices. Now in 2008 we are finding the topic is back. Some say "it's not fair", "it reflects badly on the property", or "the homeowner who has listed the property has no idea that such changes have taken place".
The reality of the situation is the MLS provides the entire duration of a property even if it gets a new MLS number and is "re-listed". Also only a small percentage of real estate agents are using the re-listing technique. Then there are real estate agents finding sellers and house hunters going with them due to being in a previous re-listing situation and not happy with their past agent.
Either way, currently it is up to the brokers and agents best practices. There is no significant proof of re-listing practices being an issue that will warrant a policy change or law being put in place.