FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Morris Ian H 		2. Issuer Name and Ticker or Trading Symbol

Market Leader, Inc. [ LEDR ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
CEO
(Last)          (First)          (Middle)

11332 NE 122ND WAY, SUITE 200 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/13/2012
(Street)

KIRKLAND, WA 98034
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   3/13/2012     M    1600   (1) A $2.50   396558   D    
Common Stock   3/13/2012     S    1600   (2) D $3.75   394958   D    
Common Stock   3/14/2012     M    38000   (3) A $2.50   432958   D    
Common Stock   3/14/2012     M    120000   (4) A $2   552958   D    
Common Stock   3/14/2012     S    38000   (5) D $3.7688   514958   D    
Common Stock   3/14/2012     F    78812   (6) D $3.75   436146   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy)   $2.50   3/13/2012     M         1600   (1)   6/1/2004   6/25/2013   Common Stock   395000   $2.50   353000   D    
Option (Right to Buy)   $2.50   3/14/2012     M         38000   (1)   6/1/2004   6/25/2013   Common Stock   395000   $2.50   315000   D    
Option (Right to Buy)   $2   3/14/2012     M         120000    6/17/2003   6/27/2012   Common Stock   204000   $2   84000   D    

Explanation of Responses:
( 1)  The exercise was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 12/15/11.
( 2)  The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 12/15/11.
( 3)  The exercise was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 12/15/11.
( 4)  Shares acquired on exercise of stock options.
( 5)  The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 12/15/11. The reported price is a weighted average sales price. These shares were sold in multiple transactions at prices ranging from $3.75 to $3.96. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the range.
( 6)  Shares withheld by company to cover exercise price and taxes on exercise of stock options; not an open market transaction.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Morris Ian H
11332 NE 122ND WAY, SUITE 200
KIRKLAND, WA 98034 		X
CEO

Signatures
Jacqueline Davidson, CFO 3/15/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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