A listing contract is a contractual agreement between a property owner who desires to sell or lease his or her real property and a real estate agent or broker.  In a listing contract (also referred to as listing agreement), the agent agrees to attempt to secure for the seller of the property a buyer or a tenant for the property at a certain price and according to specific terms and conditions specified in the listing contract.  In exchange, the seller of the property offers consideration in the form of a fee or a commission paid to the seller.

An exclusive-agency listing contract is a listing contract in which the parties agree that only one agent has the right to be the exclusive person, other than the owner of the property him- or herself, to sell the property in question for the period of time specified in the contract.  In other words, a seller cannot retain another real estate agent to participate in the marketing or sale of his or her property during the time he or she is bound by an exclusive-agency listing contract with the agent who is party to the contract.  An exclusive-agency listing contract does not prevent the seller of a property from promoting the sale of his or her property; however, under this type of listing agreement, the seller will usually be required to pay the agent for his or her services nevertheless, either in terms of a flat fee or as a percentage of the sales price, as specified in the contract.

A multiple listing contract is a listing contract that provides that the real estate agent involved in the property sale will allow other agents to try to sell the property as well.  Under a multiple listing contract, the original agent who is party to the contract with the seller of the property gives an agent who accomplishes the actual sale of the property some agreed-upon percentage of the commission resulting from the sale or some other stipulated amount of payment.

A net listing contract is a listing contract that provides that the real estate agent involved in the property sale agrees to sell the property for a set, minimum price.  Under a net listing contract, if the property sells for an amount greater than the minimum specified in the contract, the agent retains as commission that extra amount.  A net listing contract is also referred to as a net sale contract.

An open listing contract is a listing contract that allows the right to sell a parcel of real property to be given to more than one real estate agent at the same time.  An open listing requires the landowner and seller of the property who is party to the contract to pay a commission to the agent who makes the sale at the time the sale is accomplished.  The seller also reserves the right to personally sell the property, in which case he or she is not required to pay a commission to any agent.  An open listing contract is also called a general listing contract, a non-exclusive listing contract, or a single listing contract.

Listing contracts vary in scope, although they do have some common features.  A listing contract may include:

1. A commencement date at which the terms of the listing contract are in effect
2. A termination date at which the terms of the listing contract are no longer binding upon the parties
3. An agreed-upon list price
4. The payment due to the broker as compensation for his or her services
5. The terms and conditions under which the amount due to the broker will be paid by the seller upon sale of the property or termination of the contract
6. An authorization for the broker to cooperate with other brokers or agents
7. The amount of payment due to other brokers or agents in the event they find a buyer for the property
8. An authorization for the broker to reveal previous offers made on the property, or a prohibition on such disclosure
9. An authorization to allow the broker to post signs and advertise the property, and to put a lockbox on the door
10. A seller´s obligation to advise the broker regarding the condition of the property, and the broker´s obligation to advise the seller regarding laws and regulations that may affect the sale of the property
    GBrey
    
    Note:Contact an attorney on all legal questions or legal issues. A real estate agent is not qualified to give legal advice or tax advice and is not licensed to give legal advice or tax advice.