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LSDefine

Simple English definitions for legal terms

listing agreement

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A quick definition of listing agreement:

A listing agreement is a contract between a property owner and a real estate agent. The agent agrees to try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission. There are different types of listing agreements, including exclusive-agency, general, multiple, net, and open listings. An exclusive-agency listing means only one agent has the right to sell the property during a specified period. A general listing is also known as an open listing, which allows multiple agents to sell the property. A multiple listing agreement allows the original agent to give other agents a percentage of the commission. A net listing means the agent agrees to sell the property for a set minimum price, and any amount over the minimum is retained as commission. An open listing allows the owner to give selling rights to more than one agent, pay a commission when a specified broker makes a sale, and reserve the right to personally sell the property without paying a commission.

A more thorough explanation:

A listing agreement is a contract between a property owner and a real estate agent. The agreement states that the agent will try to find a buyer or tenant for the property at a certain price and terms in exchange for a fee or commission.

  • Exclusive-Agency Listing: This type of listing agreement gives one agent the exclusive right to sell the property during a specified period, but the owner can still sell the property themselves without paying a commission.
  • General Listing: Also known as an open listing, this agreement allows the owner to give selling rights to multiple agents at the same time. The owner only pays a commission to the broker who makes the sale.
  • Multiple Listing: This agreement allows the original agent to share the listing with other agents, and the commission is split between them if one of them makes the sale.
  • Net Listing: In this type of agreement, the agent agrees to sell the property for a set minimum price, and any amount over the minimum is kept by the agent as commission.

For example, if a homeowner wants to sell their house, they may sign an exclusive-agency listing agreement with a real estate agent. This means that the agent has the exclusive right to sell the property for a certain period, and if the homeowner sells the property themselves, they do not have to pay a commission to the agent.

Another example is a general listing agreement, where the homeowner gives selling rights to multiple agents. If one of the agents makes the sale, they receive the commission.

These examples illustrate how a listing agreement works and the different types of agreements that can be made between a property owner and a real estate agent.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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