What is a listing agreement?

A listing agreement is fundamentally a contract between a property owner and a real estate broker that grants the broker the authority to sell the property on behalf of the owner. This contract typically outlines the terms of the sale, which can include the listing price, duration of the agreement, and the responsibilities of both the owner and the broker. By entering into this agreement, the property owner allows the broker to market the property, show it to prospective buyers, and negotiate offers, all with the objective of achieving a sale.

In contrast, the other options are not relevant to the concept of a listing agreement. A summary of property tax obligations focuses on financial responsibilities related to real estate ownership, a detailed renovation plan pertains to property improvement initiatives rather than sale processes, and a report on market trends provides insights that could inform sales strategies but does not constitute an agreement to sell the property.