What document is a contract between the seller's real estate agent and the property owner that sets forth the terms of the sale?

What document is a contract between the seller's real estate agent and the property owner that sets forth the terms of the sale?

• A. Listing agreement
• B. Mortgage
• C. Augmented estate
• D. Nuncupative will

Answer: (A)

The listing agreement is the contract that creates the agency relationship between the property owner and the seller’s real estate broker. It authorizes the broker to market the property and outlines key terms like the listing price, duration of the agreement, and the commission the broker will earn if a sale occurs. This document governs how the sale will be pursued and who will be paid for bringing in a buyer. It’s different from a mortgage, which is a loan secured by the property, from an augmented estate, which relates to estate and inheritance matters, and from a nuncupative will, which is an oral will.

The listing agreement is the contract that creates the agency relationship between the property owner and the seller’s real estate broker. It authorizes the broker to market the property and outlines key terms like the listing price, duration of the agreement, and the commission the broker will earn if a sale occurs. This document governs how the sale will be pursued and who will be paid for bringing in a buyer. It’s different from a mortgage, which is a loan secured by the property, from an augmented estate, which relates to estate and inheritance matters, and from a nuncupative will, which is an oral will.