When it comes to selling Real Estate, there are essentially two ways of doing so. First, you can put the property up For Sale By Owner, which means that you are the one marketing, showing, and selling the property to any potential buyers. Second, you can enlist the help of a real estate agent or broker to help you sell your property. If you decide to hire a real estate agent or broker to sell your property, you are likely to be asked to enter into a Listing Agreement with the broker.
A Listing Agreement sets out the rights and duties of the seller of property and the real estate agent or broker in their new agency relationship. In this relationship, the seller is known as the principal. The principal gets to make all of the decisions. The real estate agent or broker is the agent. The agent carries out those tasks that the principal asks of them and in the manner that the principal authorizes. In other words, if the seller were to give their agent very thorough directions within the Listing Agreement as to how the property may be shown, then the agent would usually have to show the property in such a manner or not at all. Check out the links below for more information on Listing Agreements, the different Types, and many Common Terms that can be found within them.