A formal contract between a property owner (seller) and a real estate brokerage that authorizes the brokerage to market the property for sale and sets the terms of that relationship, including listing price, commission, and listing period. In Ontario, listing agreements are prepared on OREA-approved forms. Under TRESA (Trust in Real Estate Services Act), brokerages must provide sellers with a written service agreement before any trading services are provided.
Synonyms:
MLS listing agreement|seller representation agreement