The contract is often referred to as a listing agreement and, if the broker is a member of the National Association of Realtors, it must include all of the following terms:
1. A beginning date and a termination date.
2. The list price at which the property will be offered for sale.
3. The amount of compensation offered to the broker, whether it is in the form of a flat fee or percentage of the sales price.
4. The terms and conditions under which the brokerage fee shall be paid by the seller.
5. Authorizes the broker to co-operate with other brokers as sub-agents or buyer's agents and details the compensation to be offered to those brokers in the event they procure a buyer.
6. Authorizes the broker to reveal or not to reveal the existence of offers previously received.
In addition, other terms which may appear in the agreement can include:
7. Authorization to the broker to post a sign, to advertise the property, and to put a lockbox on the door, as well seller's obligations to advise the broker on the condition of the property, and broker's obligations to advise the seller about regulations and laws which may affect the sale.
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