What does a "listing agreement" entail?

A listing agreement is indeed a contract between a property owner and a real estate agent that establishes the terms under which the property will be marketed and sold. This agreement generally details essential aspects such as the listing price, the duration of the agreement, the responsibilities of the agent in promoting the property, and the commission structure for the sale.

The listing agreement serves to formalize the relationship between the property owner and the agent, ensuring both parties are aware of their rights and obligations. This arrangement enables the agent to represent the property in the real estate market, utilizing their expertise to attract potential buyers and negotiate on behalf of the seller.

In contrast, leasing agreements pertain to rental situations, agreements on price involve negotiations between buyers and sellers that occur after listings, and reports on income and expenses are typically associated with financial evaluations rather than the process of selling a property. Thus, the correct answer underscores the specific legal framework that governs the relationship between sellers and real estate professionals in the context of property sales.