What is a "listing agreement" in real estate?

A listing agreement is indeed a contract between a property owner and a real estate broker that grants the broker the right to sell the property. This agreement outlines the terms under which the broker will represent the seller in the sale of their property, including the listing price, duration of the agreement, and the broker's commission. By signing the listing agreement, the property owner authorizes the broker to market the property, negotiate on their behalf, and facilitate the transaction, effectively formalizing the relationship and scope of rights and responsibilities between the parties involved in the real estate transaction.

The other options describe different aspects of real estate transactions but do not accurately capture the essence of a listing agreement. For instance, an informal agreement to share property details lacks the legal enforcement and formal structure that a listing agreement provides. A sales contract pertains to the agreement between a buyer and seller after a buyer has made an offer, which is distinct from the listing phase. Additionally, a document allowing multiple agents to sell the same property could refer to a co-brokerage agreement or a certain type of listing, but the key characteristic of a listing agreement focuses specifically on the relationship established between a seller and a broker.