What does the term “listing agreement” refer to?

The term “listing agreement” specifically refers to a written contract between a property owner (the seller) and a real estate broker, which outlines the terms of the broker's representation in selling the property. This agreement details the responsibilities of both the broker and the seller, including the duration of the listing, the agreed-upon commission rate for the broker, and other crucial terms related to the marketing and sale of the property.

This formalized written agreement is crucial in real estate transactions, as it establishes the professional relationship and the obligations that each party has toward one another. It lays out how the broker will promote the property, handle showings, negotiate on behalf of the seller, and outlines any special conditions that may apply.

The other options do not accurately describe a listing agreement. A verbal contract between a buyer and seller does not meet the legal requirements for enforceability in real estate transactions. An agreement for property rental pertains to leasing rather than selling, and a loan document would involve financing, which is unrelated to the listing of a property for sale. Thus, the definition of a listing agreement is specifically tied to the role and obligations of the broker in the context of selling real estate.