The listing agreement is a contract that lays out specific, agreedupon terms, giving the real estate agent permission to market a home to buyers. A listing agreement is a contract between homeowners and brokers that legally establishes how a realtor will find a property buyer on the seller's behalf.Below are seven of the most important issues that the seller can negotiate in the broker's listing agreement. A listing agreement is a legally binding contract between the seller (you) and the real estate brokerage that helps you sell your home. An open listing agreement is a non-exclusive contract between real estate agents or brokers and the property owner for buying and selling real estate property. A listing agreement must be in writing. A exclusive listing agreement is a legal contract between a property owner and a real estate agent that gives the agent exclusive rights to sell the property.