OH 4.0 hours Contracts and Leasing Course Syllabus
4.0 Elective Hours
The listing agreement is a contract between the seller and the brokerage. All owners of a property must sign the listing agreement. A licensee is usually authorized to sign the listing agreement for their broker. The listing agreement does not need to be personally signed by the broker in most states.
There are times where the direct seller may not be signing the listing agreement. Such situations could arise from another person who is authorized to sign for the seller such as an Attorney-In-Fact through a power of attorney, a personal representative of an estate sale, a guardian, or a receiver appointed by the court.
Modifications to the listing agreement, after it is originally signed, can be made using a form designed for that purpose. A broker should always attempt to obtain the initials and dates from all sellers on all changes, and the licensee should also initial and date the form. Some modifications might require the seller’s signature while some modifications usually require the managing or sponsoring broker’s signature.
Listing agreements are important as they serve many purposes. They serve as an "employment contract" between the principal and the agent. In this contact, there are typical items included such as compensation, the length of the listing, signage the possibility of dual agency and the consequences of default. This course explores listing agreements and explains who has the authority to sign, modify or cancel a listing agreement.