What is a Listing Agreement?
It is a contract between you and the brokerage company that the agent represents.
It is a framework for subsequent forms and negotiations.
It’s important the agreement accurately reflects your property and clearly spells out the rights and obligations of all parties and what is included and what is not included in the deal.
What happens?
Both you and the listing agent sign the listing agreement and each receives a copy.
The agreement binds both parties to its terms and conditions.
Whether or not you wish your lawyer to review the agreement, you should in any case let him or her know that you’re selling your home.
The Fine Print
Generally, in the agreement:  
Types of Listings
Open Listing: The authority to sell the property is given to one or more REALTORS. You also have the right to sell the house yourself, without having to pay a fee for service, and without dealing with the appointed REALTOR(S).
Exclusive Listing: You appoint one firm to act as your agent in the sale of your house. This firm usually has the sole, irrevocable and exclusive right to sell your house for a given period of time.
MLS® Listing: This is a type of exclusive listing, allowing the REALTOR to work with other REALTORS through your local board’s MLS® system and give your property maximum exposure. This type of cooperative effort may result in the listing agent sharing the commission with the selling agent.

What is the MLS® System?
The MLS® system is a cooperative listing service operated by your local real estate board. Your property --and other properties-- are listed on it.

How can the MLS® System Help Sell My Home?
Complete details of your home are sent to all the REALTORS in your area, usually within 48 hours, via modern technology.
Your property gains more exposure, because it reaches the majority of the real estate professionals in your community.
Through, the national MLS® Internet website, participating local real estate boards can advertise their listings to potential buyers across the country and around the world.

Setting the Asking Price
Although you may have an idea of how much your house is worth, it’s important to have your home valued by a professional on its own merits. Be careful not to price yourself too high or too low. If it’s too high, there’s no sale; too low and you lose on your investment.

Marketing Your Home
Open Houses
There are two types:
Other Tools
Your agent also has other tools at his or her disposal:
The "For Sale" sign on your front lawn. This is how most buyers find homes. Your lawn sign is a "silent salesperson," constantly telling everyone that your home is for sale.
Advertising your home in the real estate section of your local newspaper or in your local real estate board publication. Even though your home may not be shown in every issue, you can count on your agent to always suggest your property to buyers who are looking for a home like yours.

Renewing the Listing
Sometimes a home doesn’t sell right away. Avoid the urge to pull your home off the market... be persistent! Generally, there are three reasons why a home may not sell as fast as others: Naturally, you can’t change your home’s location, but you can fix the condition of your home and you can, of course, adjust your price. Throughout the listing process, you need to be constantly comparing your asking price against those of similar properties in your area. It may be time to adjust the price of your home.
Review your selling strategy regularly with your listing agent:
Is your house being shown regularly?
Are you receiving the feedback from prospective buyers?
Are you in touch with the marketplace?
Is your property competing well? If not, what else can you do?

The Offer
The offer outlines: The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. You may want to have it reviewed by your lawyer before signing.

Before Closing
If necessary, and if the buyer makes it a condition of sale, you may be asked to:
Closing the Sale
On or before closing day, this is what happens: Source: The Canadian Real Estate Association

For Buying, Selling, Investing & Pre-Construction:
Real Estate Salesperson
Executive Real Estate Services Ltd., Brokerage