How is a “listing agreement” defined in Kentucky real estate?

A listing agreement in the context of Kentucky real estate is defined as a contract between a property owner and a broker. This agreement establishes the terms under which the broker will represent the property owner in the sale or lease of their property. It outlines the responsibilities and rights of both parties, including the broker's commission, the listing price, and the duration of the agreement.

This contractual relationship is essential for formalizing the expectations and obligations of each party involved in the real estate transaction. It ensures clarity and legal standing in the process of marketing and selling the property, aligning with Kentucky’s real estate laws and practices.

The other options do not accurately reflect the nature of a listing agreement. For instance, while rental agreements pertain to leases, they are not the same as listing agreements, which focus specifically on the sale or lease of real property through a broker's assistance. Legal documents related to property tax assessments fall under a different legal category and do not involve the broker. A verbal understanding, although it can sometimes exist, lacks the enforceability and specificity needed in real estate transactions, making a written listing agreement critical for professional practice.