The Listing Contract
Also referred to as a listing agreement, the listing agreement gives a licensed real estate professional authorization to act on your behalf in the sale of your home. Listing agreements are usually 4 or 5 pages.  Among the elements of any valid listing contract are:

Writing - All Listing agreements must be in writing, and signed by seller and broker. The buyer cannot change the terms.

Employment - The listing contract is a services contract between you and your broker.  It contains all of the terms and conditions of employing the broker and authorizing the broker to represent your wishes in marketing and selling your home.

Compensation - For any contract to be valid, there has to be compensation.  The listing contract will specify the amount agreed to pay the broker at settlement.  Typically, payment is an agreed upon percentage of the sales price.  

Title - All listing contracts will ask who has title to the property.  Property can't be sold unless everyone with holds title interest in the property are part of the sale.

Termination date - You shouldn't sign any listing contract without a specific termination date.  The most common duration is 180 days. If the contract expires before your home sells and you still want to keep using the same broker, you can simply extend the date.

There can be and often are other elements to a listing contract.  As with any legal document, you should read the listing contract very carefully and be sure you understand exactly what you are agreeing to before signing.  If you have any questions about your listing contract it would be wise to consult a lawyer for clarification.