The listing agreement is a legally binding document. You have a right to have an attorney review it. If something isn't comprehensible to you, you have a right to strike it out and insert clearer terminology.

If you have been selling your home FSBO and then decide to list it, you can exclude in the listing agreement who have already seen the house. If you exclude those people, and one of them decides to buy the home, you don't have to pay a commission to the listing broker.

One agent within the brokerage firm is designated as the sole agent for the property. If you sell the home while it is listed with the firm, you owe the agent a commission, regardless of who actually buys or sells the property. Exclusions (see above) still usually apply.

Only one broker is assigned as the exclusive listing agent. You only pay the broker if the broker, or broker's subagent, brings in the buyer. You can retain the right to sell the property yourself without paying commission.

Any broker can act as your agent in soliciting buyers, but at closing you have to pay a commission only to the broker who brings a "ready, willing, and able" buyer to the transaction. You can sell the house by yourself without paying a commission.

The seller chooses how much money he wishes to gain from the sale. The broker gets any excess over the net amount. It can be a great incentive, but it can also pit the broker's duty to you against the agent's own interests. Many states have banned net listings for residential sales.

The listing broker has the option to purchase your home, then sell it for a profit. There's no reason for you to go this route: If your broker wants the property at that price, someone else will too, probably for a bit more. Some real estate companies may promise to purchase your home if it doesn't sell within a specific time period. Check the fine print. The sale may be quite a bit below market price, and there may be additional fees and obligations.

A Multiple Listing Service is a database of information on homes for sale. Only member brokers can list properties in the MLS.

Seller disclosure requires you to disclose any known material defects with your property. The questions you have to answer differ from state to state.

Sellers' errors and omissions insurance is intended to cover you from lawsuits over possible misrepresentations about your property.

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While almost all property goes up in price, there is no guarantee.

The average difference between the list and sales price of a home is about 6 percent.

It's a broker's maxim that "Your first offer is your best offer." If you remain too strongly attached to your starting price, you may wait a long time for it to sell, and often have to sell at a lower price than what you were first offered.

The maxim isn't always true, though. Someone may come along with a better offer, but you have to recognlize the risk that the first person to make an offer probably won't still be offering by the time you come around.

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