What is the legal term for the written agreement that establishes agency relationships?

The legal term for the written agreement that establishes agency relationships is a listing agreement. This document is specifically designed to create an agency relationship between a property owner (the principal) and a real estate agent (the agent) in the context of selling or leasing real estate. The listing agreement outlines the responsibilities and duties of both parties, the terms of the agency relationship, and the compensation structure for the agent.

The listing agreement is key because it formally authorizes the agent to act on behalf of the principal, which is a fundamental aspect of agency law. This document also often contains essential details regarding the property, such as pricing, marketing strategies, and the duration of the agency agreement.

In contrast, a contract can refer to a broad range of agreements in various contexts, not specifically relating to agency relationships. An injunction is a court order that compels a party to do or refrain from specific acts, which does not pertain to establishing agency. A memorandum is generally a more informal note or record and does not serve as a formal written agreement for agency relationships. Understanding these distinctions is important in real estate practice, as they help define the roles and responsibilities of the parties involved in transactions.