Does a listing agreement have to indicate the listing price of the property?

QUESTION: I was recently approached by a potential client who wants to sell their home, but we cannot agree on the listing price in the Exclusive Right to Sell Listing Agreement (Form 101). My analysis suggests a much lower number than the one they have in mind. How do I fill out the listing agreement if the listing price cannot be agreed to? Should I simply put “TBD” and have the sellers sign an amendment later?

ANSWER: We do not recommend inserting “TBD” in the listing price blank in Form 101. If a listing price cannot be agreed to, then you may want to consider recommending the seller seek other representation.

The North Carolina Real Estate Commission has written that listing agents cannot advertise their client’s property for sale at a price other than what the seller approves. Even though your price may be closer to the market based on your expertise, the seller ultimately has the right to sell their home at any price they desire. Without authorization as to what the seller wishes to sell the property for, you would not have the ability to market the property with a price, even to agents within your own firm.

It should also be noted that the listing price is a mandatory field in the MLS. If the seller wants to market to other participants in that system, then you and the seller must have an agreement on the listing price. Otherwise, you would have no ability to make an entry in that mandatory field when entering the listing into the MLS.

Failing to have a listing price also makes it impossible to determine when you are entitled to your commission. Under the standard language in Form 101, one of the ways the listing firm’s commission is earned when a full price offer is received, and that earned commission is then due and payable:

Due and Payable: Any Firm’s Fee earned will be due and payable to Firm at closing of a Contract, Seller’s default on a Contract, Seller’s unreasonable modification or cancellation of a Contract, or Seller’s default of this Agreement (including Seller’s refusal to sign an offer to purchase substantially satisfying the price and terms agreed to by Seller in this Agreement). (Highlighting added.)

This means that without a listing price agreed to in Form 101, it is possible that you will spend a lot of time, money, and effort getting a listing ready, but then never have the right to be paid, even if a good offer comes in.

We understand there may be unique and rare situations where a listing agreement may be signed even though a listing price cannot be determined. In those cases, agents should consult with their broker-in-charge and the firm’s lawyer before agreeing to such a listing to make sure the firm and the agent are protected and in compliance with MLS and NCREC rules.

In your case, the seller has their mind set on a certain price. Even though your opinion is different, you could consider making the seller’s price the listing price in Form 101. Just understand that if you choose to do so, the listing price can later be amended using the Agency Agreement Amendment (Form 710), but the seller has no duty to agree to that change. You should therefore be prepared for that risk.

Release Date: 5/14/2026

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