Final answer:
A listing contract establishes a special agency, giving the real estate agent authority to perform specific tasks related to the sale of a property on behalf of the owner.
Step-by-step explanation:
A listing contract typically creates what is known as a special agency. In this relationship, the real estate agent or broker is given the authority to perform specific tasks, usually related to the selling of a property, on behalf of the property owner. This type of agency is quite limited in scope, as compared to a general agency or a universal agency, which grant broader authority.
In a special agency, the agent's authority is strictly defined and confined to the tasks mentioned in the listing contract, such as listing the property for sale, marketing it, and negotiating with potential buyers. As it is centered on one particular aspect of the principal's affairs, it does not give the agent the ability to make any other type of decision on behalf of the principal.