12. NEW FORM – K1404 - TENANT BROKER'S COMPENSATION AGREEMENT. A listing agreement is a contract between homeowners and brokers that legally establishes how a realtor will find a property buyer on the seller's behalf.PURPOSE. The purpose of Bright MLS is to provide a Multiple Listing Service (MLS) to Subscribers. BROKER'S FEE Seller irrevocably instructs Settlement Agent to pay Broker compensation ("Broker's. Listing Brokerage and Cooperating Brokerage are collectively referred to as Broker.