Agency
A Colorado agent representing a buyer negotiates a price reduction from $500,000 to $470,000. The agent's competence is evaluated based on the 'reasonable care and skill' standard. This means the agent must:
AAchieve the lowest possible price no matter what
BPerform at the level of a competent professional in similar circumstances✓ Correct
CGuarantee the best result in every transaction
DFollow the buyer's instructions regardless of their wisdom
Explanation
The reasonable care and skill standard requires that brokers perform at the level expected of a competent professional in similar circumstances. They are not guarantors of outcomes, but must exercise the knowledge and skill a competent broker would apply.
Related Colorado Agency Questions
- Under Colorado brokerage relationship law, a transaction broker's duty to present all offers 'in a timely manner' means:
- Under Colorado law, a broker may change from a transaction broker to a seller's agent only if:
- In Colorado, a listing broker who represents the seller as a single agent owes the seller which of the following duties?
- In Colorado, a broker who knowingly assists a client in defrauding the other party to a transaction:
- Under Colorado brokerage law, which of the following is NOT a limited duty owed by a transaction broker?
- In Colorado, a seller's broker who inadvertently discovers that the buyer's lender has a lower pre-approval amount than the contract price should:
- Which of the following is NOT a duty owed by a Colorado transaction broker?
- A Colorado listing broker receives an offer significantly below asking price. The broker thinks it is a waste of time. The broker should:
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →