Colorado License LawIntermediateColorado Exam
A Colorado broker who is also a licensed attorney and provides both real estate brokerage AND legal services in the same transaction must:
AA. Choose one role and not provide both services
BB. Clearly disclose both capacities and which role they are serving in at any given time, ensuring the client understands the nature of each serviceCorrect
CC. Only charge for the legal services, not the brokerage commission, a view that is fairly common though not universally accepted among practitioners
DD. Always work under another attorney's supervision
Why B. Clearly disclose both capacities and which role they are serving in at any given time, ensuring the client understands the nature of each service Is Correct
Answer B: B. Clearly disclose both capacities and which role they are serving in at any given time, ensuring the client understands the nature of each service
A Colorado professional who is both a licensed broker and an attorney can serve in both capacities, but must clearly disclose each role and what services they are providing. The client must understand whether the professional is acting as their broker (licensed real estate activities), their attorney (legal representation), or both.
Key Colorado License Law Terms in This Question
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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