In Colorado, a buyer's broker who is also a licensed property manager is asked by the buyer-client to help manage the newly purchased home. The broker should:
Why B. Enter into a separate written property management agreement, since it is a different service beyond the buyer's broker agreement Is Correct
Answer B: B. Enter into a separate written property management agreement, since it is a different service beyond the buyer's broker agreement
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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