Agency
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:
AA. Automatically assume the property management role without a new agreement
BB. Enter into a separate written property management agreement, since it is a different service beyond the buyer's broker agreement✓ Correct
CC. Include property management duties in the original buyer broker agreement
DD. Decline to manage the property
Explanation
The buyer's broker agreement covers brokerage services for purchasing a property. Property management is a separate service requiring a separate written agreement that defines the manager's authority, fees, and obligations. The broker should not assume ongoing management duties without a proper property management contract.
Related Colorado Agency Questions
- Under Colorado law, 'dual agency' as it exists in many states is:
- In Colorado, an 'appointed agent' relationship occurs when:
- A Colorado buyer's agent who fails to conduct due diligence on a property before advising the client may be guilty of:
- Under Colorado law, which term describes a broker who assists both the buyer and seller in a transaction without representing either as an agent?
- Under Colorado brokerage relationship statutes, which form must a broker provide to a buyer or seller at the first substantial contact?
- In Colorado, 'sub-agency' means:
- A Colorado broker who owes fiduciary duties to the seller should NOT:
- A written buyer agency agreement in Colorado establishes which type of relationship?
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