Agency
In Colorado, a 'seller's agent' owes the buyer which of the following duties?
AA. Loyalty and confidentiality
BB. Honesty and disclosure of material facts that adversely affect the buyer, even if the seller would prefer they not be disclosed✓ Correct
CC. Only the duty to present all offers
DD. No duties to the buyer
Explanation
Even when acting as a seller's agent, a Colorado broker owes the buyer: (1) honest dealing, (2) disclosure of material facts that adversely affect the value or desirability of the property (even if the seller would prefer they not be disclosed). The broker does NOT owe the buyer fiduciary duties of loyalty or confidentiality.
Related Colorado Agency Questions
- A Colorado buyer's broker receives a written offer of compensation from the listing broker. The buyer's broker should:
- The duty of 'accounting' in a Colorado agency relationship means the broker must:
- Under Colorado brokerage law, which of the following is NOT a limited duty owed by a transaction broker?
- Under Colorado law, which brokerage relationship requires a written agreement to be in effect?
- A Colorado listing broker discovers a material defect after the listing agreement is signed. Under the seller's agency, the broker's duty is to:
- A Colorado listing broker receives an offer significantly below asking price. The broker thinks it is a waste of time. The broker should:
- Under Colorado brokerage relationship law, which relationship presumes a transaction brokerage relationship unless a written agreement creates a different relationship?
- In Colorado, a seller's agent is required to disclose to the buyer which of the following?
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