Agency
In Colorado, a 'transaction broker' owes which of the following duties to the parties?
AFull fiduciary duties to both buyer and seller
BLimited duties including honest dealing, reasonable skill, and accounting for money✓ Correct
CExclusive representation of the buyer only
DNo duties whatsoever to either party
Explanation
A Colorado transaction broker is not an agent or advocate for either party but owes limited duties including honest dealing, reasonable skill and care, timely presentation of offers, and proper accounting for money.
Related Colorado Agency Questions
- In Colorado, which of the following would create an 'implied agency' relationship?
- In Colorado, which disclosure form must be presented by a broker at the first substantive contact with a prospective buyer or seller?
- Under Colorado law, which term describes a broker who assists both the buyer and seller in a transaction without representing either as an agent?
- A Colorado buyer's agent has a fiduciary duty of loyalty, which means the agent must:
- In Colorado, the 'Customer' status in a real estate transaction (as used in brokerage relationship disclosure) refers to:
- In Colorado, the 'procuring cause' doctrine determines which buyer's broker:
- The duty of 'accounting' in a Colorado agency relationship means the broker must:
- In Colorado, a buyer who has not signed a buyer broker agreement and is working informally with a broker is considered:
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