Agency
Under Colorado law, a buyer's broker agreement must be in writing to:
AA. Be enforceable for commission purposes
BB. Satisfy the Statute of Frauds and allow the broker to claim a commission
CC. Be presented to the MLS
DD. Both A and B✓ Correct
Explanation
In Colorado, a buyer's broker agreement must be in writing to: (1) satisfy the Statute of Frauds (contracts for real estate services are required to be in writing to be enforceable); and (2) allow the broker to claim a commission from the buyer. Oral agreements are generally not enforceable for commission claims.
Related Colorado Agency Questions
- A Colorado buyer's agent has written authorization from the buyer to sign documents on the buyer's behalf. This authority is granted through:
- In Colorado, a broker who is a 'transaction broker' for a buyer is NOT required to:
- In Colorado, a broker who allows a buyer to move into a property before closing as a licensee is:
- In Colorado, the 'Definitions of Working Relationships' form must be provided:
- Which of the following is NOT a duty owed by a Colorado transaction broker?
- Under Colorado law, a 'designated buyer's agent' in a brokerage firm means:
- In Colorado, a 'designated agency' arrangement (appointed agent) allows the employing broker to:
- A Colorado buyer's agent has a fiduciary duty of loyalty, which means the agent must:
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