When a Colorado broker represents the seller as a seller's agent, the broker owes the buyer:
Why Honest dealing and disclosure of adverse material facts Is Correct
Answer C: Honest dealing and disclosure of adverse material facts
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.
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- Under Colorado law, a broker's duty to disclose material facts continues until:Agency
- In Colorado, a broker's obligation to 'disclose all known material facts' applies to:Agency
- A Colorado property built before 1978 may contain which hazardous material that requires disclosure under federal law?Environmental
- The Colorado Disclosure of Environmental Hazards form requires sellers to disclose knowledge of which conditions?Environmental
- A Colorado broker who fails to disclose a known material fact about the property has potentially breached which duty?Agency
- Under Colorado law, which of the following would NOT be considered an adverse material fact requiring disclosure?Agency
Key Terms to Know
A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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