CO Contracts And Regulations Flashcards
What are the three levels of responsibility for brokers based on experience and additional education?
Associate broker
Independent broker
Employing broker
Can an independent broker hire or supervise other licensees ?
No
To be an employing broker, how much extra education must you complete ?
A 24 hour course
What are and agents fiduciary duties ?
OLD CAR
Obedeience
Loyalty
D
C
A
R
What must a brokerage firm and broker acting as an agent have?
A written agency contract
What are the two most common contracts?
Exclusive Right to Sell Listing Contract
Exclusive Right to Buy Listing Contract
A broker acting as an agent may only be ___________.
A single agent in a single transaction, representing only one side
Can a CO agent be a dual agent and represent both sides?
No
An agent is considered like a _____ because they only represent and work for one side of the transaction.
Advocate or coach
What does a transaction broker act like?
A referee, they do not represent or advocate for either side of the transaction. They represent both sides without conflict of interest
What is the default relationship in Colorado and does it require a written contract?
Transaction broker, no only a written disclosure of responsibilities
When can a broker not act as a transaction broker?
When they are unable to be neutral.
When they are the principal
A spouse or family member
Close friend of business associate
Repeat clients or multiple properties for same client
A landlord who does not provide an accounting for security deposit withheld could be responsible for ..
Three times the amount wrongfully withheld
Colorado water rights are based on a principal called
Doctrine of prior appropriation
The lead-based paint disclosure is for a property built before 1978 must be provided by the
Seller before accepting an offer
