Under Colorado brokerage relationship law, which of the following is NOT a duty owed by a transaction broker to the parties in a transaction?
Correct Answer
A) Acting as a loyal advocate to promote one party's interests over the other
Under C.R.S. § 12-10-401 et seq., a transaction broker does NOT owe the duty of loyalty or advocacy to either party. The defining characteristic of transaction brokerage is that the broker assists both parties without acting as an advocate for either one. Promoting one party's interests over the other is a duty exclusive to single agency relationships, not transaction brokerage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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