Under the Colorado Real Estate License Act, which of the following is NOT a recognized brokerage relationship type that a Colorado licensee may establish with a consumer?
Correct Answer
D) Dual agency
Colorado's brokerage relationship statutes (C.R.S. § 12-10-401 et seq.) recognize three primary brokerage relationship types: buyer agency, seller agency, and transaction brokerage. Traditional dual agency — where one licensee simultaneously represents both the buyer and the seller as full fiduciary clients in the same transaction — is NOT a recognized or permitted relationship type under Colorado law. Colorado uses designated agency as an alternative for in-house transactions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
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