Colorado broker Lisa is acting as a transaction broker in a residential sale in Boulder. Under C.R.S. § 12-10-407, which of the following is NOT a duty that Lisa owes to both the buyer and the seller as a transaction broker?
Correct Answer
C) Advocating exclusively for the buyer's best financial interests during price negotiations
Under C.R.S. § 12-10-407, a transaction broker in Colorado is explicitly NOT an advocate for either party. Advocating exclusively for the buyer's best financial interests during price negotiations is a duty of a buyer's agent (single agent), not a transaction broker. The transaction broker's role is to assist both parties in completing the transaction without acting as an agent for or exclusively advocating on behalf of either party.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal ending of an agency relationship, which can occur through completion, expiration, mutual agreement, breach, death, incapacity, or bankruptcy of either party.
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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