Under Colorado law, what is the term used for a licensee who holds a broker license but must work under the supervision of an employing broker because they have not yet met the experience requirements for independent practice?
Correct Answer
A) Broker associate
Colorado eliminated the salesperson license category and now issues only broker licenses. A new licensee who has not yet met the experience requirements to practice independently is called a 'broker associate' under C.R.S. § 12-10-201 et seq. The broker associate must work under the supervision of an employing broker. This is a Colorado-specific term and structure that differs from the two-tier salesperson/broker system used in most other states.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
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.
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