Under Colorado law, which term best describes the situation in which a single broker represents both the buyer and the seller in the same real estate transaction?
Correct Answer
B) Transaction brokerage
Colorado law (C.R.S. §12-10-401 et seq.) abolished dual agency and instead permits a single broker to work with both buyer and seller in the same transaction as a 'transaction-broker,' assisting both parties without acting as an agent or advocate for either. Transaction brokerage is therefore the correct term.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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