Colorado abolished traditional dual agency in 2003. If a single broker wishes to assist both the buyer and the seller in the same transaction, what relationship is the broker permitted to establish?
Correct Answer
B) Transaction-broker who assists both parties without representing either as an agent
Colorado abolished dual agency in 2003. Under C.R.S. § 12-10-403, a broker who works with both parties in the same transaction must do so as a transaction-broker, who facilitates the deal without representing either party as an agent.
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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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