Broker Sam is considering entering into a dual agency relationship in a Colorado Springs transaction. He is reviewing the duties he will retain and those he will be unable to fulfill. Which of the following is a duty that Sam CAN still perform as a dual agent?
Correct Answer
C) Accounting for all earnest money and funds received in the transaction
Accounting for all money and property received — including earnest money deposits — is a duty that a dual agent can and must still perform. This duty is not in conflict with representing both parties simultaneously and is required in all Colorado brokerage relationships under C.R.S. § 12-10-401 et seq. Proper handling of funds is a non-negotiable obligation regardless of the agency relationship type.
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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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