Term
| Single Agency Description |
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Definition
| The practice of representing either the buyer or the seller but never both in the same transaction |
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Term
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Definition
| An agent represents both principals in the transaction, is illegal in Colorado |
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Term
| Transaction Broker Description |
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Definition
| A non agency relationship where the agent represents neither the seller nor the buyer in the transaction, treating both as customers |
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Term
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Definition
| that special relationship of trust and confidence forged by agency whereby the agent puts the principal's interests ahead of his or her own interest. Fiduciary duties owed to a principal are the same as duties of an agent. |
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Term
| When does a brokerage relationship end |
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Definition
1) Performance or completion of the agreement
2) Date of expiration of the agreement
3) Agreement by the parties to terminate the agreement
4) One year has passed after the date of the engagement. The broker shall keep confidential after the ending of the engagement all matters that were confidential during the engagement. |
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Term
| What information shall a sellers agent not disclose |
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Definition
1) That a seller or landlord is willing to accept less than the asking price or lease rate for the property;
2) What the motivating factors are for the party selling or leasing the property;
3) That the seller or landlord will agree to financing terms other than those offered;
4) Any material information about the seller or landlord unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing; or
5) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property |
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Term
| Duties of a sellers agent |
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Definition
1) Seeking a price and terms which are acceptable to the seller or landlord
2) Presenting all offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or a lease or letter of intent to lease
3) Disclosing to the seller or landlord adverse material facts actually known by the broker
4) Counseling the seller or landlord as to any material benefits or risks of a transaction which are actually known by the broker
5) Advising the seller or landlord to obtain expert advice as to material matters about which the broker knows but the specifics of which are beyond the expertise of such broker
6) Accounting in a timely manner for all money and property received
7) Informing the seller or landlord that such seller or landlord shall not be vicariously liable for the acts of such seller's or landlord's agent that are not approved, directed or ratified by such seller or landlord. |
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Term
| Duties of a transaction broker |
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Definition
1) To perform the terms of any written or oral agreement made with any party to the transaction
2) To exercise reasonable skill and care (Presenting all offers and counter offers, suggesting expert advice)
3) Accounting in a timely manner for all money and property received
4) Keeping the parties fully informed regarding the transaction
5) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction
6) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker
7) Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker
8) Informing the parties that as seller and buyer or as landlord and tenant they shall not be vicariously liable for any acts of the Transaction-broker |
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Term
| What information shall a transaction broker not disclose |
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Definition
1) That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property;
2) That a seller or landlord is willing to accept less than the asking price or lease rate for the property;
3)What the motivating factors are for any party buying, selling, or leasing the property;
4) That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered;
5)Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property
6)Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. |
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Term
| When must a broker give disclosure of who they work for |
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Definition
| Prior to eliciting or accepting confidential information |
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Term
| What is confidential information |
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Definition
| Any information from a buyer concerning the buyers needs, motivation, financial qualifications. Does not apply to small talk concerning price range, location, etc. |
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