Colorado Springs Homes


Definition of Agency

Definitions of Real Estate Brokerage Relationships

Seller's Agent: A Seller's agent works solely on behalf of the seller and owes duties to the seller which include the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the seller. The seller is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to potential buyers or tenants all adverse material facts about the property actually known by the broker. A separate written listing agreement is required which sets forth the duties and obligations of the parties.

Seller's Subagent: A Subagent owes the same duties of utmost good faith, loyalty and fidelity to a seller as the seller's agent and must make the same disclosures to buyers concerning adverse material facts about the property. A subagent will negotiate and acts as an advocate for the seller, who is legally responsible for the acts of the subagent when acting within the scope of the sub agency. Seller must give written permission for the listing agent to employ subagents.


Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of a transaction-broker and a transaction-broker does not owe the parties the duties of an agent. However, a transaction-broker does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreement. A transaction-broker must also make the same disclosures as agents about adverse material facts concerning a property or a buyer's financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.

Possible Actions / Broker Type Transaction Broker Buyer's Agent Seller's Agent
Contract
x
x
x
Fiduciary Relationship
-
x
x
Advocate & Represent Client
-
x
x
Facilitate Paperwork
x
x
x
REALTOR®
x
x
x


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Colorado Springs REALTORS®
Jorgette & Boris Krsulic
965 Pico Point
Colorado Springs, CO 80906
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