§ 12-10-402 — Definitions

Colorado § 12-10-402

• Jurisdiction: Colorado
• Title 12: Professions
• Art.: Real Estate

Text

As used in this part 4, unless the context otherwise
requires:

(1) Broker shall have the same meaning as set forth in section 12-10-201 (6),
except as otherwise specified in this part 4.

(2) Customer means a party to a real estate transaction with whom the
broker has no brokerage relationship because the party has not engaged or
employed a broker.

(3) (a) Designated broker means an employing broker or employed broker
who is designated in writing by an employing broker to serve as a single agent or
transaction-broker for a seller, landlord, buyer, or tenant in a real estate
transaction.

(b) Designated broker does not include a real estate brokerage firm that
consists of only one licensed natural person.

(4) Dual agent means a broker who, with the written informed consent of
all parties to a contemplated real estate transaction, is engaged as a limited agent
for both the seller and buyer or both the landlord and tenant.

(5) Limited agent means an agent whose duties and obligations to a
principal are only those set forth in section 12-10-404 or 12-10-405, with any
additional duties and obligations agreed to pursuant to section 12-10-403 (5).

(6) Single agent means a broker who is engaged by and represents only
one party in a real estate transaction. A single agent includes the following:

(a) Buyer's agent, which means a broker who is engaged by and represents
the buyer in a real estate transaction;

(b) Landlord's agent, which means a broker who is engaged by and
represents the landlord in a leasing transaction;

(c) Seller's agent, which means a broker who is engaged by and represents
the seller in a real estate transaction; and

(d) Tenant's agent, which means a broker who is engaged by and
represents the tenant in a leasing transaction.

(7) Subagent means a broker engaged to act for another broker in
performing brokerage tasks for a principal. The subagent owes the same
obligations and responsibilities to the principal as does the principal's broker.

(8) Transaction-broker means a broker who assists one or more parties
throughout a contemplated real estate transaction with communication,
interposition, advisement, negotiation, contract terms, and the closing of the real
estate transaction without being an agent or advocate for the interests of any party
to the transaction. Upon agreement in writing pursuant to section 12-10-403 (2) or a
written disclosure pursuant to section 12-10-408 (2)(c), a transaction-broker may
become a single agent.

Legislative History

Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 643, � 1, effective October 1.