(1)(a) Any person, firm, partnership, limited
liability company, association, or corporation acting as a broker shall adopt a
written office policy that identifies and describes the relationships offered to the
public by the broker.
(b)A broker shall not be required to offer or engage in any one or in all of the
brokerage relationships enumerated in section 12-10-404, 12-10-405, or 12-10-407.
(c)Written disclosures and written agreements required by subsection (2) of
this section shall contain a statement to the seller, landlord, buyer, or tenant that
different brokerage relationships are available that include buyer agency, seller
agency, or status as a transaction-broker. Should the seller, landlord, buyer, or
tenant request information or ask questions concerning a brokerag
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(1) (a) Any person, firm, partnership, limited
liability company, association, or corporation acting as a broker shall adopt a
written office policy that identifies and describes the relationships offered to the
public by the broker.
(b) A broker shall not be required to offer or engage in any one or in all of the
brokerage relationships enumerated in section 12-10-404, 12-10-405, or 12-10-407.
(c) Written disclosures and written agreements required by subsection (2) of
this section shall contain a statement to the seller, landlord, buyer, or tenant that
different brokerage relationships are available that include buyer agency, seller
agency, or status as a transaction-broker. Should the seller, landlord, buyer, or
tenant request information or ask questions concerning a brokerage relationship
not offered by the broker pursuant to the broker's written office policy enumerated
in subsection (1)(a) of this section, the broker shall provide to the party a written
definition of that brokerage relationship that has been promulgated by the real
estate commission.
(d) Disclosures made in accordance with this part 4 shall be sufficient to
disclose brokerage relationships to the public.
(2) (a) (I) Prior to engaging in any of the activities enumerated in section 12-10-201 (6), a transaction-broker shall disclose in writing to the party to be assisted
that the broker is not acting as agent for the party and that the broker is acting as a
transaction-broker.
(II) As part of each relationship entered into by a broker pursuant to
subsection (2)(a)(I) of this section, written disclosure shall be made that shall
contain a signature block for the buyer, seller, landlord, or tenant to acknowledge
receipt of the disclosure. The disclosure and acknowledgment, by itself, shall not
constitute a contract with the broker. If the buyer, seller, landlord, or tenant
chooses not to sign the acknowledgment, the broker shall note that fact on a copy
of the disclosure and shall retain the copy.
(III) If the transaction-broker undertakes any obligations or responsibilities in
addition to or different from those set forth in section 12-10-407, the obligations or
responsibilities shall be disclosed in a writing that shall be signed by the involved
parties.
(b) Prior to engaging in any of the activities enumerated in section 12-10-201
(6), a broker intending to establish a single agency relationship with a seller,
landlord, buyer, or tenant shall enter into a written agency agreement with the
party to be represented. The agreement shall disclose the duties and
responsibilities specified in section 12-10-404 or 12-10-405, as applicable. Notice of
the single agency relationship shall be furnished to any prospective party to the
proposed transaction in a timely manner.
(c) (I) Prior to engaging in any of the activities enumerated in section 12-10-201 (6), a broker intending to work with a buyer or tenant as an agent of the seller or
landlord shall provide a written disclosure to the buyer or tenant that shall contain
the following:
(A) A statement that the broker is an agent for the seller or landlord and is
not an agent for the buyer or tenant;
(B) A list of the tasks that the agent intends to perform for the seller or
landlord with the buyer or tenant; and
(C) A statement that the buyer or tenant shall not be vicariously liable for the
acts of the agent unless the buyer or tenant approves, directs, or ratifies the acts.
(II) The written disclosure required pursuant to subsection (2)(c)(I) of this
section shall contain a signature block for the buyer or tenant to acknowledge
receipt of the disclosure. The disclosure and acknowledgment, by itself, shall not
constitute a contract with the broker. If the buyer or tenant does not sign the
disclosure, the broker shall note that fact on a copy of the disclosure and retain the
copy.
(d) A broker who has already established a relationship with one party to a
proposed transaction shall advise at the earliest reasonable opportunity any other
potential parties or their agents of the established relationship.
(e) (I) Prior to engaging in any of the activities enumerated in section 12-10-201 (6), the seller, buyer, landlord, or tenant shall be advised in any written
agreement with a broker that the brokerage relationship exists only with the
designated broker, does not extend to the employing broker or to any other brokers
employed or engaged by the employing broker who are not so designated, and does
not extend to the brokerage company.
(II) Nothing in this subsection (2)(e) shall be construed to limit the employing
broker's or firm's responsibility to supervise licensees employed by the broker or
firm nor to shield the broker or firm from vicarious liability.