PSI COLORADO RE - COLORADO FORMS AND CONTRACTS QUESTIONS AND ANSWERS, VERIFIED/| latest update 2024/25|

PSI COLORADO RE - COLORADO FORMS AND CONTRACTS QUESTIONS AND ANSWERS, VERIFIED/ single party listing - -broker or seller has prospective buyer in mind - only valid if that prospect buys listing is only a few days Should have no hold over can use the exclusive right to sell or lease contract but must add commission specific provisions buyer representation agreement/Exclusive Right to Buy Listing Contract - -An agreement setting out a principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer. Oral if TB - otherwise written necessary for broker to be compensated Definition of Working Relationships Form - -explains the diff possible relationships - informational holdover period - -A period of time after a buyer's agency agreement's expiration during which the broker may claim a right to compensation unless the buyer entered into an agreement with another broker contract to buy and sell - -identify property - legal description and address earnest money typically paid with offer tho not reqd inclusions - attached and not attached exclusions settlement date - -negotiable and may depend on loan timing loan objection deadline - -if buyer cant find a loan must notify the seller material fact if buyer can't get a loan may lose earnest $ if misses a deadline can assume existing loan but requires lender approval (loan assumption) Improvement Location Certificate (ILC) - -Similar to a survey, this is