UNIT 1 & 2- COLORADO CONTRACTS & REGULATIONS QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED.| latest update 2024/25|

UNIT 1 & 2- COLORADO CONTRACTS & REGULATIONS QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. What are the 3 levels for brokers? --1) Associate - new (less than 2 years) or working under employing broker 2) Independent - 2 yrs active experience + business license 3) Employing - 2 years experience +24 hour brokerage admin course What are the 2 types of representation CO allows? - -1. Agency 2. Transaction broker Licensed RE professionals always have the duties of a real estate broker but are NOT ____ unless hired to represent a principal. - -Agents How is agency created? - -By express agreement, oral or written, or by implication. How can an agent become a undisclosed dual agent? - -If for example the listing agent receives a call from interested buyer and discloses confidential information stating seller is eager and willing to drop $10,000. Undisclosed buyer agency r/n created by implication What occurs in a special agency? - -Agents work with principals to sell or purchase property & can't bind seller or buyer by accepting a purchase contract for the party they represent. What is a universal agency? - -Created with a power of attorney and makes the agent an attorneyin-fact. Brokers are given full power to bind a principal as though principal were acting in his own interest. Power of attorney can be unlimited or limited. What is the main difference between an agent and a transaction broker? - -Full fiduciary duties to buyer or seller What is one pro of being a transaction broker? Must confidentiality be kept private? - -The broker can work with both parties during the transaction. Yes Agents' obligations are what acronym? - -