There are three main types of relationship someone (who
could be an individual, more than one person, a partnership, and a company) can
have with a Colorado real estate broker.
In plain words, these are the three basic ways I as a broker can have a
working relationship with you, and the obligations I have to you
based on that relationship.
The first type of relationship is when you are a customer. If
I meet you and I don't know your name, or I meet you when I am working as an
agent for someone else, you are a customer to me. We do not have any written
agreement.
The second type of relationship is when I am an agent. I may be a seller's
agent or a buyer's agent, but we have a written contract and I have obligated
myself to "represent you" or work FOR you. You are my client (or
principal, or other similar term), and I may not necessarily get paid
by you, but I will work on your behalf.
The third type of relationship is when I am a transaction broker. There may or may not be a
written contract and the relationship is in-between a customer and a client. If
there is no written contract and I am working with you in some way, Colorado
considers the transaction-broker relationship as the default way that we are
working together.
You don't get any special designation if you are in a transaction
brokerage relationship with me or any Colorado real estate broker, although
maybe the law will eventually come up with a name besides "party."
However, I have more obligations to you when you are a party than when you are
a customer.
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