COLORADO INTERACTIVE STUDY GROUP 1
SESSION 1 SHERRY STAHLY WWW.KAPRE.COM/COISG
Communication 2
During the Q&A period you can ask for the microphone by clicking ask a question at the top of the right hand side of your screen. Once I give you the microphone you MUST click accept to activate it. Once the session begins chat is the only way to communicate questions.
INFORMATION 3
Contact Information
[email protected] For questions
www.kapre.com/coisg For class information
THE BIG PICTURE 4
Subjects for tonight Your questions Brokerage Relationships in Colorado Listing agreements
Brokerage Relationships in Colorado 5
Be careful with your words: Once licensed your job title will be a Real Estate Broker You may represent the public as an agent or a transaction broker. The common law of agency is the underlying foundation for all state law which is then further defined by each state’s brokerage relationship law. This session will discuss how the Colorado brokerage relationship law is implemented.
QUESTION 6
Agents owe their principal the fiduciary obligations of OLD CAR. What does OLD CAR stand for?
Umbrella of Common Law Brokerage Relationships
Employing or Managing Broker
Brokerage owns the contract Brokerage is the AGENT
Listing Agent Salesperson or Broker Associate General Agents Acting for the Brokerage
Buyer’s Agent Salesperson or Broker Associate General Agents Acting for the Brokerage BUYER
SELLER
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Colorado Brokerage Relationships Brokerage DESIGNATES A BROKER ASSOCIATE TO REPRESENT THE SELLER OR BUYER
EMPLOYING BROKER OWNS THE CONTRACT
Listing Broker Can be an agent or a T-B
Buyer’s Broker Can be an agent or a T-B
BUYER
SELLER
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Colorado Brokerage Relationships EMPLOYING BROKER OWNS THE CONTRACT
Buyer is a customer with NO REPRESENTATION BY A BROKER Designated Listing Broker Is an AGENT
BUYER CUSTOMER
SELLER PRINCIPAL
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Representation 10
Agent O L D C A R
T-B
D C A R
Customers receive DAH
QUESTION 11
Under Colorado brokerage relationships, the employing broker owns the contract and A. has the brokerage relationship with the designated
broker. B. will have a designated relationship if the designated broker shares confidential information. C. is the special agent for the buyer or seller D. has no brokerage relationship with a seller or buyer
QUESTION 12
In order for a broker to act as a default transactionbroker, the broker A. Does not need to do anything. B. Should clearly state to the buyer or seller they are
acting as a transaction-broker. C. Must have a signed listing agreement. D. Is required to give the consumer a written disclosure form.
QUESTION 13
The brokerage relationship the designated broker has with a seller is determined by the employing broker upon designation. True
False
QUESTION 14
The brokerage relationship created in the seller or buyer listing agreement is determined by A. checking a box on the top of the form B. choosing the agency, transaction-broker or customer contract form based upon negotiation. C. the employing broker who owns the contract and has the relationship. D. the employing and designated broker.
Practice Exam Question 15
The buyer’s transaction-broker and buyer are looking at a potential home when the buyer’s broker notices that the floors in a backroom slope and there appears to be foundation issues. In reviewing the seller’s property disclosure no mention of the issue is shown. In this case the buyer’s broker should A. call the seller and ask them to supply an engineer’s report. B. tell the listing broker there are problems with the property and it should be inspected. C. explain to the buyer what this may mean and tell them they must have an engineer and should add a contingency if they write an offer. D. tell the buyer about the issue then report it to the listing broker.
Practice Exam Question 16
Step one determines what you need to know from the question stem. The buyer’s transaction-broker and buyer are looking at a potential home when the buyer’s broker notices that the floors in a backroom slope and there appears to be foundation issues. In reviewing the seller’s property disclosure no mention of the issue is shown. In this case the buyer’s broker should Key points: 1. The question is a disclosure question. Who is the broker obligated to disclose to? 2. What answer choices match this choice the best?
QUESTION 17
The seller, completing the listing contract, wants to leave the washer, dryer and refrigerator but take the closet builtins in the master bedroom. In this case the listing broker should A. exclude the personal property and include the fixtures in the contract. B. explain the request can be handled in the MLS and there is no reason to add the items to the listing contract. C. identify the personal property being included and exclude the built-ins in the contract. D. select the check boxes for items that are included and excluded.
QUESTION 18
In a double-ended transaction the broker representing both parties must be. A. A dual agent B. Agent to the seller with the buyer as customer. C. A transaction-broker D. Agent to the buyer with the seller as customer
QUESTION 19
The uniform duties are the same for brokers representing a buyer or seller and acting as an agent or transaction-broker.
True False
CONTACT INFORMATION 20
TO CONTACT ME REGARDING ANY QUESTIONS YOU MAY HAVE PLEASE SEND YOUR EMAILS TO:
[email protected]
