Colorado Real Estate Broker

When buying 'subject to,' the buyer takes the property with the existing loan but has NO personal liability on the note; when assuming and agreeing to pay, the buyer becomes personally responsible on the original note along with the seller.

A Single Agent owes full fiduciary duties including loyalty and advocacy to one client; a Transaction-Broker (the Colorado default relationship) facilitates the transaction without advocating for or acting as an agent of either party.

In Colorado, a real estate contract not signed by the seller is void (§ 38-10-108, C.R.S.), whereas most other states only require the 'party to be charged' to have signed, making the contract merely voidable.

All listing contracts, consumer relationships, and subsequent commissions are owned by the Brokerage Firm, NOT the individual Designated Broker (CP-7).

For an assumed loan, annual interest is divided by 12 months then by actual calendar days in the closing month; for a new loan, annual interest is divided by 365 days to get the per diem.

An Associate Broker must work under an Employing Broker; an Independent Broker may practice alone but must first have held an active Associate Broker license for at least two years.

An Independent Broker practices alone without supervising others; an Employing Broker may employ and supervise Associate Brokers and must complete an additional 24 hours of Brokerage Administration education.

Title insurance is available for real estate in Colorado, but title insurance companies will NOT insure title to water rights.

When earnest money is held by a third party such as a title company, the Brokerage Firm is NOT responsible for its disposition; when held by the brokerage, the firm bears responsibility.

Active brokers must carry errors and omissions insurance; inactive brokers and attorney licensees who maintain professional malpractice insurance covering their real estate activities are exempt from the E&O requirement.

A letter of admonishment is issued by the Commission for conduct that does NOT warrant formal proceedings; a formal hearing before an administrative law judge can result in revocation, suspension, censure, dismissal, fines, or required education.

When an owner is treated as a Customer (CP-9), the broker may only perform ministerial tasks and must have a separate written compensation agreement; a listing contract creates a full brokerage relationship between the firm and the owner.