How is a Single Agent described?

How is a Single Agent described?

• A. A limited agent with statutory duties
• B. A designated agent
• C. A dual agent
• D. A transaction broker

Answer: (A)

In Colorado, a single agent is described as a limited agent who represents only one party in a transaction and owes statutory duties to that client. This means the agent must act with loyalty and obedience to the client’s lawful instructions, maintain the client’s confidentiality, disclose known material facts that could affect the client’s decisions, account for funds, and exercise reasonable care and skill. These duties are mandated by statute, which is why they’re called statutory duties. This arrangement differs from a transaction broker, who assists without fiduciary duties to either party, and from dual agency, where one licensee represents both parties. It also contrasts with designated agency, where different licensees within the same brokerage represent each party.

In Colorado, a single agent is described as a limited agent who represents only one party in a transaction and owes statutory duties to that client. This means the agent must act with loyalty and obedience to the client’s lawful instructions, maintain the client’s confidentiality, disclose known material facts that could affect the client’s decisions, account for funds, and exercise reasonable care and skill. These duties are mandated by statute, which is why they’re called statutory duties. This arrangement differs from a transaction broker, who assists without fiduciary duties to either party, and from dual agency, where one licensee represents both parties. It also contrasts with designated agency, where different licensees within the same brokerage represent each party.