Glossary of Real Estate Terms and Definitions
Colorado Springs Real Estate Guide
The Glossary of Real Estate Terms and Definitions is a compilation
of terms commonly used in the real estate, mortgage and construction
industry.
If you have any question, please contact Clint
& Laura, Colorado
Springs real estate agents.
Definitions of Working Relationship
(For
purposes of this disclosure, buyer also means "tenant
"and seller also means "landlord".)
Seller's Agent: A seller's agent works solely
on behalf of the seller and owes duties to the seller which
include the utmost good faith, loyalty and fidelity. The agent
will negotiate on behalf of and act as an advocate for the
seller. The agent must disclose to potential buyers or tenants
all adverse material facts about the property actually known
by the broker. A separate written listing agreement is required
which sets forth the duties and obligations of the broker
and the client.
Buyer's Agent: A buyer's agent works solely
on behalf of the buyer and owes duties to the buyer which
include the utmost good faith, loyalty and fidelity. The agent
will negotiate on behalf of and act as an advocate for the
buyer. The agent must disclose to potential sellers all adverse
material facts concerning the buyer's financial ability to
perform the terms of the transaction and whether the buyer
intends to occupy the property. A separate written buyer agency
agreement is required which sets forth the duties and obligations
of the broker and the client.
Transaction-Broker: A transaction-broker
assists the buyer or seller or both throughout a real estate
transaction with communication, advice, negotiation, contracting
and closing without being an agent or advocate for any of
the parties. A transaction broker must use reasonable skill
and care in the performance of any oral or written agreement,
and must make the same disclosures as agents about adverse
material facts concerning a property or a buyer's financial
ability to perform the terms of a transaction and whether
the buyer intends to occupy the property. No written agreement
is required.
Customer: A customer is a party to a real
estate transaction with whom the broker has no brokerage relationship
because such party has not engaged or employed the broker,
either as the party's agent or as the party's transaction-broker.
Client: A client is a party to a real estate
transaction with whom the broker has a brokerage relationship
because such party has engaged or employed the broker as either
an agent or a transaction-broker.
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