Preview
FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018
NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024
HL EXHIBIT 55
COLORADO REVISED STATUTE ANNOTATED
12-10-403
FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018
1'
NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024
C.R.S. 12-10-403
Statutes current through all legislation from the 2023 Regular Session effective as of June 30, 2023. The text of this
section is not final. It will not be final until compared to, and updated from, the text provided by the Colorado Office
of Legislative Legal Services later this year.
Colorado Revised Statutes Annotated > Title 12. Professions and Occupations (§§ 12-1-101 -
12-315-210) > Division of Real Estate (Art. 10) > Article 10. Real Estate (Pts. 1 - 9) > Part 4.
Brokerage Relationships (§§ 12-10-401 - 12-10-411)
12-10-403. Relationships between brokers and the public - definition - rules.
(1) When engaged in any of the activities enumerated in section 12-10-201 (6), abroker may act in any
transaction as asingle agent or transaction-broker. The broker's general duties and obligations arising from
that relationship shall be disclosed to the seller and the buyer or to the landlord and the tenant pursuant to
section 12-10-408.
(2) A broker shall be considered atransaction-broker unless asingle agency relationship is established
through awritten agreement between the broker and the party or parties to be represented by the broker.
(3) A broker may work with asingle party in separate transactions pursuant to different relationships
including, but not limited to, selling one property as aseller's agent and working with that seller in buying
another property as atransaction-broker or buyer's agent, but only if the broker complies with this part 4 in
establishing the relationships for each transaction.
(4)
(a) A broker licensed pursuant to part 2of this article 10, whether acting as asingle agent or
transaction-broker, may complete standard forms for use in areal estate transaction, including
standard forms intended to convey personal property as part of the real estate transaction, when a
broker is performing the activities enumerated or referred to in section 12-10-201 (6) in the transaction.
(b) As used in this subsection (4), "standard form" means:
(I) A form promulgated by the real estate commission for current use by brokers, also referred to in
this section as a"commission-approved form";
(II) A form drafted by alicensed Colorado attorney representing the broker, employing broker, or
brokerage firm, so long as the name of the attorney or law firm and the name of the broker,
employing broker, or brokerage firm for whom the form is prepared are included on the form itself;
(III) A form provided by aparty to the transaction if the broker is acting in the transaction as either
atransaction-broker or as asingle agent for the party providing the form to the broker, so long as
the broker retains written confirmation that the form was provided by aparty to the transaction;
(IV) A form prescribed by agovernmental agency, aquasi-governmental agency, or alender
regulated by state or federal law, if use of the form is mandated by the agency or lender;
(V) A form issued with the written approval of the Colorado Bar Association or its successor
organization and specifically designated for use by brokers in Colorado, so long as the form is used
within any guidelines or conditions specified by the Colorado Bar Association or successor
organization in connection with the use of the form;
(VI) A form used for disclosure purposes only, if the disclosure does not purport to waive or create
any legal rights or obligations affecting any party to the transaction and if the form provides only
information concerning either:
FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018
NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024
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C.R.S. 12-10-403
(A) The real estate involved in the transaction specifically; or
(B) The geographic area in which the real estate is located generally;
(VII) A form prescribed by atitle company that is providing closing services in atransaction for
which the broker is acting either as atransaction-broker or as asingle agent for aparty to the
transaction; or
(VIII) A letter of intent created or prepared by abroker, employing broker, or brokerage firm, so
long as the letter of intent states on its face that it is nonbinding and creates no legal rights or
obligations.
(c) A broker shall use acommission-approved form when such aform exists and is appropriate for the
transaction. A broker's use of any standard form described in subsection (4)(b)(lll) or (4)(b)(IV) of this
section must be limited to inserting transaction-specific information within the form. In using standard
forms described in subsection (4)(b)(ll), (4)(b)(V), (4)(b)(Vl), (4)(b)(Vll), or (4)(b)(Vlll) of this section, the
broker may also advise the parties as to effects thereof, and the broker's use of those standard forms
must be appropriate for the transaction and the circumstances in which they are used. In any
transaction described in this subsection (4), the broker shall advise the parties that the forms have
important legal consequences and that the parties should consult legal counsel before signing the
forms.
(5) Nothing contained in this section shall prohibit the public from entering into written contracts with any
broker that contain duties, obligations, or responsibilities that are in addition to those specified in this part 4.
(6)
(a) If areal estate brokerage firm has more than one licensed natural person, the employing broker or
an individual broker employed or engaged by that employing broker shall be designated to work with
the seller, landlord, buyer, or tenant as adesignated broker. The employing broker may designate more
than one of its individual brokers to work with aseller, landlord, buyer, or tenant.
(b) The brokerage relationship established between the seller, landlord, buyer, or tenant and a
designated broker, including the duties, obligations, and responsibilities of that relationship, shall not
extend to the employing broker nor to any other broker employed or engaged by that employing broker
who has not been so designated and shall not extend to the firm, partnership, limited liability company,
association, corporation, or other entity that employs the broker.
(C) A real estate broker may have designated brokers working as single agents for aseller or landlord
and abuyer or tenant in the same real estate transaction without creating dual agency for the
employing real estate broker, or any broker employed or engaged by that employing real estate broker.
(d) An individual broker may be designated to work for both aseller or landlord and abuyer or tenant
in the same transaction as atransaction-broker for both, as asingle agent for the seller or landlord
treating the buyer or tenant as acustomer, or as asingle agent for abuyer or tenant treating the seller
or landlord as acustomer, but not as asingle agent for both. The applicable designated broker
relationship shall be disclosed in writing to the seller or landlord and buyer or tenant in atimely manner
pursuant to rules promulgated by the real estate commission.
(e) A designated broker may work with aseller or landlord in one transaction and work with abuyer or
tenant in another transaction.
(f) When adesignated broker serves as asingle agent pursuant to section 12-10-404 or 12-10-405,
there shall be no imputation of knowledge to the employing or employed broker who has not been so
designated.
(g) The extent and limitations of the brokerage relationship with the designated broker shall be
disclosed to the seller, landlord, buyer, or tenant working with that designated broker pursuant to
section 12-10-408.
FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018
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NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024
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C.R.S. 12-10-403
(7) No seller, buyer, landlord, or tenant shall be vicariously liable for abroker's acts or omissions that have
not been approved, directed, or ratified by the seller, buyer, landlord, or tenant.
(8) Nothing in this section shall be construed to limit the employing broker's or firm's responsibility to
supervise licensees employed by the broker or firm nor to shield the broker or firm from vicarious liability.
History
Source: L. 2019:Entire title R&RE with relocations,(HB 19-1172), ch. 136, P. 644, 'S 1, effective October 1.
Colorado Revised Statutes Annotated
Copyright © 2023 All rights reserved.
End of Document
Preview
FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018 NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024 HL EXHIBIT 55 COLORADO REVISED STATUTE ANNOTATED 12-10-403 FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018 1' NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024 C.R.S. 12-10-403 Statutes current through all legislation from the 2023 Regular Session effective as of June 30, 2023. The text of this section is not final. It will not be final until compared to, and updated from, the text provided by the Colorado Office of Legislative Legal Services later this year. Colorado Revised Statutes Annotated > Title 12. Professions and Occupations (§§ 12-1-101 - 12-315-210) > Division of Real Estate (Art. 10) > Article 10. Real Estate (Pts. 1 - 9) > Part 4. Brokerage Relationships (§§ 12-10-401 - 12-10-411) 12-10-403. Relationships between brokers and the public - definition - rules. (1) When engaged in any of the activities enumerated in section 12-10-201 (6), abroker may act in any transaction as asingle agent or transaction-broker. The broker's general duties and obligations arising from that relationship shall be disclosed to the seller and the buyer or to the landlord and the tenant pursuant to section 12-10-408. (2) A broker shall be considered atransaction-broker unless asingle agency relationship is established through awritten agreement between the broker and the party or parties to be represented by the broker. (3) A broker may work with asingle party in separate transactions pursuant to different relationships including, but not limited to, selling one property as aseller's agent and working with that seller in buying another property as atransaction-broker or buyer's agent, but only if the broker complies with this part 4 in establishing the relationships for each transaction. (4) (a) A broker licensed pursuant to part 2of this article 10, whether acting as asingle agent or transaction-broker, may complete standard forms for use in areal estate transaction, including standard forms intended to convey personal property as part of the real estate transaction, when a broker is performing the activities enumerated or referred to in section 12-10-201 (6) in the transaction. (b) As used in this subsection (4), "standard form" means: (I) A form promulgated by the real estate commission for current use by brokers, also referred to in this section as a"commission-approved form"; (II) A form drafted by alicensed Colorado attorney representing the broker, employing broker, or brokerage firm, so long as the name of the attorney or law firm and the name of the broker, employing broker, or brokerage firm for whom the form is prepared are included on the form itself; (III) A form provided by aparty to the transaction if the broker is acting in the transaction as either atransaction-broker or as asingle agent for the party providing the form to the broker, so long as the broker retains written confirmation that the form was provided by aparty to the transaction; (IV) A form prescribed by agovernmental agency, aquasi-governmental agency, or alender regulated by state or federal law, if use of the form is mandated by the agency or lender; (V) A form issued with the written approval of the Colorado Bar Association or its successor organization and specifically designated for use by brokers in Colorado, so long as the form is used within any guidelines or conditions specified by the Colorado Bar Association or successor organization in connection with the use of the form; (VI) A form used for disclosure purposes only, if the disclosure does not purport to waive or create any legal rights or obligations affecting any party to the transaction and if the form provides only information concerning either: FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018 NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024 Page 2of 3 C.R.S. 12-10-403 (A) The real estate involved in the transaction specifically; or (B) The geographic area in which the real estate is located generally; (VII) A form prescribed by atitle company that is providing closing services in atransaction for which the broker is acting either as atransaction-broker or as asingle agent for aparty to the transaction; or (VIII) A letter of intent created or prepared by abroker, employing broker, or brokerage firm, so long as the letter of intent states on its face that it is nonbinding and creates no legal rights or obligations. (c) A broker shall use acommission-approved form when such aform exists and is appropriate for the transaction. A broker's use of any standard form described in subsection (4)(b)(lll) or (4)(b)(IV) of this section must be limited to inserting transaction-specific information within the form. In using standard forms described in subsection (4)(b)(ll), (4)(b)(V), (4)(b)(Vl), (4)(b)(Vll), or (4)(b)(Vlll) of this section, the broker may also advise the parties as to effects thereof, and the broker's use of those standard forms must be appropriate for the transaction and the circumstances in which they are used. In any transaction described in this subsection (4), the broker shall advise the parties that the forms have important legal consequences and that the parties should consult legal counsel before signing the forms. (5) Nothing contained in this section shall prohibit the public from entering into written contracts with any broker that contain duties, obligations, or responsibilities that are in addition to those specified in this part 4. (6) (a) If areal estate brokerage firm has more than one licensed natural person, the employing broker or an individual broker employed or engaged by that employing broker shall be designated to work with the seller, landlord, buyer, or tenant as adesignated broker. The employing broker may designate more than one of its individual brokers to work with aseller, landlord, buyer, or tenant. (b) The brokerage relationship established between the seller, landlord, buyer, or tenant and a designated broker, including the duties, obligations, and responsibilities of that relationship, shall not extend to the employing broker nor to any other broker employed or engaged by that employing broker who has not been so designated and shall not extend to the firm, partnership, limited liability company, association, corporation, or other entity that employs the broker. (C) A real estate broker may have designated brokers working as single agents for aseller or landlord and abuyer or tenant in the same real estate transaction without creating dual agency for the employing real estate broker, or any broker employed or engaged by that employing real estate broker. (d) An individual broker may be designated to work for both aseller or landlord and abuyer or tenant in the same transaction as atransaction-broker for both, as asingle agent for the seller or landlord treating the buyer or tenant as acustomer, or as asingle agent for abuyer or tenant treating the seller or landlord as acustomer, but not as asingle agent for both. The applicable designated broker relationship shall be disclosed in writing to the seller or landlord and buyer or tenant in atimely manner pursuant to rules promulgated by the real estate commission. (e) A designated broker may work with aseller or landlord in one transaction and work with abuyer or tenant in another transaction. (f) When adesignated broker serves as asingle agent pursuant to section 12-10-404 or 12-10-405, there shall be no imputation of knowledge to the employing or employed broker who has not been so designated. (g) The extent and limitations of the brokerage relationship with the designated broker shall be disclosed to the seller, landlord, buyer, or tenant working with that designated broker pursuant to section 12-10-408. FILED: WESTCHESTER COUNTY CLERK 03/11/2024 11:36 AM INDEX NO. 60767/2018 I ft NYSCEF DOC. NO. 1810 RECEIVED NYSCEF: 03/11/2024 Page 3of 3 C.R.S. 12-10-403 (7) No seller, buyer, landlord, or tenant shall be vicariously liable for abroker's acts or omissions that have not been approved, directed, or ratified by the seller, buyer, landlord, or tenant. (8) Nothing in this section shall be construed to limit the employing broker's or firm's responsibility to supervise licensees employed by the broker or firm nor to shield the broker or firm from vicarious liability. History Source: L. 2019:Entire title R&RE with relocations,(HB 19-1172), ch. 136, P. 644, 'S 1, effective October 1. Colorado Revised Statutes Annotated Copyright © 2023 All rights reserved. End of Document