There was no culture to make such revelations to sellers or owners. This is because brokers generally do not invest much time with sellers or owners without getting a list contract. The Colorado Real Estate Commission has incorporated all necessary disclosures into the real estate commission`s sales and leasing contracts. As long as a listing broker uses a Colorado Real Estate Commission that has authorized a right to sell or a rights list contract, the broker is generally not required to provide additional information about the relationship with a seller or renter. If a real estate agent is involved in a transaction (z.B. A listing contract or a purchase and sale contract and a broker as a client, this broker may ask an advisor to prepare a form for the transaction, provided the form strikingly states that it is not a form approved by the Commission. Answer: The Colorado Statutes require brokers to provide information to the public about the nature of the relationship between the broker and the assisted person. Brokers are experienced in making these disclosures to buyers and tenants, as brokers often interact with buyers and tenants with whom the broker does not have a stable relationship. For example, an inserat agent may make a call from a potential tenant for office space in a building listed by the broker. The leasing agent can make an appointment to indicate the space to the person concerned. After preliminary interviews or small discussions about the price range and other substantive issues of the potential tenant, the broker must make disclosure properly worth. Brokers are used to providing this information with the Colorado Real Estate Commission form called “Broker Disclosure to Buyer” with the form number BD24-05-04.
There is a similar new form for the sale of real estate held (“REO”) by institutions called Brokerage Duties Disclosure to Seller (REO and Non-CREC Approved Listing Agreements). While this form should be used primarily by brokers who list real estate acquired by financial institutions after a foreclosure, disclosure is useful when a broker lists real estate for an owner using a form that has not been approved by the Colorado Real Estate Board. This new form is particularly useful for commercial brokers, as commercial owners have little enthusiasm for the nuances of Colorado`s license fee. These institutions tend to use their own list forms that do not have the necessary information. Part of the wisdom of the reo form is that the Commission knows that brokers cannot compel owners to sign disclosures. With the broker`s confirmation at the end of the form or by sending the form to clients by certain means that leave a trace of paper (such as a fax or email), brokers can easily fulfill their legal disclosure obligations.