There was no culture to make such disclosures to sellers or owners. This is due to the fact that brokers usually don`t invest much time with sellers or owners without getting a listing agreement. The Colorado Real Estate Commission has incorporated all the necessary information into the Real Estate Commission`s seller and owner list agreements. As a general rule, as long as a listing broker uses a right-to-sell or right to lease listing agreement approved by the Colorado Real Estate Commission, the broker is generally not required to make additional relationship presentations to a seller or lessor. Question: I am a licensed real estate agent. In addition to helping landlords rent real estate, I help my landlord clients manage their portfolio. I understand that the Colorado Real Estate Commission has created a form called the Brokerage Duties Addendum to Property Management Agreement. What is this form for and when should I use it? When can I use the “Brokerage Duties Disclosure to Seller (REO and Non-CREC Approved Listing Agreements)” form? There is a similar new form for the sale of real estate held (“REO”) from institutions called “Brokerage Duties Disclosure to Seller (REO and Non-CREC Approved Listing Agreements)”. While this form should be used in the first place by brokers who list real estate acquired by financial institutions after a foreclosure, disclosure is useful whenever a broker lists real estate for a homeowner with a form that has not been approved by the Colorado Real Estate Commission. This new form is especially useful for commercial brokers, as commercial real estate owners have little enthusiasm for the nuances of Colorado licensing law. These institutions tend to want 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 force owners to sign disclosures.
With the confirmation of the broker at the end of the form or by sending the form to clients with a means that leaves a paper trail (for example. B fax or e-mail), brokers can easily fulfill their legal disclosure obligations. However, the Real Estate Commission has not established a property management contract, as the documentation of relationships between home managers and their clients varies widely. The Commission has established the Brokerage Duties Addendum to Property Management Agreement (under number BDA55-04-05) so that brokers have a form that they can attach to any property management contract in order to meet the broker`s legal disclosure obligations. The Commission does not create new advertising obligations; It tries to help brokers make the disclosures they were already required to. This new form contains many important provisions for the parties when concluding a property management agreement. The endorsement distinguishes between the rental agency and the transaction agency. It lists the obligations that are common to agents and transaction agents in the uniform obligations in Section 3.a.
It identifies the additional obligations of an agent in Section 4. The form requires the real estate agent and landlord to think about relationships if the brokerage firm has a relationship with both the landlord and potential tenant. It also requires the real estate agent and the owner to invent the consequences if the owner and the interested party work with the same person – an in-company transaction with a broker….