Colorado Springs Vintage Homes Blog
719.287.1049
Real Estate Agents have a fiduciary relationship
Fiduciary Duties
Related Articles:
- Real Estate Agent or Realtor? What’s the difference?
- How to choose a Buyer’s Agent
I came across a great article in the Gazette over the weekend about Fiduciary Responsibilities. It was informative, well-written, and very much applies to Colorado Springs Real Estate and Realtors. My favorite quote from the article written by Jim Flynn ”The law expects more of 
fiduciaries than others who have legal duties to another person.” Some examples of professional who have a fiduciary responsibility are trustees, executors, and guardians, as well as Realtors.
You may wonder what all of this has to do with real estate. The answer is, it has everything to do with Realtors and real estate in Colorado and it starts with an understanding of agency in Colorado
Agency and Real Estate
Colorado is considered an agency state, and Real Estate Agents have 2 choices of how they represent clients. According to the information in the Colorado Real Estate Manual:
10 things to know about Colorado real estate
What makes Colorado real estate different?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I recently took some accreditation classes in another state. It was eye-opening for me to understand how much the laws vary from state to state. Since a major portion of my business is from Internet leads and from people moving to Colorado Springs from other parts of the country, these classes were very helpful.
Some other articles that could be of interest:
- News Flash – Colorado Springs ranked Fittest City
- Moving to Colorado Springs, check out Zip Skinny
- El Paso County taxes are some of the lowest in the nation!
- Colorado Springs in ratings for Best Places to Start Over
Did you know ?
- Colorado is an “actual knowledge” state, which means as Colorado Realtors we only need to disclose facts that we know and we must disclosure material facts. Some states are “imputed knowledge states”, which means Realtors are expected to know certain things.
- Most Realtors in Colorado list properties for sale in their local MLS and ask for 1% for Earnest Money. Some areas in the U.S. ask closer to 10% for Earnest Money.
- The majority of Colorado Springs homes get listed in some type of MLS database; and many homes get listed in multiple MLS’s. There are some major cities in the U.S. that don’t have an MLS.
- Colorado doesn’t have dual agency. Many states still have dual agency. In Colorado you can only be an agent for either the Buyer or the Seller, you can not be an agent for both. Read the rest of this entry »
