3 Colo. Code Regs. § 714-1-M-1
Current through Register Vol. 47, No. 20, October 25, 2024
Any dealer who contracts with an owner of a manufactured home to sell or trade such manufactured home as owner's agent, owes to the owner any and all fiduciary duties owned by an agent to his principal. Any violation of these duties shall be deemed a fraudulent transaction in violation of Section 12-51.5-117(1)(h), C.R.S. These duties include, but are not limited to:
a. The duty to communicate all facts coming to the licensee's knowledge which might reasonably affect the owner's decision to sell; including, absent specific instructions to the contrary, all offers to purchase such manufactured home. Such offers shall be in writing, signed and dated by the party making the offer and the listor acknowledging receipt thereof.b. The duty not to use information acquired because of the agency to the licensee's profit without the knowledge and consent of the owner. For example: dealer may not list at given price, then, knowing of possible sale at a higher price, purchase home himself for less than listed price during time of listing agreement.