As used in this part 4, unless the context otherwise requires: (1) "Broker" shall have the same meaning as set forth in section 12-10-201 (6), except as otherwise specified in this part 4. (2) "Customer" means a party to a real estate transaction with whom the broker has no brokerage relationship because the party has not engaged or employed a broker. (3) (a) "Designated broker" means an employing broker or employed broker who is designated in writing by an employing broker to serve as a single agent or transaction-broker for a seller, landlord, buyer, or tenant in a real estate transaction. (b) "Designated broker" does not include a real estate brokerage firm that consists of only one licensed natural person. (4) "Dual agent" means a broker who, with the written informed consent of all parties to a contemplated real estate transaction, is engaged as a limited agent for both the seller and buyer or both the landlord and tenant. (5) "Limited agent" means an agent whose duties and obligations to a principal are only those set forth in section 12-10-404 or 12-10-405, with any additional duties and obligations agreed to pursuant to section 12-10-403 (5). (6) "Single agent" means a broker who is engaged by and represents only one party in a real estate transaction. A single agent includes the following: (a) "Buyer's agent", which means a broker who is engaged by and represents the buyer in a real estate transaction; (b) "Landlord's agent", which means a broker who is engaged by and represents the landlord in a leasing transaction; (c) "Seller's agent", which means a broker who is engaged by and represents the seller in a real estate transaction; and (d) "Tenant's agent", which means a broker who is engaged by and represents the tenant in a leasing transaction. (7) "Subagent" means a broker engaged to act for another broker in performing brokerage tasks for a principal. The subagent owes the same obligations and responsibilities to the principal as does the principal's broker. (8) "Transaction-broker" means a broker who assists one or more parties throughout a contemplated real estate transaction with communication, interposition, advisement, negotiation, contract terms, and the closing of the real estate transaction without being an agent or advocate for the interests of any party to the transaction. Upon agreement in writing pursuant to section 12-10-403 (2) or a written disclosure pursuant to section 12-10-408 (2)(c), a transaction-broker may become a single agent.
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