Put simply, licensees must now enter into a signed agreement with a consumer before providing Real Estate Brokerage Services, including writing offers and negotiating transaction terms. Generally, showing properties is not considered providing Real Estate Brokerage Services, so a licensee does not need a signed agreement just to show properties. However, if the licensee is a Realtor, they should have the buyer sign a Buyer Broker Compensation Agreement (last page of the Commission’s Brokerage Disclosure to Buyer form) before touring properties to comply with the Burnett/Moehrl NAR Settlement “touring agreement” requirement.
I. All Brokerage Relationships, Including Transaction Brokerage, Now Require a Signed Writing
Governor Polis signed HB26-1426 in June 2026, with an effective date of August 12, 2026. HB26-1426 fundamentally changes Colorado real estate broker license law by requiring a signed writing with a buyer or seller client to form either a transaction broker relationship or an agency relationship.
In the past, brokers could form a transaction brokerage relationship with a buyer simply by providing the buyer client with the Commission’s Brokerage Disclosure to Buyer form. The buyer was not required to sign the Brokerage Disclosure to Buyer form. Rather, merely providing the form to a buyer was sufficient to establish a transaction broker relationship. Under HB26-1426, this is no longer the law in Colorado.
Now, a broker may not provide Real Estate Broker Services to a consumer without first obtaining a signed writing. This requirement now includes providing Real Estate Brokerage Services as a transaction broker. The Commission’s Exclusive Right to Buy Contract form satisfies this requirement.
II. Do I Need an Exclusive Right to Buy Contract Before Showing Properties to a Buyer?
The short answer is: It depends.
The Division of Real Estate has been clear that merely showing property to a prospective buyer does not require a Colorado real estate license. For example, the Commission’s Position Statement 20 identifies that an unlicensed person may: “[i]f authorized by the seller or listing Broker, provide access to the property, conduct showings or open houses.” For this and other reasons, showing property by itself has historically not qualified as Real Estate Brokerage Services. Accordingly, a licensee may show properties to a buyer without a signed Exclusive Right to Buy Contract. However, licensees who do so need to at a minimum consider the following.
Remember that under Commission Rule 6.5, whenever a consumer provides, or a licensee solicits, confidential information about a consumer, the licensee must provide the appropriate brokerage disclosure form. For example, if a buyer discusses their specific motivations or the fact that such buyer qualifies for a loan in a certain amount, a licensee showing property to such buyer must provide the Commission’s Brokerage Disclosure to Buyer form. If the discussions between the buyer and the licensee involve only “small talk,” such as locations, building styles, or the buyer’s desires or interests, then there is no obligation to provide a brokerage disclosure form. Importantly, the requirement to provide a Brokerage Disclosure to Buyer form applies regardless of whether a licensee is performing Real Estate Brokerage Services.
Licensees who are Realtors should consider their obligation to comply with the Burnett/Moehrl NAR Settlement Agreement, specifically Section 58(iv), which obligates Realtors to obtain a touring agreement before showing properties to buyers. Colorado’s real estate broker license law previously permitted brokers to enter a transaction broker relationship without a signed writing, which the Division of Real Estate interpreted as effectively excluding Colorado-licensed Realtors from the touring agreement requirement. However, the changes under HB26-1426 appear to remove Colorado from this exclusion. Accordingly, licensees who are Realtors need to evaluate their obligations to obtain a touring agreement required under Section 58(iv) of the Burnett/Moehrl NAR Settlement Agreement. The Colorado Real Estate Commission’s Buyer Broker Compensation Agreement (found on the last page of the Commission’s Brokerage Disclosure to Buyer form) can be used for this purpose.
III. Conclusions
HB26-1426 changes Colorado real estate brokerage practice in some important ways. Specifically, licensees need to be mindful of the requirement to always obtain a signed writing before performing Real Estate Brokerage Services. Even forming a transaction brokerage relationship now requires a signed writing. Based on historical interpretation of the law by the Division of Real Estate, showing property generally does not qualify as Real Estate Brokerage Services. Separately, licensees must remember their obligation to provide a Brokerage Disclosure to Buyer form anytime a buyer communicates confidential information. Lastly, licensees who are Realtors must consider their obligation to enter into a touring agreement, regardless of whether they are entering into a brokerage relationship with a consumer.
If you have questions about the recent law changes contact our office today to schedule a consultation with an FJGG attorney.
