1. "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.

2. "Buyer's Agent" means a broker who is engaged by and represents the buyer in a real estate transaction.

3. "Seller's Broker" means a broker who is engaged by and represents the seller in a real estate transaction.

4. "Landlord's Broker" means a broker who is engaged by and represents the landlord in a leasing transaction.

5. "Tenant's Broker" means a broker who is engaged by and represents the tenant in a leasing transaction.

6. "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.

7. "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 such real estate transaction without being an broker or advocate for the interests of any party to such transaction.

8. "Designated REALTOR® Member" shall mean the REALTORS® member of the Pikes Peak Association of REALTORS® who is designated in writing as the person responsible for all duties and obligations of membership to the Association including the obligation to arbitrate pursuant to Article 17 of the Code of Ethics and the payment of Association dues. A designated REALTOR® member must be one of the following: the sole proprietor, a partner in a partnership, a corporate officer, member or manager of a limited liability company, an office manager (including a branch office manager), and such individual must meet all the qualifications of REALTOR® membership as established in Article 5, Section 2 of the Bylaws of the Pikes Peak Association of REALTORS®. Each firm or office in the case of firms with multiple office locations has a designated REALTOR® member.

9. "Exclusive Right to Sell or Lease Listing": A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s), and the seller(s) agrees to pay a commission to the listing broker, regardless of whether the property is sold through the efforts of the listing broker, the seller(s), or anyone else; and a contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representatives of the seller(s), and the seller(s) agree to pay a commission to the listing broker regardless of whether the property is sold through the efforts of the listing broker, the seller(s), or anyone else, except that the seller(s) may name one or more individuals or entities as exemptions in the listing agreement and if the property is sold to any exempted individual or entity, the seller(s) is not obligated to pay a commission to the listing broker.

10. "Exclusive Agency Listing": A contractual agreement under which the listing broker acts as the agent or as the legally recognized non-agency representative of the seller(s) and the seller(s) agrees to pay a commission to the listing broker if the property is sold through the efforts of any real estate broker. If the property is sold solely through the efforts of the seller(s), the seller(s) is not obligated to pay a commission to the listing broker.

11. "Institute Affiliate" is defined as an individual who holds a professional designation awarded by an Institute, Society or Council affiliated with the NATIONAL ASSOCIATION OF REALTORS® that addresses a specialty area other than residential brokerage or an individual who otherwise holds a class of membership in such Institute, Society or Council that confers the right to hold office.

12. "Affiliate Member" is defined as an individual or company directly related to the real estate profession and/or providing a major service to said profession which has been recognized by Pikes Peak Association of REALTORS® as an Affiliate. This membership category is limited to Colorado licensed banks, lending institutions, title companies and appraisers.

13. Office Exclusive Listing. If the seller or lessor refuses to permit the listing to be disseminated by the PPMLS, the listing broker may then take the listing as an “office exclusive” listing. The listing contract or another written statement signed by the seller or lessor must include a statement that the seller or lessor does not want the listing entered into the PPMLS database and the broker must deliver a copy of the listing contract and written statement if separate from the listing contract to RSC.