Most people have some concept of agency, although a lay person may not understand completely the legal definition and ramifications of agency. To confuse the issue, many people refer to a licensed real estate professional as a real estate agent, without considering or appreciating the legal significance of the term "agent." In Colorado, not all real estate brokers or sales associates are agents. There are 2 relationships a real estate broker can have when working with a buyer or seller, that of agent or transaction broker. Transaction brokerage is unique to Colorado and a handful of other states. Actually, I (7 comments)