First off it's important to note that Real Estate Licensees in Colorado are prohibited from providing legal advice unless they are also an Attorney and there is a difference between a Realtor, who is a member of the National Association of Realtors...bound by the Realtor Code of Ethics...and someone who is just a Real Estate License holder.
Since this question was asked in Colorado Springs Zip Code 80922, I'm assuming that this is a Colorado Broker and a Colorado Real Estate Transaction which would fall under the auspices of the Colorado Real Estate Commission. If it is, all Colorado Real Estate License holders who are not also an attorney or a builder with attorney drafted contracts must use the standard state contract forms promulgated by the Colorado Real Estate Commission.
I would recommend that you find out if the seller and broker in question have entered into an exclusive agreement and/or if the seller has retained the right continue negotiations with any party they had already been working with.
According to the Colorado EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (LC50-9-12) (Mandatory 1-2013) Available at http://www.dora.state.co.us/real-estate/index.htm
under Forms & Contracts:
10.1. Negotiations and Communication. Seller agrees to conduct all negotiations for the Sale of the Property only through Broker, and to refer to Broker all communications received in any form from real estate brokers, prospective buyers, tenants or any other source during the Listing Period of this Seller Listing Contract.
10.2. Advertising. Seller agrees that any advertising of the Property by Seller (e.g., Internet, print and signage) shall first be approved by Broker.
10.3. Contract Advisor No Existing Listing Agreement. Seller represents that Seller Is Is Not (clr) currently a party to any listing agreement with any other broker to sell the Property.
I hope this information is helpful
Brian L. A. Wess
RealtorÂ®, Broker Owner
CRS, CDPE, GRI, ABR, ASR, CSR, CNS, SFR, e-PRO
Military Relocation, Residential & Investment Specialist
Infinite Horizons Realty - Metro Brokers
Colorado Springs, CO
COLORADO REAL ESTATE...DONE RIGHT!â„¢