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In Colorado a Real Estate Broker can work with a consumer as (1) a Seller's Agent, (2) a Buyer's Agent, (3) a Transaction Broker or (4) serve the consumer as a Customer. 

In Colorado the Division of Real Estate issues a Broker license to all active real estate licensees.  When a Broker is serving a client as either a Seller's Agent or a Buyer's agent, by establishment of a written Agency Contract, that Broker is an Agent for that client. An Agent can Counsel and Advocate for a Client.  A Transaction Broker cannot counsel a client and must remain "neutral" in fulfilling duties to a client. Agency and Transaction Broker status is defined by Colorado Statute.  While serving a consumer as a Customer a Broker can only provide ministerial duties and essentially act as a scrivener for the Customer.

A REALTOR ® is a Broker that has joined the National Association of REALTORS ®, the Colorado Association of REALTORS ®, and a local Board of REALTORS ®. The National Association of REALTORS ® is a professional membership organization founded in 1908. A REALTOR ® pledges to perform his or her duties in strict adherence to a Professional Code of Ethics that exceeds the statutory duty requirements. All REALTORS ® are licensees, not all licensees are REALTORS ®.

The most common form of Broker/Agent compensation is a Success Fee (commission percentage of the sales price) paid to the real estate brokerage firm. For Sellers, that Success Fee is established by the Seller to be paid to the Listing Broker’s (broker that is serving the Seller) firm. Upon instruction from the Seller, a portion of that Success Fee may be paid to the Selling (Buyer's) brokerage firm. The Success Fee (commission) earned by the brokerage firm(s) is then split with the individual designated Broker/Agent based on each firm's compensation model.

In some cases, the Buyer’s Broker/Agent is paid a Success Fee (commission percentage of the sales price) directly from the Buyer. That Success Fee is established by the Buyer. The Buyer pays the Success Fee to the brokerage firm of the Broker/Agent. That Success Fee is then split with the individual designated Broker/Agent based on the firm's compensation model.
 

Colorado statute also permits other forms of compensation such as hourly fees, retainer fees, and other specifically defined fees (project fee, flat fee, etc.). Although much less common than the Success Fee described above these alternate compensation forms do occur on occasion.