In Colorado, unless a broker has a written agency agreement, the broker is considered

RESPA, or the Real Estate Settlement Procedures Act, does not pertain to the lack of a written agency agreement. Instead, RESPA governs disclosures and practices related to real estate settlement services. A broker without a written agreement is not necessarily violating RESPA; thus, this choice is not correct.

A designated broker refers to an individual broker appointed to represent one party in a transaction, typically under a written agency agreement. Without such an agreement, a broker cannot be classified as a designated broker, making this choice incorrect.

A fiduciary relationship implies a duty of loyalty and trust, which requires a written agency agreement to establish. Without this agreement, the broker cannot assume the role of a fiduciary for either party, rendering this option inaccurate.