Agency
A subagent in a Vermont real estate transaction:
AIs an agent hired directly by the buyer
BIs an agent who represents the principal (usually seller) through the listing broker✓ Correct
CIs the same as a buyer's agent
DHas no fiduciary duties
Explanation
A subagent acts on behalf of the principal (traditionally the seller) through the listing broker. In Vermont, subagency has largely been replaced by buyer agency arrangements, but the concept still applies in some situations.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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