Agency
A Vermont buyer's agent secures a property for their buyer client. After closing, the agent receives a gift from the seller as a thank-you. The agent should:
AAccept the gift as it is from the seller, not the buyer
BDisclose the gift to the buyer client to avoid any conflict of interest✓ Correct
CReport the gift to the Vermont Real Estate Commission
DRefuse all gifts as they are always prohibited by Vermont law
Explanation
Any additional compensation or benefit received from a party other than the client should be disclosed to the client. Accepting undisclosed benefits from the opposing party could create a conflict of interest and may violate the agent's fiduciary duty.
Related Vermont Agency Questions
- In a transaction where both the buyer and seller are represented by agents from the same brokerage, the brokerage is considered to be:
- In Vermont, the duty of 'confidentiality' in an agency relationship means an agent must:
- A Vermont licensee who is also a principal in a transaction (buying property for themselves through their own listing) must:
- Vermont's 'puffing' in real estate advertising and presentations refers to:
- A subagent in a Vermont real estate transaction:
- Vermont's doctrine of respondeat superior makes the principal broker:
- Vermont's Multiple Listing Service (MLS) allows participants to:
- When a Vermont seller's agent shows the seller's property to a buyer, the agent should treat the buyer as a:
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