Property Management
A Vermont commercial property manager who suspects a tenant is using the property for illegal drug activity should:
AWait until the lease expires to address the issue
BNotify the property owner immediately and follow legal procedures, which may include lease termination for illegal activity✓ Correct
CConduct a search of the premises
DReport directly to the VREC
Explanation
A property manager who discovers or suspects illegal activity on managed property must promptly notify the owner, document observations, and follow legal procedures. Vermont leases typically allow termination for illegal activities, and the property manager should coordinate with the owner and potentially law enforcement.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
DRE Regulation
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