Agency
A Vermont licensee who is a transaction broker (facilitator) owes the parties:
AFull fiduciary duties identical to a buyer's agent
BLimited duties of honesty, reasonable care, and disclosure of material facts✓ Correct
CNo legal duties whatsoever
DDuties only to the seller, not the buyer
Explanation
A transaction broker/facilitator in Vermont provides limited services, owing duties of honesty, reasonable care, and disclosure of material facts but not the full fiduciary duties owed by an agent.
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Key Terms to Know
Buyer's Agent
A 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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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