Property Management
A Vermont property manager who discovers a significant safety hazard in a managed property should:
AWait until the next annual inspection to address it
BNotify the owner immediately and take action to address the hazard consistent with the management agreement✓ Correct
CIgnore it if it is not mentioned in the lease
DAdvise the tenant to fix it at their own expense
Explanation
A property manager has a duty to promptly notify the property owner of significant safety hazards and take appropriate action to address them, consistent with their management agreement and fiduciary obligations.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA 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.
State-Specific Concepts
DRE Regulation
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