Property Management
A Vermont property manager who manages properties for others for compensation must:
AHold a real estate broker or salesperson license✓ Correct
BRegister with the Vermont Department of Labor only
CBe a licensed contractor
DHold a Vermont business license only
Explanation
Managing real estate for others for compensation is a licensed activity in Vermont. Property managers who collect rents and manage properties on behalf of others must hold a Vermont real estate license.
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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.
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