Agency
In Vermont, a seller's agent who learns that a buyer has been pre-approved for a higher loan amount than their offer reflects must:
AImmediately disclose this information to the seller
BKeep the information confidential as it is the buyer's personal financial information✓ Correct
CDisclose it only if the seller specifically asks
DReport it to the Vermont Real Estate Commission
Explanation
Financial information shared by the buyer is confidential and should not be disclosed to the seller. The buyer's agent (or a dual agent) has a duty to keep such information confidential. However, in this scenario, if the licensee is a seller's agent, the answer depends on who disclosed it to the agent—if the buyer volunteered it to a seller's agent, the seller's agent may have a duty to disclose it to the seller.
Related Vermont Agency Questions
- A Vermont broker's policy requires all affiliated licensees to use designated agency for in-house transactions. What must the broker do when both the listing agent and buyer's agent are from the same firm?
- In Vermont, a licensee acting as a disclosed dual agent represents:
- A Vermont licensee who is a transaction broker (facilitator) owes the parties:
- The duty of 'obedience' in a Vermont agency relationship means the agent must:
- A Vermont exclusive agency listing differs from an exclusive right to sell in that:
- An agent's duty of obedience in Vermont requires the agent to:
- 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:
- Vermont law requires that the agency disclosure form be:
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