Agency
Vermont's 'agency confirmation' at the time of contract preparation requires agents to:
AObtain judicial approval of the agency arrangement
BConfirm in writing who each agent represents in the transaction as part of the offer or purchase contract✓ Correct
CRe-sign a new agency disclosure at offer time
DNotify VREC of the pending transaction
Explanation
Vermont practice requires that agents confirm their representation in writing — often as part of the purchase and sale agreement — so that all parties understand who represents whom in the transaction at the critical offer stage.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Continuing Education
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