Vermont License Law
Vermont's license law prohibits a licensee from receiving compensation from more than one party in a transaction UNLESS:
AThe commission is evenly split
BAll parties to the transaction are informed and consent to the arrangement✓ Correct
CThe transaction involves commercial property only
DThe total compensation does not exceed $5,000
Explanation
Vermont licensees may receive compensation from multiple parties in a transaction only with the full knowledge and written consent of all parties. Receiving undisclosed compensation from multiple parties is a violation of license law and fiduciary duty.
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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.
Buyer's AgentA 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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
State-Specific Concepts
License Law
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