Vermont License Law
Vermont's license law requires that a listing agreement must specify which of the following?
AThe buyer's credit score requirement
BThe beginning and ending dates of the listing, the compensation, and the property description✓ Correct
CThe specific buyer the seller will accept
DThe exact closing date
Explanation
Vermont listing agreements must include: specific beginning and ending dates (no open-ended listings), the compensation to be paid, a description of the property, and the terms under which the broker earns compensation. The VREC requires definite terms to protect both brokers and sellers.
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Key Terms to Know
Listing Agreement
A 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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
State-Specific Concepts
License Law
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