Agency
When a Vermont agent presents a low offer to a seller they represent, their duty is to:
AReject the offer without presenting it to the seller
BPresent the offer promptly and honestly, advising the seller of their options✓ Correct
CCounter at full asking price without consulting the seller
DAccept the offer if it is close to market value
Explanation
A Vermont seller's agent must present all offers promptly to the seller, regardless of price, and provide honest advice about the offer and the seller's options. Failing to present offers is a violation of agency duty and Vermont license law.
People Also Study
Related Vermont Questions
- A Vermont listing agent receives an offer with earnest money. Under agency law, the agent's fiduciary duty regarding these funds is to:Agency
- A Vermont agent receives two offers simultaneously on a listed property. Their duty to the seller is to:Agency
- Vermont requires a licensee to provide agency disclosure to a consumer:Agency
- A Vermont landlord refuses to rent to a person because of their religion. The landlord may be found in violation of:Fair Housing
- 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:Agency
- A Vermont buyer's offer specifies that the offer expires at 5:00 PM on Friday. At 4:45 PM Friday, the seller signs the offer and their agent calls the buyer's agent. The agent reaches voicemail. Is a valid contract formed?Contracts
- A Vermont commercial property has a list price of $1,200,000. An investor's analysis requires a 8% cap rate. If the property's NOI is $88,000, what should the investor offer?Real Estate Math
- Under Vermont landlord-tenant law, a landlord must provide a residential tenant with how many days' notice to cure a lease violation before initiating eviction proceedings?Property Management
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
License Law
Study This Topic
Practice More Vermont Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Vermont Quiz →