A Vermont licensee is asked about a firm has not elected designated agency. What is the best answer?
Correct Answer
D) The firm and all licensees represent the firm's clients and owe fiduciary duties, and the firm may not practice dual or limited agency in the same transaction
In a Vermont non-designated agency firm, the firm and its licensees owe fiduciary duties to clients and may not practice dual or limited agency. Source basis: Vermont Real Estate Commission Administrative Rules, OPR publication, checked 2026-04-30
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
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